The Editorial Team

Bearish Lagos Traders See Gloom Persisting for Nigerian Stocks

LAGOS (Capital Markets in Africa) — Nigerian stocks look unlikely to shake off their poor start to 2021 anytime soon, with an investor preference for returns available in the local debt market set to persist, according to analysts and investors. The benchmark Nigeria Stock Exchange All Share Index slipped 3% in the first quarter and the conclusion of a positive annual reporting season leaves few incentives to tempt investors to bet on slightly higher returns…

Mozambique’s World-Topping Currency Shrugs Off Gas-Project Raid

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MAPUTO (Capital Markets in Africa) — A deadly raid by insurgents that stopped work at a gas project that Mozambique depends on for an economic revival has done little to derail a world-beating rally in the country’s currency. The metical has appreciated 14% against the dollar since the beginning of February, making it the world’s best performing currency in the period. And its stellar run isn’t over yet, according to Rand Merchant Bank’s Johannesburg-based analysts Neville Mandimika and Daniel Kavishe….

Old Mutual Fund Says South Africa Needs Gas as a Transition Fuel

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JOHANNESBURG (Capital Markets in Africa) — A key funder of South Africa’s renewable energy drive is backing natural gas as the fuel needed to help the country bridge the transition from coal power generation to the use of wind and solar. Old Mutual Ltd.’s African Infrastructure Investment Managers will consider funding companies that compete for the right to produce 3,000 megawatts of electricity from gas in an upcoming bid round planned by the government, said Vuyo Ntoi, co-managing…

U.S. Ex-Im Warned on Mozambique Risks Before $4.7 Billion Loan

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MAPUTO (Capital Markets in Africa) — The Export-Import Bank of the U.S. decided to lend $4.7 billion to a gas project in Mozambique despite its own analysis warning about security risks that have since forced Total SE to suspend work at the site. Ex-Im Bank approved the financing last year, outlining that it would support about 16,700 U.S. jobs over a five-year construction period. The funding accounted for the biggest share of about $15 billion raised for…

Mercenaries Fighting Insurgents in Mozambique Set to Exit

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MAPUTO (Capital Markets in Africa) — The private military contractor providing aerial support to Mozambican ground forces battling Islamic State-linked insurgents near a $20 billion natural gas project is set to leave the country in a week. Dyck Advisory Group’s one-year agreement is coming to an end and hasn’t been extended, with the last gunship helicopter flights on April 2, Lionel Dyck, the South African company’s founder, said by phone. That could leave state troops…

Getting Back to Work: How U.K. Banks Plan to Revive the Office

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LONDON (Capital Markets in Africa) — As the U.K. inches out of its third Covid lockdown and leads the way in vaccinations, some financial firms are starting to entice employees back to deserted offices. Others are doubling down on the lure of living rooms. Goldman Sachs Group Inc. invited London employees back starting March 29, the day the U.K.’s blanket “stay home” mandate was lifted. Standard Chartered Plc is embracing a hybrid working model, mapping out strategies to…

U.K. Is Not Structurally Racist, Report Ordered by Johnson Says

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LONDON (Capital Markets in Africa) — The U.K. is not a “post-racial” society but issues around race and racism are becoming less important as opportunities improve, a report commissioned by the government after the Black Lives Matter protests found. When the death of George Floyd last year prompted riots in the U.S., mirror protests took place around the U.K. against perceived police racism and the poorer life chances for ethnic minorities. The report by the Commission on…

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