Market Watch | - Part 25

Egypt Stocks Surge on Bets Devaluation Will Drive Growth Rebound

CAIRO (Capital Markets in Africa) – Egyptian stocks advanced the most in more than two months as investors bet that policy makers may devalue the country’s currency as soon as this week, luring back foreign investors and giving a lift to an embattled economy. The EGX 30 Index gained 3.2 percent, the most among more than 90 indexes tracked by Bloomberg globally after Ghanaian equities, to close at 8,133.12. Financial stocks, such as Commercial International Bank Egypt, the country’s largest…

MTN’s Purchase of Visafone Said to Be in Doubt Without Spectrum

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – MTN Group Limited is considering abandoning the acquisition of Nigerian internet provider Visafone Communications Limited after the country’s industry regulator ruled that broadband spectrum shouldn’t be included in the deal, according to two people familiar with the matter. Africa’s biggest wireless carrier by sales is deciding whether acquiring the closely held company is worth it without the spectrum, said one of the people, who asked not to be identified as…

Kenya Avoids Brexit Moment as Markets Disregard Doomsayers

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – It was described as Kenya’s Brexit moment, a decision that had the potential to spur a withdrawal of foreign investors, sending the stock market and the shilling tumbling and damaging East Africa’s most-developed economy. Yet, almost six weeks after Kenya capped banks’ lending rates at four percentage points above the central bank benchmark, its currency is little changed against the dollar and the main stock index has gained on…

Rand Trims World’s Biggest Currency Gain as Risk Aversion Grows

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The rand fell as much as 1.2 percent to head for its biggest weekly retreat this month as increased risk aversion among global investors and a possible reweighting of South Africa in a JPMorgan bond index sparked concern foreigners may sell the country’s debt. At 10:21 a.m. in Johannesburg, the rand dropped 0.4 percent to 13.9520 per dollar, trimming its quarterly and monthly gain to 5.2 percent. The government’s 10-year rand-denominated bond weakened…

KCB in Talks With Facebook, Apple on Kenya Digital Payments

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – KCB Group Ltd., Kenya’s biggest bank by assets, is in talks with companies including Facebook Inc., Apple Inc. and Alibaba Group Holding Ltd. about collaborating on digital payments through its new financial-technology unit, Chief Executive Officer Joshua Oigara said. The discussions, which are also being held with Alphabet Inc. and Tencent Holdings Ltd., form part of the lender’s efforts to double the number of customers on its mobile-phone platform to 20…

Sun of Mauritius Expects to Return to Profitability in 2017

Posted on by The Editorial Team

PORT LOUIS (Capital Markets in Africa) – Sun Ltd, Mauritius’ third-biggest hotel group by market value, expects to swing back into the black in 2017 after posting a 567 million-rupee ($16 million) loss in the year through June, Chief Executive David Anderson said. The loss followed higher finance costs related to acquisitions and renovation work, Anderson told analysts near the capital, Port Louis, on Thursday. Sun’s net debt increased by 2.35 billion rupees to 9.8 billion…

Strong Demand Seen for Ivory Coast’s Sucrivoire Ahead of Listing

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Shares in Sucrivoire SA of Ivory Coast will go on sale Oct. 5 as the lead arranger of an initial public offering forecasts strong demand for a stake in the sugar producer that the government is disposing of. Sucrivoire is preparing to list on the Bourse Regionale des Valeurs Mobilieres in Ivory Coast’s commercial capital, Abidjan, as part of a privatization program by the West African nation to boost public finances…

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