The Markets

LAGOS (Capital Markets in Africa) – MTN Group Limited’s shares rose the most in more than six months after Nigeria softened its stance over claims that Africa’s biggest wireless carrier illegally transferred $8.1 billion out of the country. The Central Bank of Nigeria made the accusation late last month, plunging the South African company into a crisis that’s wiped almost a third off its share price. MTN has since provided additional information that may lead…

JOHANNESBURG (Capital Markets in Africa) – Johannesburg’s stock exchange said it’s proposing tighter listing rules after South African financial markets were “shaken by a range of corporate scandals, rumors and innuendo” over the past year. The bourse published a consultation paper Wednesday, saying recent events showed a need for it to review its responsibilities and strengthen aspects of regulation. Recommendations range from boosting racial and gender diversity on boards, to doubling the notice period before new stocks…

KAMPALA (Capital Markets in Africa) – Uganda’s stock exchange is in talks with three companies about listing, after Indian drugmaker Cipla Ltd.’s domestic unit ended a six-year drought with its bourse debut. One of the companies may launch an initial public offering in the next six months, Uganda Securities Exchange Chief Executive Officer Paul Bwiso said in an interview Monday in the capital, Kampala. The bourse has been buoyed by a new government initiative to support the…

LAGOS (Capital Markets in Africa) – Commodity investors have a busy docket this week, with near-term headlines set to be dominated by the damage wrought by Hurricane Florence in the U.S. and its far-flung Asian cousin, Typhoon Mangkhut. There’s also likely be squalls for raw materials from the U.S.-China trade war, with metals including copper sinking on Monday on concern more levies may hit. Beyond the bad weather, there’s a trio of a meeting that’ll command attention, with…