The Markets | - Part 130

Kenya Fund Managers Warn New Transaction Tax May Curb Investment

NAIROBI (Capital Markets in Africa) – Kenyan fund managers slammed a new tax on financial transactions, saying it risks inhibiting trading and reducing the country’s attractiveness to investors. Forcing the government to rethink the levy would curb the revenue it needs to implement President Uhuru Kenyatta’s Big Four agenda — a development program that seeks to boost agriculture, manufacturing, healthcare and home construction. The tax is one of a raft of levies announced by Treasury Secretary Henry…

Trump Piles Pressure on Saudis Flummoxed by Higher Oil PricE

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – If the world’s biggest crude exporter says it’s going to ramp up production, prices usually drop. But as Saudi Arabia adds barrels before its customers get burned, prices have jumped. And Donald Trump isn’t happy. The U.S. president tweeted on Saturday that the Saudi king had agreed to raise production to cut the cost of oil for consumers. While the White House later back pedaled from his assertion, Trump on Sunday…

Kenyan Treasury Considering Selling Bonds by Private Placement

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NAIROBI (Capital Markets in Africa) – Kenya’s Finance Ministry is considering offering debt through a private placement. The Treasury invited fund managers and insurers to a July 6 meeting for a “market-sounding exercise,” according to a June 29 letter signed by Daniel Ndolo, director of debt policy strategy and risk management. Participants will “discuss and agree on the schedule of activities towards the issuance” of bonds by private placement along with pricing methodology, according to…

Top Iron Ore Shipper Cuts Outlook as Price Seen Back in $50s

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LAGOS (Capital Markets in Africa) – The world’s largest iron ore shipper has cut its outlook for prices this year, predicting the commodity will sink back into the $50s a metric ton as supplies rise while top buyer China starts to reduce purchases. The raw material will average $59.40 a ton this year, down from an earlier forecast of $61.80, and then drop to $51.10 in 2019 and $51 in 2020, Australia’s Department of Industry, Innovation & Science said…

What Are Sin Stocks and Why Should We Care?

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LAGOS (Capital Market in Africa) – Some online gambling companies, like Bet365 and Betway, the parent company of Betway Ghana, are privately owned, meaning that they never listed their stock on any stock exchange. Other major operators like William Hill, Paddy Power Betfair, and the Kindred Group (the owner of Unibet) as well as development and infrastructure providers like NetEnt, are public, with shares traded on stock exchanged ranging from London to Stockholm, and beyond….

Old Mutual Sheds Acquisitive Past to Grow African Businesses

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LAGOS (Capital Markets in Africa) – Old Mutual Ltd. plans to grow its existing insurance, asset-management and lending business in Africa, spurning the acquisitive approach taken by its parent. “We’re definitely not shopping,” Chief Executive Officer Peter Moyo said in an interview. “Don’t expect any acquisitions from us.” The 173-year-old insurer is refocusing its efforts on Africa after being spun out of Old Mutual Plc and listing its shares on the Johannesburg Stock Exchange on Tuesday. Its London-based…

Old Mutual Returns to Africa as Breakup Ends London Listing

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s prodigal insurer returned home to a lukewarm welcome on Tuesday. Old Mutual Ltd. started trading its stock in Johannesburg at 28.50 rand before swinging between 28.20 rand and 29.39 rand. The listing — done in conjunction with others in Namibia, Malawi and Zimbabwe — brings an end to a global acquisition spree that took its former parent Old Mutual Plc from its Cape Town roots to London, New…

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