The Markets | - Part 131

Old Mutual Sheds Acquisitive Past to Grow African Businesses

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…

Bears Out of Hibernation as Trade Woes Hit Currencies: Inside EM

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LAGOS (Capital Markets in Africa) – Stocks in emerging markets sank to a 10-month low and most currencies retreated as heightened anxiety over a global trade war spurred demand for haven assets. A measure of equity volatility in developing nations surged 13 percent, while technology and consumer stocks led losses in the MSCI Emerging Markets Index. Seventeen out of 24 currencies tracked by Bloomberg fell, led by South Africa’s rand. The gains in Turkey’s lira that followed Recep Tayyip Erdogan’s…

Libyan Forces Hand Oil Ports to East-Based Energy Company

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TRIPOLI (Capital Markets in Africa) – Forces of Libyan Commander Khalifa Haftar handed control of oil ports in the east of the divided nation to a state unit rivaling the internationally recognized National Oil Corp. based in the capital Tripoli, in a surprise move that could create uncertainty among buyers. “All oil facilities, all oil ports — not just the ones in the oil crescent but even Hariga port — all oil sectors, oil pipelines, all facilities…

Bond Flight From South Africa Spurs `Amplification’ Warning

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JOHANNESBURG (Capital Markets in Africa) – Foreign investors’ holdings of South African bonds have dropped to the lowest level in more than a year following a record sell-off since the beginning of May, and a senior Treasury official says there could be worse to come. Non-residents held 38.9 percent of government debt as of June 22, down from as high as 42.8 percent in March, according to Bloomberg’s calculations based on National Treasury data through…

Mauritian Exchange Sees $6.5 Billion Gold Trading in Five Years

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MAURITANIA (Capital Markets in Africa) – A Mauritian commodity exchange that plans to start operating in the fourth quarter expects to trade $6.5 billion of gold annually within five years, part of the Indian Ocean island nation’s plan to become a financial gateway to Africa, its chairman said. The introduction of the Mauritius International Derivatives and Commodities Exchange brings to fruition Prime Minister Pravind Jugnauth’s pledge last year to introduce gold trading to the country. Mauritius’s…

Moody’s Sees East African Economies Expanding Fastest Globally

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NAIROBI (Capital Markets in Africa) – East African economies will be among the fastest growing globally over the next two years with rates of 5.5 percent to 7 percent, driven by public spending on infrastructure, according to Moody’s Investors Service. Rwanda and Tanzania are expected to grow at 6.5 percent to 7.5 percent annually, while Uganda and Kenya could see rates of 5 percent – 6 percent. The services sector, which makes up the largest share of…

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