The Markets | - Part 149

From Angola to Zimbabwe: Guide to Key Africa Markets in 2018

LAGOS (Capital Markets in Africa) – For bond investors, Africa was a happy hunting ground last year. Its local-currency and dollar securities easily outperformed those of emerging markets overall as investors piled into a continent offering high yields and starting to recover from the commodity bust of three years ago. But risks abound, among them policy tightening in advanced economies, local and global politics, weakening currencies and another fall in oil prices. And then there is…

Steinhoff Gains as Retailer Plans to Restate 2015 Results

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Shares of Steinhoff International Holdings NV rose after the South African retail giant said it will restate financial results going back as far as 2015 amid a probe into accounting irregularities. The stock jumped 27 percent to 5.90 rand by 9:56 a.m. in Johannesburg, the most on an intraday basis since Dec. 12. Shares in Steinhoff, whose retail empire includes France’s Conforama furniture chain and Poundland in the U.K., have slumped 87…

Rand’s on a High as Commodities, Politics and Greenback Team Up

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JOHANNESBURG (Capital Markets in Africa) – The stars are aligned for South Africa’s rand as it enters the new year. Not only are investors backing the currency on prospects that market favourite Cyril Ramaphosa may soon become the country’s leader, but the ailing dollar and rising commodity prices are playing along. The rand touched its strongest level in more than two years on December 28 and remained near that level on Tuesday. The Bloomberg Commodity Index climbed to a…

Tunisia SE Falls 0.6%; Banque Internationale Tunisie Leads

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TUNIS (Capital Markets in Africa) – The Tunisia Stock Exchange Tunindex fell 0.6 percent to 6,241.96. The move was the biggest since falling 0.7 percent on Sept. 26 and follows the previous session’s increase of 0.3 percent. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 0.9 percent. Banque Internationale Arabe de Tunisie contributed the most to the decline, falling 3.3 percent. Societe Ciments de Bizerte decreased 5.3 percent, the biggest loss. Arab Tunisian Lease rose 2.6…

South Africa’s New Man Has a Daunting Task Pleasing Markets

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JOHANNESBURG (Capital Markets in Africa) – Investors got what they wanted in South Africa when Cyril Ramaphosa became the ruling party’s new leader, putting himself in prime position to be the nation’s next president. Now comes the difficult part. He’ll be hard pressed to turn around a struggling economy, avoid more rating downgrades and ease political tensions, according to AllianceBernstein LP and Credit Suisse Group AG. That means the rand will struggle to sustain the 14 percent…

South Africa Power Price to Rise 5.2%, Less Than Eskom Asked

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s energy regulator gave the state-owned power utility permission to raise its prices by an average of 5.2 percent from April 1, three quarters less than what the cash-strapped company had asked for. Eskom Holdings SOC Ltd., which generates almost all of the nation’s electricity, had asked the National Energy Regulator of South Africa to allow it to increase tariffs by an average of 20 percent. Nersa Chairman Jacob…

Shoprite Deal Unravels as Billionaire Scurries to Save Steinhoff

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The spectacular collapse in the share price of Steinhoff International Holdings NV is hindering Christo Wiese’s plans to pool his African retail assets. The South African billionaire has had to pull out of a deal that will give Steinhoff Africa Retail Ltd. a 23.1 percent stake and a 50.6 percent voting interest in Shoprite Holdings Ltd., the continent’s largest grocery chain. Steinhoff Africa Retail, or STAR, is now in talks with the manager of…

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