The Markets | - Part 160

KCB of Kenya Nine-Month Profit Growth Slows as Loan Income Falls

NAIROBI (Capital Markets in Africa) – KCB Group Ltd., Kenya’s biggest bank by assets, posted slower growth in profit in the first nine months of the year as income from loans dropped. Profit grew to 15.1 billion shillings ($145.7 million) from a restated 14.4 billion shillings a year earlier, as earnings from loans decreased 1 percent to 35.7 billion shillings, the Nairobi-based bank said in an emailed statement. Non-interest income climbed by almost a fifth to…

Tullow Rises After Boosting Output Forecast on Africa Fields

Posted on by The Editorial Team

ACCRA (Capital markets in Africa) Tullow Oil Plc jumped to a five-month high in London trading after raising its oil-production forecast for the year. The company expects net production of 85,000 to 89,000 barrels a day from its West African operations, up from 78,000 to 85,000 barrels a day, according to a statement. Performance from the Jubilee and Tweneboa, Enyenra and Ntomme fields off Ghana has been “strong,” it said. It raised its free-cash-flow estimate to about…

Ethereum Creator Wonders Whether His Currency Should Be Scarcer

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LAGOS (Capital Markets in Africa) – Vitalik Buterin, the inventor of the ethereum blockchain, may have created too much of a good thing. The 23-year-old helped sell one of the first digital currencies in 2014 when he introduced ether to the public. Three years later he’s witnessed scads of other digital currencies raise more than $3 billion in 2017 via so-called initial coin offerings. The sheer number of coins now being created has made him ponder…

Iron Ore Imports Collapse as China’s Great Cleanup Kicks In

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LAGOS (Capital Markets in Africa) – Iron ore imports by China slumped last month to the lowest in more than a year, sinking from a record of above 100 million tons, as mills prepared for unprecedented state-ordered curbs on steel output over winter. Purchases dropped to 79.49 million tons in October, according to customs data on Wednesday. That’s down from September’s 102.8 million tons, and is the lowest amount since February 2016. Over the first 10 months,…

South Africa Stocks Regulator May Seek Foreign Help in Gupta Probe

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s stock-market regulator said it has started a formal investigation into trades in Oakbay Resources and Energy Limited, a company controlled by the politically connected Gupta family, and may seek assistance from international supervisory bodies. A preliminary probe into the November 2014 dealings has been completed, and if needed, the Financial Services Board will contact counterparts in other countries, the Pretoria-based authority said in an emailed response to questions…

Kenya Requests Extension on Repayment of $750 Million Loan

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NAIROBI (Capital Markets in Africa) – Kenya has repaid 10 percent of a $750 million two-year syndicated loan that was due in October and asked creditors to give the government until April to pay the rest, Treasury Secretary Henry Rotich said. East Africa’s biggest economy secured the loan from Citigroup Inc., Standard Bank Limited and Standard Chartered Plc in October 2015. It intended to return the cash using the proceeds of a Eurobond that’s yet to be sold, Rotich told reporters Tuesday…

Ghana Misses $816 Million Bond Target After Extended Bidding

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ACCRA (Capital Markets in Africa) – Ghana missed its target to sell 3.6 billion cedis ($816 million) of non-sovereign bonds to settle the debt of energy utilities as demand for the securities fell short even after the offer was extended by a week. The West African nation placed 2.3 billion cedis of the 10-year bonds at 19.5 percent after receiving 2.8 billion cedis in bids demanding a yield of as much as 20 percent, joint deal…

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