The Markets | - Part 165

Dangote Cement Profit Jumps on Lower Fuel Costs in Nigeria

LAGOS (Capital Markets in Africa) – Dangote Cement Plc said nine-month profit surged 45 percent as Africa’s largest producer of the building material lowered fuel costs in its home market of Nigeria. Net income rose to 193 billion naira ($537 million) from 134 billion naira a year earlier, the Lagos-based company said in a statement on Thursday. Revenue increased 37 percent to 604 billion naira. Dangote Cement, controlled by Africa’s richest man Aliko Dangote, is cutting costs and…

Weak Links in Emerging Markets Show Where Selloff May Start

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LAGOS (Capital Markets in Africa) – There’s probably just one headline that could end the party in emerging markets, and it’s likely to come from the Federal Reserve. If a rebound in U.S. inflation prompts the central bank to chip away at its wall of money sooner and faster than expected, then the rally that boosted returns in developing-nation stocks, bonds and currencies since January 2016 will be under threat. While money managers don’t see…

AngloGold Ashanti to raise $307 mln with South African mine sales

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s AngloGold Ashanti is to sell its newest mine to Harmony Gold for $300 million and another mine for 100 million rand ($7.4 million) to China’s Heaven-Sent SA Sunshine Investment Company, the company said on Thursday. AngloGold, after suffering heavy losses in its home market, said in June it would restructure its South African mines which could see 8,500 workers, around 30 percent of its workforce, laid off….

South Africa’s poor tax revenues to delay fiscal consolidation

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s finance minister is expected to address concerns over dwindling tax revenues in his mid-term budget on Wednesday to reassure credit agencies of his commitment to a tighter purse, a Reuters poll found. Malusi Gigaba is due to give his first review on finances on Oct. 25 and economists expect him to announce a revenue shortfall of 40 billion rand ($3.0 billion) for the year that began in…

South African Bond Traders Have Bigger Fish to Fry Than Inflation

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JOHANNESBURG (Capital Markets in Africa) – South African bonds were little moved by faster-than-forecast inflation data on Wednesday, suggesting traders are holding steady before Finance Minister Malusi Gigaba’s fiscal update next week. The yield on the rand-denominated 10-year government bond was up less than two basis points at 8.76 percent after a report showed annual consumer-price growth accelerated for a second month in September. The move was pale in comparison with Tuesday’s 10 basis-point jump following a surprise…

Nigeria’s SEC to Investigate Oando for Possible Insider Dealing

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LAGOS (Capital Markets in Africa) – The Nigerian Securities and Exchange Commission ordered an insider-trading investigation into Oando Plc and suspended dealing in the energy company’s shares. A comprehensive review of Lagos-based Oando also found discrepancies in its shareholding structure and related-party transactions that were not done “at arm’s length,” the regulator said in an emailed statement on Wednesday. Alero Balogun, a spokeswoman for Oando, said she couldn’t immediately comment on the allegations when contacted by…

Richemont Signals Worst Is Over for High-End Watch Market

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LAGOS (Capital Markets in Africa) – The worst is over in the high-end Swiss watch market, if a 45 percent gain in profit at luxury-goods maker Richemont is any indication. The surge in first-half earnings came as retail inventories return to normal following Richmond’s repurchase of excess stock last year, the Geneva-based owner of Cartier and Montblanc said Tuesday in an unscheduled announcement. The shares approached a two-year high in Zurich, and their 33 percent year-to-date gain has…

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