The Markets | - Part 179

Taste Is Said to Delay Luxury Unit Sale as Buyers Balk at Price

JOHANNESBURG (Capital Markets in Africa) – Taste Holdings Limited has suspended the auction of its business selling jewelery and high-end watches after failing to find a buyer willing to pay an asking price of as much as 400 million rand ($31 million), according to two people familiar with the matter. The South African company said in April it planned to fully focus on expanding its food unit, which includes the local franchises for U.S. brands Starbucks Corp. and…

Market Watch: Key Egyptian Equity Indices down, Market Cap up EGP8bn

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The Egyptian Exchange (EGX) ended Tuesday’s (18th July 2017) trading session in red, pressured by the selling activity of Arab and foreign investors. The main index EGX30 lost 1.71% or 140.55 points, and closed at the level of 13,717.53 points. The equal-weighted index EGX50 declined by 1.19% to 2,115.55 points. Similarly, EGX70 went down by 1.51% and closed at 669.21 points, while the broader index EGX100 decreased by 1.58%…

Egypt’s EFG HERMES to invest $21.5 mln in asset manager FIM

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – EFG Hermes UAE Limited, owned by Egyptian investment bank EFG Hermes, is to invest $21.5 million in Frontier Investment Management Partners LTD (FIM) as part of plans to expand its asset management business, the bank said on Tuesday. FIM is one of the region’s leading asset managers with $1.6 billion of assets under management. Once the deal is completed EFG Hermes will have $4.5 billion of assets under management,…

Mozambique Government Says Won’t Make Interest Payment Due July 18

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Mozambique won’t meet its obligations to holders of $726.5m notes due 2023, Ministry of Economy and Finance says in an emailed statement. Challenging macroeconomic, fiscal situation have affected public finances; “debt payment capacity of the republic remains extremely limited in 2017, and does not allow the republic room to make the scheduled interest payment on the notes”. While government is committed to resolving financial crisis through dialogue, it will…

Analysts Eye South Africa Rate, Even If No Change Seen: Street Wrap

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s Reserve Bank faces a tricky interest-rate decision on Thursday. The nation’s economy unexpectedly fell into recession in the first quarter. Combating the slump with looser monetary policy may fan inflation, which slowed to within the central bank’s 3 percent to 6 percent target in April for the first time in eight months. It would also be problematic for international investors, given that the rand already has one of the worst…

Market Watch: Egyptian Equity Indices End in Mixed Note, Market Cap up EGP3bn

Posted on by The Editorial Team

Cairo (Capital Markets in Africa) – The Egyptian Exchange (EGX) ended Monday’s (17th July 2017) trading session on a mixed note, as the benchmark index EGX30 rose 1.02%, gaining 140.55 points, and closed at the level of 13,956.32 points. The equal-weighted index EGX50 rose 0.81% to 2,141.02 points. On the other hand, EGX70 declined by 0.75% to the level of 679.46 points, while the broader index EGX100 slipped 0.09% and closed at 1,569.44 points. The…

Market Watch: Egyptian Equity Indices Drops Amidst Local Investor Sell-Off

Posted on by The Editorial Team

Cairo (Capital Markets in Africa) – The Egyptian Exchange’s (EGX) indices dropped collectively at Sunday’s (16th July 2017) close due to selling pressures from local investors. The benchmark EGX30 inched down 0.05% to 13,815.77 points. Sameh Gharib, head of technical research at Roots Stock Brokerage House, said that EGX30 closed at the level of 13,815 points losing 6 points from 13,864 points due to selling pressures, which began Thursday. After passing the level of 13,700…

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