The Markets | - Part 180

South Africa Posts Third Straight Monthly Trade Surplus in April

JOHANNESBURG (Capital Markets in Africa) – South Africa recorded a surplus on its trade account for a third straight month in April as imports of equipment components decreased. The 5.1 billion-rand ($388 million) surplus with March’s revised 11.3 billion-rand surplus, the Pretoria-based South African Revenue Service said in an emailed statement Wednesday. The median of four economist estimates compiled by Bloomberg was for a surplus of 7.4 billion rand. A smaller trade gap eases pressure on the current account,…

Dangote to Invest $1 Billion in Nigeria Rice Production

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Dangote Group is making a five-year investment of at least $1 billion to grow and process rice in seven Nigerian states, bringing sub-Saharan Africa’s biggest importer of the grain closer to its goal of self-sufficiency. Dangote Rice Ltd., a unit of the Lagos-based company, plans to increase cultivation of paddy, or raw rice, to 150,000 hectares (371,000 acres) and harvest an annual 1.7 million metric tons by 2019. Most of…

Foreign Holdings of Egypt Debt Reach $7.5 Billion, Official Says

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CAIRO (Capital Markets in Africa) – Foreign investors are lapping up Egypt’s local-currency debt. Overseas holdings of Treasury bills rose by more than 10 percent in a week to 136 billion pounds ($7.5 billion) as of May 30, Samy Khallaf, head of the Finance Ministry’s public debt division, said on Wednesday. That compares with about 10.1 billion pounds at the end of December, central bank data show. Investors have been pouring money into Egyptian debt and…

Nampak Surges as Can-Maker Extracts More Cash From Nigeria

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JOHANNESBURG (Capital Markets in Africa) – Nampak Limited rallied the most on record after Africa’s biggest beverage-can maker said it significantly improved its ability to get cash out of Nigeria while increasing the use of hedging contracts to protect against currency fluctuations. The Johannesburg-based company expects to get $54 million out of Nigeria by the end of September, Chief Financial Officer Glenn Fullerton said by phone. The combined rate at which Nampak extracted money out of Nigeria and Angola…

Glencore Renews Deal Hunt Untroubled by Memories of Debt Panic

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JOHANNESBURG (Capital Markets in Africa) – Commodities tycoon Ivan Glasenberg is chasing multibillion-dollar deals once again, and that’s fine with debt investors who were fleeing Glencore Plc less than 18 months ago. Glencore notes sank as low as 56 cents on the euro early last year after a commodity slump stoked concerns about the $30 billion of debt that Chief Executive Officer Glasenberg had amassed building one of the world’s largest raw-materials trader. Now, the bonds are back at around face…

Investment Philosophy | Outcome-Based Investment: Putting the Investor First

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JOHANNESBURG (Capital Markets in Africa) – Outcome-based investing has become a trending topic in recent times, but what does it mean and why does Momentum Investments believe this to be a sustainable long-term investment strategy and not simply the latest craze? The approach has client-centric investing at its core. This requires a paradigm shift in the investment thought process, where the driving force now becomes the delivery of the desired goals rather than perusal of…

Impala Platinum Plunges on $400 Million Bond Refinance

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JOHANNESBURG (Capital Markets in Africa) – Impala Platinum Holdings Ltd., the world’s second-largest producer of the precious metal, plunged in Johannesburg trading after saying it will refinance about $400 million of convertible bonds, which could dilute existing shareholders. The existing bonds had an equity conversion price more than four times higher than yesterday’s closing price of 41.46 rand a share. The new bonds will convert to equity at a much lower level of 30 to…

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