The Markets | - Part 181

Mining Clash Heats Up as South Africa Seeks Rights Freeze

JOHANNESBURG (Capital Markets in Africa) – South Africa’s mines minister has struck back at attempts by the industry to fight his controversial new industry rules with a proposal to indefinitely freeze granting and renewing mining rights. Minister Mosebenzi Zwane said Thursday that the moratorium is necessary to ensure that no rights are approved without being subject to the new regulations, which he has agreed to suspend pending an initial court judgment. The Chamber of Mines, which represents the industry, will…

Market Watch: Egyptian Major Equity Indices End in Red, Market Cap up EGP1bn

Posted on by The Editorial Team

Cairo (Capital Markets in Africa): The benchmark EGX30 index of the Egyptian Exchange (EGX) fell at Wednesday’s close by 0.08% or 10.4 points to the level of 13,707.13 points. Similarly, the EGX70, EGX100, and EGX50 indices declined by 0.25%, 0.10%, and 0.23%, respectively. The market capitalization increased by EGP 1 billion to EGP 708.99 billion. Trading volume reached 276.79 million shares exchanged at EGP 804.6 million through 23,200 transactions. Foreign and Arab traders were net…

Kenya Bond Rally Fueled by Investors Who Are Out of Options

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s best bond rally in at least five years has less to do with faith in the sovereign than finding a place to hide. An index of the government’s local-currency debt has advanced for 68 straight days, the longest run since Bloomberg began tracking the data in 2012, as an increase in non-performing loans and high charges on investments by insurance companies outside of government debt boost demand for the bonds….

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

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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…

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