The Markets | - Part 191

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

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…

Moody’s: Namibia’s credit profile balances medium-term growth prospects against rising public debt

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London (Capital Markets in Africa) – Namibia’s Baa3 rating with a negative outlook reflects the country’s solid medium-term growth prospects and institutional strength, set against credit challenges including its rising public debt and heightened external risks, Moody’s Investors Service said in a report this week. The annual update, “Government of Namibia — Baa3 Negative Annual Credit Analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of…

Nigeria hopes for oil upturn after economy shrinks again

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LAGOS (Reuters) – Nigeria’s economy stayed in recession in the first quarter and shrank more sharply than thought at the end of last year, data showed on Tuesday, as signs of growth in the oil sector fuelled hopes of an upturn in coming months. The economy shrank by 1.5 percent in 2016 for its first annual drop in 25 years, hit by a shortage of hard currency and lower revenues from its dominant oil sector…

Moody’s: Sub-Saharan Africa’s recovery from foreign currency shortages to take time

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LAGOS (Capital Markets in Africa) – While foreign currency shortages in Sub-Saharan Africa stemming from lower oil and commodity prices are easing, it will take time for sovereigns, banks, and non-financial companies to restore their financial health, Moody’s Investors Service said in a report today. The report, “Foreign currency shortages are subsiding but will take a time to overcome”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of this press release….

Iron Risks Plunge to $40s as Marex Sounds Second-Half Alarm

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LAGOS (Capital Markets in Africa) – Iron ore prices that have steadied in recent weeks after a spectacular two-month rout may be set for another steep leg down in the second half, according to Marex Spectron, which forecasts that the commodity is at risk of sinking into the $40s as mine supply expands. “What we’re seeing six months from now are weaker demand and higher supply,” Georgi Slavov, head of research at the commodity broker, said in an…

Stress Sign: Black Market’s Cheaper Than Official Naira Rate

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LAGOS (Capital Markets in Africa) – Nigeria’s new currency market is showing just how severe the country’s dollar shortage is. The naira is falling to levels weaker than the black-market rate in a foreign-exchange window set up for international investors and hedge funds last month. It’s a sign of how dysfunctional currency markets have become in Africa’s largest economy as officials enforce multiple exchange rates and trading and import restrictions. Funds including Chicago-based Frontaura Capital, South Africa’s Allan…

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