The Markets | - Part 209

Nigeria considers foreign exchange reforms as dollar shortages bite

LAGOS (Capital Markets in Africa) – Nigeria is considering amendments to its foreign exchange laws to curb illegal fund transfers and insider dealing and stop individuals holding hard currency outside the banking system, a draft bill seen by Reuters on Monday showed. But a senior member of the upper house of parliament said the Senate would reject the plans proposed by the Nigerian Law Reform Commission (NLRC), which advises the government. Africa’s largest economy is facing…

CMA and IFC in improving corporate governance practices in Rwanda

Posted on by The Editorial Team

KIGALI (Capital Markets in Africa) – The Capital Market Authority (CMA) in partnership with International Finance Corporation (IFC), a member of the World Bank Group host a breakfast meeting themed “Corporate Governance; the pathway to sustainable business growth in Rwanda” on Wednesday, November 16th , 2016 to raise awareness on issues related to Corporate Governance as a sustainable driver of business growth. Good corporate governance practices will attract investors to emerging markets’ businesses and address…

South Africa’s Mr Price reports first drop in profit in 15 years as economy sours

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African no-frills retailer Mr Price said on Monday it expected low sales for the rest of the financial year after reporting its first decline in profit in 15 years, sending its shares to a three-year low. Sluggish economic growth in South Africa, seen at less than 1 percent this year, coupled with rising interest rates and inflation and a warmer than expected winter have forced clothing retailers to…

South African equity funds fail to beat the benchmark over five years

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African equity markets once again lagged global markets over the past year. This underperformance can partly be attributed to the contraction of 1.2% in the country’s GDP in the first quarter of 2016, which was principally due to a significantly lower production in platinum group metals over the period. The sense of unease was further compounded when S&P Global Ratings warned that it may strip the country of…

Algeria raises over $5 bln in local debt issue says Finance Minister

Posted on by The Editorial Team

ALGIERS (Capital Markets in Africa) – Algeria, faced with financial difficulties from the fall in oil prices, has raised 568 billion dinars ($5.210 billion) from a local bond issue aimed at helping offset lower energy revenues, the finance minister said. Oil and gas revenues account for 94 percent of OPEC member Algeria’s exports and 60 percent of the state budget. The government has reduced spending in 2015 and 2016 and planned further cuts for 2017….

Newly floated Egyptian pound moves little as interbank trading begins

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s pound was almost steady early on Sunday as banks began trading freely for the first time since authorities ditched the currency’s peg in a policy shift designed to crush a black market and clinch an International Monetary Fund loan. Interbank trading began at 1030 a.m. (0830 GMT) but activity was extremely slow because banks were uncertain about the propects for supply and demand of U.S. dollars. The pound…

Ghana Selling Longest-Maturity Debt Yet to Help Deepen Market

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana is selling its longest-maturity local-currency bonds yet as the West African country looks to deepen capital markets and diversify its funding profile. The government is planning to sell as much as 200 million cedis ($50 million) in a book-build on November 10, the Finance Ministry said in a statement on its website. Initial price guidance will be released on Nov. 7, it said. Ghana’s longest-duration domestic existing debt…

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