The Markets

Johannesburg, South Africa, Capital Markets in Africa: George Herman at Cape Town-based Citadel Investment Services is dumping the emerging world’s best-performing bonds. South African government rand notes have earned 14.3 percent this quarter in dollar terms, the most out of 31 developing nations tracked by Bloomberg indexes and more than twice the return of second-placed South Korea. Yet Herman, 49, says the move has gone too far. He’s selling all his holdings in favor of shorter-dated securities. Investors chasing…

Johannesburg, South Africa, Capital Markets in Africa: The rand strengthened for a fourth week against the dollar as investors seeking higher yields piled into South African bonds and stocks and data showed the continent’s biggest economy may avoid a recession this year. The rand was also set for a fourth weekly advance against Britain’s pound, the longest stretch since the four weeks to April 10, and poised for the biggest gain against sterling since the…

Johannesburg, South Africa, Capital Markets in Africa: Old Mutual Plc, the London-based insurer planning to split into separate businesses, dropped the most in more than six weeks as first-half profit missed analyst estimates and the company said the rest of the year will be fraught with challenges. The stock slid as much as 6.3 percent on Thursday, the biggest intraday decline since June 24, before paring losses to trade 5.6 percent down at 212.90 pence as of 9:26…