The Markets

NEW YORK (Capital Markets in Africa) – Using the word “black” for anything associated with the stock market usually denotes a certain panic. But days ahead of retailers’ Black Friday and the usual frenzied consumer hysteria, it appeared stocks were seeing that same type of buyer’s excitation. Caution was in the wind nearly at the outset Monday after one of the few elements holding a larger rally at bay — reports the “Phase Two” trade…

NEW YORK (Capital Markets in Africa) – A buyout frenzy is taking hold of boardrooms from Tokyo to San Francisco, and it’s adding fuel to a record-breaking rally across the world’s major stock markets. More than $70 billion of deals have already been announced this week, with Charles Schwab Corp.’s $26 billion buyouts of discount brokerage TD Ameritrade Holding Corp. leading the pack. Luxury goods giant LVMH, Swiss drugmaker Novartis AG and Japanese conglomerate Mitsubishi…

NEW YORK (Capital Markets in Africa) – The manager of some of the largest investment funds in Canada is favoring European and Asian stocks over North American. Sarah Riopelle, senior portfolio manager at RBC Global Asset Management Inc., boosted her equity allocation by 2 percentage points to 59% over the past month as she shifts her focus to markets outside of the U.S. and Canada.  “Valuations are very cheap, reasonable within Europe and fundamentals seem…

NEW YORK (Capital Markets in Africa) – Charles Schwab Corp. agreed to buy TD Ameritrade Holding Corp. for about $26 billion in a deal that will reshape the retail brokerage business. TD Ameritrade stockholders will receive 1.0837 Schwab shares for each TD Ameritrade share, the companies said in a statement Monday. That’s a 17% premium based on the average share price as of the close on Nov. 20. Announcement of the deal comes after news of an acquisition broke on…

RABAT (Capital Markers in Africa) – Morocco is targeting its lowest euro-borrowing costs ever as it returns to international debt markets for the first time in five years, taking advantage of robust investor demand for securities denominated in euro. The north African nation is marketing 12-year euro-denominated bonds with a yield in the 1.8% area, according to a person familiar with the transaction who asked not to be identified because they are not authorized to…

JOHANNESBURG (Capital Markers in Africa) – A holding company’s multi-billion dollar proposal to distribute its shares in Africa’s most valuable bank may spur other similar deals as pressure from investors to unlock value gathers pace, money managers said. RMB Holdings Ltd. said Tuesday it plans to distribute its 34% stake in FirstRand Ltd., valued at 130 billion rand ($8.8 billion), to shareholders as part of a reorganization leading to an eventual delisting. Billionaire Johann Rupert’s Remgro Ltd.,…

JOHANNESBURG(Capital Markers in Africa) – A rapid growth in assets at Investec Plc’s money-management arm is coming just as the South African and U.K. company prepares to split the unit from the bank, providing a potential valuation uplift before trading its shares separately. The money manager, which will be named Ninety One when it lists early next year, boosted assets by 3.2 billion pounds ($4.15 billion) in the six months through September, while operating profit rose by…