The Markets

LAGOS (Capital Markets in Africa) – Investors in Ireland’s bonds are sitting on double-digit returns this year after a global debt rally and now they are starting to get nervous. Fears of a bubble in bond markets have been growing on doubts over the extent of future monetary easing. In Ireland’s case, the U.K.’s political turmoil is an added hurdle as the neighboring economies are intertwined and a crash exit from the European Union could…

JOHANNESBURG (Capital Markets in Africa) – Sasol Ltd. has been asked by some of the country’s biggest fund managers to consider executive changes including ousting Stephen Cornell, one of two chief executive officers, over cost overruns at a flagship project, according to people familiar with the matter. The money managers began meeting with Sasol’s board and leadership after it raised the estimated cost of the Lake Charles plant in Louisiana by $1 billion on May…

LONDON (Capital Marketds in Africa) – How toxic is the U.K. retail sector? Consider shopping-center owner Intu Properties Plc. Intu is among the worst-performing stocks in the U.K. in 2019, having lost almost two thirds of its value, and none of the 19 analysts who cover the company recommends buying the shares. Seven analysts have hold ratings on London-based Intu, while 12 recommend selling. That’s unusual, even for a company with as many problems as Intu, given that brokers…

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ACCRA (Capital Markets in Africa) – Caught in a crisis in which they’re unable to meet client withdrawals, Ghana’s fund managers will be forced to set aside 20 times more capital than they do now to avoid running out of cash again. The Securities and Exchange Commission will require money managers to increase their minimum capital reserves to 2 million cedis ($365,260) from the current 100,000 cedis, Director General Daniel Ogbarmey Tetteh, said by phone from…

ACCRA (Capital Markets in Africa) – A Ghana money manager is splitting its mutual-fund business from investments tied up in a structured-finance fund that is being shut down amid a cash crunch in the industry. BlackShield Capital Management Ltd., formerly known as Gold Coast Fund Management Ltd., is seeking to protect unit-trust investors by shifting the assets and liabilities in the structured-finance fund to a special purpose vehicle, the Accra-based firm said in a statement…