The Markets

JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd. plans to fire Chief Executive Officer Peter Moyo after suspending him due to a conflict of interest. The board gave Moyo a “notice of termination of employment” and will “shortly” start the process to find his replacement, the Johannesburg-based insurer said in a statement. Chief Operations Officer Iain Williamsonwill continue as acting CEO. The 174-year-old insurer suspended Moyo last month to investigate a conflict involving his investment firm NMT Capital. It…

HARARE (Capital Markets in Africa)  – Zimbabwe’s stock market has hit a record high, for all the wrong reasons. The southern African nation’s Industrial Index rose 5.6% on Monday to extend its gain this quarter to 80%, the most among any of the primary equity gauges tracked by Bloomberg globally. Stocks are rising because local investors are desperate to hedge against inflation, which accelerated to 98% in May, the statistics agency said on Monday. Prices are rocketing amid a scarcity of…

JOHANNESBURG (Capital Markets in Africa)  – South African rand posted its best advance in more than two months Tuesday after a trifecta of good news: dovish statements from the European Central Bank, a positive turn in the trade saga, and a pledge further government support for the beleaguered power utility Eskom Holdings SOC Ltd. The rand strengthened as much as 1.9%, leading emerging-market currency gains against the dollar. It’s the biggest one-day move since April 1, and has…

LAGOS (Capital Markets in Africa) – The pound whipsawed as Brexiteer Boris Johnson took a commanding lead in the first round of voting to elect a new British prime minister. Sterling initially fell on the result before recovering some ground, with the market already anticipating a Johnson win and some of the other euroskeptic candidates being eliminated. A gauge of price swings over the next week has climbed the most since early May, as traders anticipate moves…

LAGOS (Capital Markets in Africa) – It took only a small change in wording on the Nigerian central bank’s website this week to get some analysts speculating that the nation’s multiple exchange-rate system was on its last legs. The monetary authority subsequently denied anything had changed, but the flurry of excitement it caused was telling. Most foreign investors say the currency regime will break at some point, causing Nigeria to revert to a single exchange rate and perhaps even go for…

LAGOS (Capital Markets in Africa) – South African platinum producers are preparing for significant wage demands as workers eye windfall earnings from a rally in metal prices. The Association of Mineworkers and Construction Union is meeting its members across the country’s so-called Platinum Belt this week, before presenting demands on Friday to seven producers, including Anglo American Platinum Ltd., Sibanye Gold Ltd., and Impala Platinum Holdings Ltd., Secretary General Jeffrey Mphahlele said. The largest and most militant…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s Public Investment Corp. faces a tough choice: back Sibanye Gold Ltd.’s takeover of Lonmin Plc, and take a hit on its investment, or scupper the deal and risk having to pony up more cash for the platinum miner. When Lonmin shareholder votes are tallied next Tuesday at a meeting in London, the PIC’s 30% stake would be enough to block the acquisition. While the takeover was originally touted as…