The Markets

LONDON (Capital Markets in Africa) – Asking prices for London homes fell this month as buyers hesitated on closing deals amid political turmoil over Brexit. Average values declined in March, slumping 1.1 percent from February to 607,557 pounds ($806,000), property-website Rightmove said in a report Monday. Asking prices in the capital dropped 3.8 percent from a year earlier with the number of sales agreed by real-estate agents 9.6 percent below the same period in 2018. London’s property…

LAGOS (Capital Markets in Africa) – The pound weakened Monday as optimism that an immediate resolution could be found to the Brexit impasse dimmed. Sterling declined against all Group-of-10 currencies after Parliament speaker, John Bercow, forbid U.K. Prime Minister Theresa May from bringing her Brexit deal back for another vote if it is “substantially the same”. May was widely expected to bring her divorce plan for another try before Wednesday or use the threat of…

MAPUTO (Capital Markets in Africa) – A U.S. Department of Justice probe into a $2 billion loan scandal in Mozambique is exposing some of the southeastern African nation’s top politicians to allegations of wrongdoing, just months before it holds elections. It’s also complicating the government’s talks with international creditors on how to restructure the debt, which includes $727 million of bonds. Why is the U.S. involved? U.S. prosecutors describe the case as a “brazen international…

MAPUTO (Capital Markers in Africa) – – Mozambique is taking into account U.S. Department of Justice claims that $2 billion of debt the government contracted was a fraudulent scheme, as it talks to creditors about restructuring the loans, Prime Minister Carlos Agostinho do Rosario said. The DOJ in December alleged that the debt and the state-owned maritime projects it funded from 2013 to 2014 was a front for investment bankers, corporate executives and corrupt officials…

JOHANNESBURG (Capital Markers in Africa) – There are dark clouds aplenty casting shadows over South Africa’s economy and its equity market. But Morgan Stanley argues that the potential rewards for investors mean the country’s stocks are worth the risks. South Africa benefits from its relatively high trade with Asia and is the country in eastern Europe, the Middle East and Africa that’s most closely linked to China, which is seen as leading a rebound in emerging…

JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd. wants to spend about $1 billion in India this year as it scours the globe for investments that can replicate its blockbuster bet on China’s Tencent Holdings Ltd., a person familiar with the matter said. Africa’s largest company by market value is in talks to inject around $200 million into business loan provider Capital Float and payments security firm Wimbo as a first step, according to two people with knowledge of the discussions,…