The Markets

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV said it’s on track to publish audited financial results and is entering the final stages of a debt restructuring as first-quarter sales rose 3 percent. The South African retailer, which almost collapsed amid an accounting scandal in late 2017, has sold assets and held extensive talks with lenders as it battles to stay afloat. The owner of Conforama in France and Mattress Firm in the U.S….

HARARE (Capital Markets in Africa) – Zimbabwean banks traded $7.7 million since the central bank effectively created a new currency that’s its allowing to be bought and sold on an interbank market, a person familiar with the matter said. The amount is part of an initial allocation of $25 million that the Reserve Bank of Zimbabwe is providing to commercial banks to trade, the person said, declining to be identified because the information isn’t public….

CAIRO (Capital Markets in AfricaA) – Egyptian bonds have plenty of appeal as economic reforms, support from the International Monetary Fund, and a surprise interest-rate cut offer something for investors at home and abroad. Local-currency notes have returned 5 percent in February, the best gain in emerging markets, according to data compiled by Bloomberg. They’ve also posted the best year-to-date and one-year performance, while the currency has recovered to its strongest level against the dollar in…

LONDON (Capital Markets in AfricaA) – Brexit continues to take a toll on the U.K., with new figures Thursday showing a fall in business confidence and continued weakness in the property market. House price-growth remained tepid in February, with values rising just 0.4 percent from a year earlier, according to Nationwide Building Society. A separate report from Lloyds showed optimism among firms at a seven-year low, while GfK said consumer confidence is still close to the weakest…

ACCRA (Capital Markets in Africa) – The world’s two biggest cocoa producers are considering setting a minimum price for their beans in a bid to derive more value from growing the chocolate ingredient, according to two people familiar with the matter. The industry regulators of Ivory Coast and neighboring Ghana are in talks to study a price that will fall in a range of 1,700 pounds ($2,255) to 2,000 pounds per metric ton on a free-on-board basis,…

JOHANNESBURG (Capital Markets in Africa) – The South African National Roads Agency Ltd. will lift a self-imposed moratorium on accessing the bond market but will first approach private investors for funds, its chief executive officer said. The state-owned company known as Sanral hasn’t issued any public debt since 2016, after revenue collapsed amid a boycott of electronic tolls, colloquially referred to as e-tolls. The company said it’s reluctant to tap the market until a government…

LAGOS (Capital Markets in Africa)  – A meeting between Libya’s top oil executive and prime minister in Abu Dhabi ended without a clear agreement on when to restart the country’s biggest oil field. Tripoli-based Prime Minister Fayez al-Serraj’s office said in a statement that an agreement was reached that could end the halt. Mustafa Sanalla, chairman of Libya’s National Oil Corp., reiterated his position that “force majeure” can’t be lifted until all militants leave the deposit….