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Libyan Forces Hand Oil Ports to East-Based Energy Company

TRIPOLI (Capital Markets in Africa) – Forces of Libyan Commander Khalifa Haftar handed control of oil ports in the east of the divided nation to a state unit rivaling the internationally recognized National Oil Corp. based in the capital Tripoli, in a surprise move that could create uncertainty among buyers. “All oil facilities, all oil ports — not just the ones in the oil crescent but even Hariga port — all oil sectors, oil pipelines, all facilities…

Signs Say Yes for South African Bond Sales But Issuers Say No

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – With emerging-market credit spreads near their best levels in more than a decade, 2018 should’ve been the year to borrow. Yet bond sales by South African banks, insurers and property companies are headed for a five-year low. Not everyone is missing the boat. Capitec Bank Holdings Ltd., the country’s fastest-growing major lender, last week sold 500 million rand ($40 million) of three-year floating-rate notes at 153 basis points above the quarterly three-month Johannesburg…

Rising Political Violence Stalks African `Island of Peace’

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DAR ES SALAM (Capital Markets in Africa) – An opposition politician and a campaigner were hacked to death with machetes. A lawmaker’s car was riddled with bullets and he was left fighting for his life. These shadowy attacks weren’t in one of East Africa’s war zones, but in Tanzania — a country that hasn’t seen serious upheaval in decades and whose populist president, John Magufuli, is on a mission to revitalize the region’s second-biggest economy. With the unidentified perpetrators still at…

Ethiopians Flee to Kenya After Army `Mistakenly’ Kills Nine

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ADDIS ABABA (Capital Markets in Africa) – Thousands of members of Ethiopia’s largest ethnic group fled to neighbouring Kenya after the military said it “mistakenly” killed nine civilians and injured 12 others in a market town that straddles their border. The ethnic Oromo refugees, mostly women and children, began arriving in northern Kenya on March 10, Halkano Halake, spokesman for the governor of Marsabit county, said by phone. Nine corpses were received at Moyale Hospital,…

Nigeria Beer Makers Set for Profit Hit on Tax, Top Broker Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian drinks producers including the local units of Heineken NV and Diageo Plc will see profit margins come under pressure after the government raises taxes on alcohol in June, according to the country’s biggest broker. Beverage makers may also suffer a sales decline of about 3 percent if they raise prices to cover the extra cost, Christian Orajekwe, an analyst for the Lagos-based Cordros Capital, said in emailed response to questions. President Muhammadu Buhari approved…

Egyptian Exchange EGX 30 Price Index Rises, South Africa FTSE/JSE Breadth Strengthens

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CAIRO (Capital Markets in Africa) – Market breadth for the FTSE/JSE Africa All Share Index strengthened as the number of companies that rose exceeded declining shares by 114 to 40, the most since Feb. 15. The South Africa FTSE/JSE rose for the second day, climbing 2.3 percent, or 1,330.46 to 59,242.86. Bloomberg’s market breadth function helps you analyse the main stock indexes around the world, highlighting when an unusual percentage of index members breach technical levels ranging from…

Gas Flaring Law Error Cost Nigeria Billions of Dollars, Says Finance Minister

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LAGOS (Capital Markets in Africa) – Africa’s top oil producer plans to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fined, Nigerian Finance Minister Kemi Adeosun said. In the “legal framework for the gas-flaring penalty, it was drafted as a charge. A charge is tax deductible,” Adeosun said in a January 23 interview. “So, what do the international oil companies do? They flare, they pay the charge…

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