Africa equity market

Tiger Falls as Factory Blamed for Outbreak That Killed 180

JOHANNESBURG (Capital Markets in Africa) – Tiger Brands Ltd. tumbled after the South African company’s processed meat was identified as a source of the listeriosis outbreak that’s killed 180 people and infected about 1,000. Africa’s largest packaged food maker has been ordered to recall certain Enterprise brand ready-to-eat items and has suspended operations at two plants, while South Africans are being advised to avoid all similar processed meat products. The listeriosis outbreak in South Africa was…

Nigeria SE Falls 2.8% to 43,131.24; Dangote Cement Leads Decline

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index fell for the third day, dropping 2.8 percent, or 1,258.61 to 43,131.24. The move was the biggest since falling 4.3 percent on May 31, 2016. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 0.4 percent. Dangote Cement Plc contributed the most to the decline, falling 3.3 percent. Fcmb Group Plc decreased 9.7 percent, the biggest loss. MAY & Baker Nigeria Plc rose 4.9 percent,…

Activity Expands in African Economies as Stability Boosts Demand

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LAGOS (Capital Markets in Africa) – Business activity in some of sub-Saharan Africa’s biggest economies is expanding due to increased demand and the return of political stability. Purchasing Managers Indexes published on Thursday showed expansion in companies in Nigeria, Kenya, Ghana, Uganda and Zambia in December. In South Africa, the continent’s most-industrialized economy, the index fell and remained below the neutral mark of 50 for the fifth straight month as the fiscal outlook remains challenging and…

Steinhoff Gains as Retailer Plans to Restate 2015 Results

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JOHANNESBURG (Capital Markets in Africa) – Shares of Steinhoff International Holdings NV rose after the South African retail giant said it will restate financial results going back as far as 2015 amid a probe into accounting irregularities. The stock jumped 27 percent to 5.90 rand by 9:56 a.m. in Johannesburg, the most on an intraday basis since Dec. 12. Shares in Steinhoff, whose retail empire includes France’s Conforama furniture chain and Poundland in the U.K., have slumped 87…

South Africa’s New Man Has a Daunting Task Pleasing Markets

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JOHANNESBURG (Capital Markets in Africa) – Investors got what they wanted in South Africa when Cyril Ramaphosa became the ruling party’s new leader, putting himself in prime position to be the nation’s next president. Now comes the difficult part. He’ll be hard pressed to turn around a struggling economy, avoid more rating downgrades and ease political tensions, according to AllianceBernstein LP and Credit Suisse Group AG. That means the rand will struggle to sustain the 14 percent…

The Hot Spots That Defined a Year of Emerging-Market Ebullience

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LAGOS (Capital Markets in Africa) – 2017 is set to go down as the year when easy monetary policy and budding global growth came together to deliver blockbuster returns for the world’s emerging markets. Currencies and stocks in developing economies are on track for their biggest rallies in eight years as even the riskiest markets shrug off crises and threats to deliver gains for investors. Bonds, too, have had a good run, with local-currency emerging-market debt returning the most since…

Heineken Starts $100 Million Mozambique Brewery in Africa Push

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MAPUTO (Capital Markets in Africa) – Heineken NV, the world’s second-largest brewer, started building a $100 million plant in Mozambique as it seeks to compete with its larger competitor, Anheuser-Busch InBev SA/NV, in the southeast African country. The brewery, to be located in Maputo province, will have a capacity of 800,000 hectoliters and will start production in the first half of 2019, Heineken said in an emailed statement Monday. The world’s two beer-making giants are expanding…

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