Africa equity market

Burger Brexit Hit Sends Famous Brands Tumbling Most in 14 Years

JOHANNESBURG (Capital Markets in Africa) – Famous Brands Limited slumped the most in 14 years after the South African fast-food chain owner said its U.K. Gourmet Burger Kitchen business, acquired months after Britain voted to leave the European Union, may only return to profit in the next financial year. The stock dropped as much as 17 percent in Johannesburg, the biggest intraday decline since June 11, 2003. First-half earnings per share fell as much as 60 percent in…

Sasol Drops $950 Million Share Plan for Black-Investor Debt

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ABIDJAN (Capital Markets in Africa) – Sasol Limited, the world’s largest maker of fuel from coal, abandoned a plan to sell about 13 billion rand ($950 million ) of shares in order to repay debt owed by investors who participated in a transaction to boost black ownership of the company. Johannesburg-based Sasol transferred a stake to about 250,000 black investors in 2008 in a so-called black economic empowerment deal. The transaction was partly financed through…

Foreigners Desert South Africa’s Stock Market Like Never Before

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JOHANNESBURG (Capital Markets in Africa) – Amid robust demand for emerging-market equities, there’s one place global investors are avoiding: Africa’s biggest stock market. With almost a full quarter to go, outflows from South Africa’s stock exchange have already reached 90.5 billion rand ($6.6 billion) this year, on track to equal last year’s record 125.8 billion rand. By comparison, net sales reached 56.6 billion rand in 2008, when emerging-market assets bore the brunt of a selloff sparked…

If Bond Market Could Decide, Egypt Would Be Set for Upgrade

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CAIRO (Capital Markets in Africa) – With its finances in tatters, a credit upgrade was out of the question for Egypt before it secured an IMF loan agreement. Fast-forward six months, and it’s already won promotion in the bond market. Egypt’s dollar bonds have sprung back this year, driving its borrowing costs to the lowest level since 2015. That has lifted the market perception of Egyptian risk above that of some ratings assessors. The nation’s…

Rwanda sets I&M Bank IPO share price at 90 francs

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KIGALI (Capital Markets in Africa) – The initial public offering of shares in I&M Bank Rwanda Ltd have been priced at 90 francs ($0.1085) each, the Rwandan finance ministry said on Tuesday. The government is selling 99,030,400 shares, representing a 19.81 percent stake in the lender, with the proceeds set to fund the construction of a second airport near the capital. The offer opened on Tuesday and is expected to close on March 3, the…

MTN May Put Off Nigeria Listing Until 2018 as Barriers Persist

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. may put off plans to list its Nigerian operation until 2018 as Africa’s largest wireless carrier works to resolve a regulatory dispute and awaits an economic recovery in the continent’s most populous country. “It’s a work in progress and hopefully within the 12 to 18 month period we will be able to do it,’’ MTN Chairman and Acting Chief Executive OfficerPhuthuma Nhleko said at the annual meeting of…

Strong Demand Seen for Ivory Coast’s Sucrivoire Ahead of Listing

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ABIDJAN (Capital Markets in Africa) – Shares in Sucrivoire SA of Ivory Coast will go on sale Oct. 5 as the lead arranger of an initial public offering forecasts strong demand for a stake in the sugar producer that the government is disposing of. Sucrivoire is preparing to list on the Bourse Regionale des Valeurs Mobilieres in Ivory Coast’s commercial capital, Abidjan, as part of a privatization program by the West African nation to boost public finances…

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