African capital market

Gem Diamonds’ revenue rises on Letseng’s high-grade diamonds

Lesotho (Capital Markets in Africa): – Gem Diamonds Ltd said its sales increased in the year to date as it sold more high-grade diamonds from its flagship Letseng mine in Lesotho despite a weaker diamond market. Gem Diamonds said it earned an average of $2,146 per carat in the first three tenders of 2015, compared with $2,140 in the fourth quarter of 2014. The miner, which expects production at its Ghaghoo mine in Botswana to…

South Africa’s central bank keeps repo rate steady at 5.75 pct

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Pretoria, South Africa (Capital Markets in Africa): – South Africa’s Reserve Bank left interest rates unchanged as expected on Thursday but warned the deteriorating inflation outlook meant the stance cannot be “maintained indefinitely”. The bank has kept its benchmark rate steady at 5.75 percent since July last year as Africa’s most advanced economy struggles with power shortages being the biggest risk as state utility Eskom fails to cope with demand. But rising electricity and oil prices…

Tiger Brands’ Nigerian arm hit by naira weakness

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Johannesburg, South Africa (Capital Markets in Africa):- – Tiger Brands, South Africa’s biggest consumer foods manufacturer, reported flat first-half earnings on Wednesday, weighed down by its operations in Nigeria. Tiger Brands, which makes cereal, energy drinks, pasta and rice, said diluted headline earnings per share fell by 1 percent to 837 cents in the six months ended March. Headline earnings per share is the main profit gauge in South Africa that strips out certain one-off items. Sales…

Cameroon cocoa exports up 24 pct y/y in April

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Younde, (Capital Markets in Africa):- Cameroon cocoa exports jumped 24 percent to 181,893 tonnes year-on-year by end-April since the start of the 2014/15 season on Aug. 1, data from the sector’s regulator showed on Tuesday. Statistics from the National Cocoa and Coffee Board (NCCB) showed that Africa’s fourth biggest grower shipped 4,384 tonnes of cocoa beans in April, down from 10,810 tonnes in March. But exports rose slightly, compared with 3,043 tonnes exported during the same…

South Africa’s SacOil exits Nigeria JV on weaker oil prices

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Johannesburg, South Africa (Capital Markets in Africa) :- South Africa’s SacOil Holdings has ended its joint venture with Nigeria’s Nigdel United Oil Company and abandoned its oil licence in that country as softer oil prices forced the firm to cut costs. Global oil prices have dropped by about 40 percent over the last year on oversupply concerns, forcing many companies to avoid risky exploration. Some oil companies are also forming alliances to ride out the…

Dubai’s Emaar plans to float 13 pct Egypt unit on Cairo exchange

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By Matt Smith DUBAI (Reuters) – Dubai’s Emaar Properties plans to list a 13 percent stake in its Egyptian unit on Cairo’s stock exchange, the largest listed developer in the United Arab Emirates said on Wednesday. The share sale will comprise of a public offering to retail investors in Egypt, plus a private placement to local and international institutions, according to a filing to the Dubai Financial Market. Emaar did not state when the initial…

EU lawmakers seek ban on “blood metals” in surprise vote

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By Robin Emmott BRUSSELS (Reuters) – The European Parliament voted on Wednesday to ban all products that contain “blood metals” sold by African warlords, but the legislation is likely to be blocked by EU governments who fear it would impose an unrealistic burden on business. The surprise result marked a defeat for the pro-business European People’s Party (EPP), the parliament’s biggest grouping, who need fellow centrist allies to pass laws following last year’s EU elections…

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