African equity market |

Banks Lead Declines as South African Stocks Fall Most in 7 Weeks

JOHANNESBURG (Capital Markets in Africa) – FTSE/JSE Africa All Share Index closes 1.4% lower on Monday, biggest decline since Dec. 6. “The rand is weaker — a little bit of the excitement and positivity of Cyril Ramaphosa in Davos is waning,” Michele Santangelo, a money manager at Independent Securities, says by phone. “A lot of stocks that have had huge runs that are coming off, particularly in the financial sector, had a great start to the…

Nigerian Banks Extend Gains on Optimism for Dividends, Earnings

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LAGOS (Capital Markets in Africa) – Nigerian banking index rises 2.7% Wednesday in Lagos, highest since June 2009 on closing basis; Volume is more than twice the daily average for the past three months. “Market is reacting to a possible turnaround in performance in 4Q,” saysOluwasegun Akinwale, analyst at Codros Capital With full-year results due soon, investors are buying banking stocks to be positioned for attractive dividend yields, Kayode Omosebi of Asset & Resource Management says by phone…

Glencore Abandons Hong Kong Listing as It Sticks With Africa

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JOHANNESBURG (Capital Markets in Africa) – Glencore Plc is planning to withdraw its listing from the Hong Kong Stock Exchange early next year, with the world’s biggest commodities trader saying that only a small number of investors had chosen to hold their shares on the local register. Dealings in Hong Kong-listed shares are expected to cease on Jan. 10, the Baar, Switzerland-based company said in a statement on Tuesday. Glencore, which trades raw materials including copper and zinc, and…

PIC Is Said to Mull Backing Bid for Chevron’s South Africa Unit

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JOHANNESBURG (Capital Markets in Africa) – Africa’s biggest fund manager is interested in taking part in the acquisition by Glencore Plc and a group of black South African-owned companies of Chevron Corp.’s assets in the country, according to three people familiar with the matter. The Public Investment Corp., which manages the pension funds of South African government workers, could buy a portion of the business from Glencore or the minority owners, said one of the people,…

Why Investors Should Consider A “Private Equity Approach” To Africa

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LAGOS (Capital Markets Investors are desperately searching for new opportunities in order to counter the challenging current low-interest rate environment. For those who have turned to “frontier markets”—and particularly Africa—there has been something of a roller-coaster ride. In 2000, as the world entered the new millennium with great optimism, Africa was viewed with suspicion. It was even branded “the hopeless continent” by The Economist. And yet, between 2002 and 2008, the African stock markets enjoyed…

Oil Falls as OPEC Output Curbs Offset by Growth in U.S. Drilling

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LONDON (Capital Markets in Africa) – Oil fell for the first time in four days as an increase in U.S. drilling activity fanned speculation that OPEC production cuts could revive output in North America. Futures slid as much as 2.1 percent in New York after rising 3.2 percent the previous three sessions. Gulf oil producers Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait are implementing the cuts they promised, Nawal Al-Fezaia, Kuwait’s OPEC governor,…

Unleashing African Equities — Fund Manager Perspective

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LAGOS, Nigeria, Capital Markets in Africa: Confident in the positive prospects embedded into Africa’s long term development, our team has been working on the best way to access the latter for almost a decade. In this purpose, one should be aware that intrinsic risks related to the region’s political and economic situation make the definition of an investment strategy relatively complex, especially when taking into account the features of the continent’s capital markets such as…

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