Investment | - Part 23

Election Vexing Foreigners Makes Kenya Stocks Cheapest on Record

NAIROBI (Capital Markets in Africa) – Investor trepidation seven months from Kenyan general elections has turned the country’s stocks into the worst-performers of 2017, and driven valuations to the weakest on record. The Nairobi Securities Exchange All-Share Index has fallen 6.9 percent to the lowest since September 2013, the biggest slump among 94 benchmarks tracked by Bloomberg. The looming Aug. 8 vote has prompted concerns of a repeat of violence that marked voting in 2007 and foreign investors, who…

China Pledges $40 Billion towards Nigerian infrastructure projects

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria ordered Taiwan to move its trade mission from the capital, Abuja, to the commercial hub, Lagos, following a visit by the Chinese foreign minister during which his government pledged to invest $40 billion in infrastructure in Africa’s most populous country. Nigerian Minister of Foreign Affairs Geoffrey Onyeama announced the move Wednesday after meeting with Chinese counterpart, Wang Yi, China’s official Xinhua News Agency said. China has said it will invest $40…

Quantum Global’s Hotel Fund Acquires Mövenpick Ambassador Hotel Accra

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ACCRA (Capital Markets in Africa) – QG Africa Hotel LP, a Mauritius-based investment fund managed by Quantum Global Investments Africa Management Ltd., today announced the acquisition of the Movenpick Ambassador Hotel Accra from Kingdom Holding Company (KHC). The transaction which closed on 28 December 2016 marks the most sizable open-market hotel transaction in Sub-Saharan Africa to date. Complementing Quantum Global’s already significant African investment portfolio the value proposition of this transaction is underpinned by its…

Gold hits highest in over a month on Brexit, Trump concerns

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LONDON (Capital Markets in Africa) – Gold rallied to its highest level in more than a month on Tuesday as the dollar dipped ahead of a news conference on Wednesday by U.S. President-elect Donald Trump. The market is looking for more clues on Trump’s spending plans in the first speech since his shock win in November, pushing the dollar lower. The pound and stocks also slid on fears of a “hard” Brexit after British Prime Minister…

Marriott International Expands Presence in Algeria with Opening of Sheraton Annaba

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ALGIERS (Capital Markets in Africa) – Marriott International, Inc, today announced further expansion in Algeria with the opening of its seventh hotel in Algeria, Sheraton Annaba. The company already operates six hotels in Algeria including Constantine Marriott Hotel, Renaissance Tlemcen Hotel, Sheraton Club des Pins, Sheraton Oran, Le Meridien Oran and Four Points by Sheraton Oran amounting to 1580 rooms. With another six hotels under development, the company is set to double its footprint in…

Marcopolo Eyes Africa and Middle East to Increase Exports by 50%

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ACCRA (Capital Markets in Africa) – Bus maker Marcopolo SA is using Brazil’s rough roads as a calling card to enter markets as remote as Ghana and Cameron as it tries to shield its business from a recession at home. The company started exporting to 12 new countries in the past year and now ships to 40 markets worldwide, according to Ricardo Portolan, the exports manager at the Caxias do Sul-based company. That helped put it on…

Guptas Plan to Sell South African Assets as Soon as Possible

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JOHANNESBURG (Capital Markets in Africa) – The Gupta family, who are friends of South African President Jacob Zuma and are in business with his son, said they remain intent on selling their business interests in the country after missing their target of completing the divestment last year. “The Gupta family remains committed to disposing of its shareholdings in South Africa as soon as is practically possible, and discussions continue,” the family said in an e-mailed reply to…

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