Mauritius | - Part 4

Sun of Mauritius Expects to Return to Profitability in 2017

PORT LOUIS (Capital Markets in Africa) – Sun Ltd, Mauritius’ third-biggest hotel group by market value, expects to swing back into the black in 2017 after posting a 567 million-rupee ($16 million) loss in the year through June, Chief Executive David Anderson said. The loss followed higher finance costs related to acquisitions and renovation work, Anderson told analysts near the capital, Port Louis, on Thursday. Sun’s net debt increased by 2.35 billion rupees to 9.8 billion…

SBM of Mauritius Looks to New Hires to Sustain Earnings Growth

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Mauritius, Capital Markets in Africa: SBM Holdings Ltd., the second-biggest company by market value in Mauritius, plans to reshuffle its top management and make new hires to sustain earnings growth that saw first-half profit more than double. “With further appointments at strategic posts in the coming months, in line with the implementation of our modernization and diversification plan, SBM is poised to generate new sources of income which will impact even more favorably on our…

Mauritius Cuts Rates by Biggest Margin Since 2012 on Brexit in July

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Mauritius, Capital Markets in Africa: The Bank of Mauritius reduced its benchmark interest rate by the biggest margin in more than four years, saying Britain’s decision to leave the European Union has damaged the Indian Ocean island nation’s growth outlook. The Monetary Policy Committee unanimously decided to lower its benchmark rate to 4 percent from 4.4 percent, Governor Rameswurlall Basant Roi told reporters Wednesday in the capital, Port Louis. The gauge had remained unchanged since November 2015,…

Mauritius Expects 46% Leap in Foreign Investment This Year

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MAURITIUS, Capital Markets in Africa: Mauritius’s government expects foreign direct investment to increase as much as 46 percent this year, even as the United Kingdom’s decision to leave the European Union may curb inflows to the Indian Ocean island nation. Foreign investors are expected to commit 14 billion rupees ($395 million) by the end of 2016, compared with 9.6 billion rupees last year, Board of Investment Chief Executive Officer Ken Poonoosamy said in a phone…

Mauritius Eyes Nigeria, Other Africa Markets to Grow Tourism

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Port Louis, Mauritius, Capital Markets in Africa: Mauritius is targeting Nigeria and other African nations to help sustain growth in tourism revenue that’s expected to reach almost 10 percent this year, Deputy Prime Minister and Tourism Minister Xavier Luc Duval said. The country received 114,796 visitors from Africa in the first five months of this year, accounting for 22 percent of the total, according to Statistics Mauritius. Of the visitors from Africa, more than half came from the…

African Stock Market January 2016: Tunisia equity triumph, rewards investors amid of global equity markets panic

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LAGOS, Nigeria, Capital Markets in Africa — Global equity markets opened 2016 on a panic mood amid of negative outlook on China’s growth prospects and commodity slumps. As a result, African equity market performance measured by country equity benchmark index returns ended in negative for the month, with four gainers and fourteen losers on the local currency basis. Still on local basis return, the January’s average return of -3.0 percent (relatively to -0.9 percent in…

African Equity Markets in 2015: BRVM Bourse 2015 Champion, Botswana runner-up, Zimbabwe worst market

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Lagos, Nigeria Capital Markets in Africa — African stock market performance measured by country equity benchmark index returns produced a negative returns in 2015, with four positive growths and fourteen negative returns on a local currency basis. The performance was more disheartening on a US-dollar adjusted performance basis, with just one equity market produced a positive return. These unimpressed performances (compared to 2014) across African equities can be attributed to interlocked negative feedback loops between declining commodity…

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