South Africa

Money Manager Targets Return From Housing South Africa Students

Posted on by The Editorial Team
Money Manager Targets Return From Housing South Africa Students

JOHANNESBURG (Capital Markets in Africa) – South African stock exchange investors are about to get their first opportunity to bet on income from housing students enrolled at the country’s campuses. Inkunzi Wealth Group, a Johannesburg-based money manager, intends to offer shares in a student accommodation fund on the city’s main exchange before the year is out, Chief Executive Officer Owen Nkomo said in an interview. There’s demand from listed property investors for an alternative to exposure to…

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Billionaire Agarwal Increases Stake in Anglo American to 19%

Posted on by The Editorial Team
Billionaire Agarwal Increases Stake in Anglo American to 19%

JOHANNESBURG (Capital Markets in Africa) – Billionaire Anil Agarwal has increased his stake in Anglo American Plc to 19 percent, making him the biggest shareholder in the London blue-chip mining company. Agarwal’s Volcan Holdings Plc bought 102.2 million shares in Anglo, according to a regulatory filing Friday. The Indian billionaire, who said last month that he planned to buy as much as 1.5 billion pounds ($2 billion) of the stock, paid an average of 14.68 pounds, based on that…

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Bank of Baroda Is Said to Be Probed in S. Africa Over Guptas

Posted on by The Editorial Team
Bank of Baroda Is Said to Be Probed in S. Africa Over Guptas

JOHANNESBURG (Capital Markets in Africa) – India’s Bank of Baroda is being investigated by South Africa’s central bank over money held for companies controlled by the politically connected Gupta family, according to a person familiar with the matter. The South African Reserve Bank’s probe, which comes after it fined the bank in June for not doing enough to combat financial crime, was sparked after the Organisation Undoing Tax Abuse alleged in court papers that mine-rehabilitation funds held for two of…

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Mondi Falls as Rising Costs, Currency Moves Weigh on Earnings

Posted on by The Editorial Team
Mondi Falls as Rising Costs, Currency Moves Weigh on Earnings

JOHANNESBURG (Capital Markets in Africa) – Mondi Limited shares slumped the most in more than a year after South Africa’s biggest packaging maker said rising costs and unfavourable currency moves would see full-year earnings come in below expectations. The stock plunged as much as 7 percent in early trade in Johannesburg and London, the most intraday since June 2016. The cost of wood, energy and chemicals increased in the three months through September, while the weaker…

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Rand Bulls Snub Risks as ING Sees South African Currency Rising

Posted on by The Editorial Team
Rand Bulls Snub Risks as ING Sees South African Currency Rising

JOHANNESBURG (Capital Markets in Africa) – Analysts at Rand Merchant Bank and ING Groep NV predict the South African currency, the second-worst emerging-market performer in the past month, will rebound against the dollar by year-end as the pull of improving fundamentals and the hunt for yield support buyers amid lingering political and fiscal risks. The rand fell to a six-month low of 13.8618 per dollar this week as tepid economic growth, an African National Congress leadership…

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Mkhize Plays Unity Card in Bid to Lead South Africa’s ANC

Posted on by The Editorial Team
Mkhize Plays Unity Card in Bid to Lead South Africa’s ANC

JOHANNESBURG (Capital Markets in Africa) – As the battle to succeed President Jacob Zuma as leader of South Africa’s ruling party grows increasingly bitter, party Treasurer-General Zweli Mkhize is positioning himself as the one candidate who can stop the African National Congress from splitting apart. “If I was to be elected there are specific things that I would contribute to the ANC that would take it forward — unity is the one main issue,” Mkhize said in an interview…

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Africa’s Economic Future Depends on Its Farmers

Posted on by The Editorial Team
Africa’s Economic Future Depends on Its Farmers

LAGOS (Capital Markets in Africa) – When the economies of Nigeria and South Africa recently rebounded, it wasn’t oil or minerals that did the trick. It was agriculture. Faster and more sustainable agricultural growth is crucial not only to the continent’s economy, but also to its ability to feed and employ its surging population. Agriculture still accounts for a quarter of gross domestic product and as much as two-thirds of employment in sub-Saharan Africa. In fact, agricultural growth has the…

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