South Africa | - Part 37

Nampak Surges as Can-Maker Extracts More Cash From Nigeria

JOHANNESBURG (Capital Markets in Africa) – Nampak Limited rallied the most on record after Africa’s biggest beverage-can maker said it significantly improved its ability to get cash out of Nigeria while increasing the use of hedging contracts to protect against currency fluctuations. The Johannesburg-based company expects to get $54 million out of Nigeria by the end of September, Chief Financial Officer Glenn Fullerton said by phone. The combined rate at which Nampak extracted money out of Nigeria and Angola…

Majority of South Africa’s ANC Want Zuma to Resign, Poll Shows

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma’s public approval rating has reached an all-time low and most members of his ruling African National Congress want him to resign, according to an opinion poll released two days after he survived a second bid to oust him. Almost two-thirds of eligible South African voters want Zuma to quit, the survey released Tuesday by research company Ipsos found. About 54 percent of ANC supporters say the president should…

Glencore Renews Deal Hunt Untroubled by Memories of Debt Panic

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Commodities tycoon Ivan Glasenberg is chasing multibillion-dollar deals once again, and that’s fine with debt investors who were fleeing Glencore Plc less than 18 months ago. Glencore notes sank as low as 56 cents on the euro early last year after a commodity slump stoked concerns about the $30 billion of debt that Chief Executive Officer Glasenberg had amassed building one of the world’s largest raw-materials trader. Now, the bonds are back at around face…

HSBC Sees Buying Opportunity in South Africa Amid Zuma Turmoil

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – While some stock investors may choose to flee South Africa as political turmoil engulfs President Jacob Zuma, HSBC analysts argue the noise around the embattled leader and his ruling party makes it a good time to buy. That’s because a pick-up in the South African economy and a favourable commodity price cycle as China, the biggest consumer of metals, avoids a hard landing are positive for the local market. In…

Mobius Sees Way to Dodge Zuma Risks in South African Stock Picks

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African companies that have diversified beyond the country’s borders are the best bet for investors, because their fortunes are less tightly entangled with the political risks posed by the presidency of Jacob Zuma, said Mark Mobius, the executive chairman of Templeton Emerging Market Group. Decisions taken by Zuma have moved markets, most recently in March, when he fired Finance Minister Pravin Gordhan. The rand weakened and S&P Global Ratings and…

South Africa Rate on Hold as Central Bank Warns of Rand Risk

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The South African Reserve Bank left its key rate unchanged for a seventh straight meeting as policy makers warned politics and ratings downgrades could still knock the rand and scupper an improving inflation outlook. The Monetary Policy Committee maintained the benchmark repurchase rate at 7 percent, Governor Lesetja Kganyago told reporters Thursday in the capital, Pretoria. The decision was in line with the estimates of all 21 economists in a Bloomberg…

« 1 … 35 36 37 38 39 … 95 »