South Africa | - Part 48

Gold Fields has $1 billion available for M&A – CEO

CAPE TOWN (Capital Markets in Africa) – South African bullion producer Gold Fields has a $1 billion loan facility to draw on if it wants to pursue mergers or acquisitions, but no deals are on the immediate horizon, its chief executive said on Wednesday. “We have a $1 billion committed, unutilised facility,” Nick Holland told Reuters on the sidelines of an African mining conference in Cape Town. But he said the company did not feel…

How African Equities and Currencies feared in 2016

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LAGOS (Capital Markets in Africa) -African equity markets settled in the South Pole 2016 was a difficult year for African markets, each in varying degrees. Most of the African equity index ended in negative zone at the end of 2016, with six positive growths and twelve negative returns on a local currency basis. The performance was more disheartening on a US-dollar adjusted basis, with just four equity markets produced a positive return and average return across markets…

African Sovereign Eurobonds: Recap and Prospects in 2017

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LAGOS (Capital Markets in Africa) – Eurobond issuance by African sovereigns was recorded at US$9.726 billion by four countries (South Africa, Ghana, Egypt, and Mozambique) in 2016 compare to US$6.750 billion issued by eight countries (Egypt, Ghana, Gabon, Ivory Coast, Namibia, Zambia, Cameroon, and Angola) in 2015. In April, the Republic of South Africa successfully priced and issued a US$1.25 billion 10-year Eurobond. The US dollar bond was priced at a coupon (interest rate) of 4.875 percent,…

INTO AFRICA February 2017 Edition: Africa’s Economic Path in 2017

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LAGOS, Nigeria, Capital Markets in Africa: Welcome to the 2017’s first edition of INTO AFRICA, the publication with fresh insight into Africa’s emerging capital markets. In this edition, we bring you a selection of insights on Africa’s economic prospects in 2017. Please download by clicking: INTO AFRICA PUBLICATION: FEBRUARY 2017 EDITION. The collapse of oil prices has had far-reaching effects on African economies in 2016. For commodity exporters, the implications are glaring – weaker revenues have…

South Africa Central Bank Opposes Gupta Associate’s Bank Bid

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank has recommended rejecting a bid to buy Habib Overseas Bank’s local unit because of concerns about the source of the two businessmen’s income and tax declarations, according to government officials with knowledge of the matter. The Reserve Bank has written a letter to Finance Minister Pravin Gordhan recommending that the merger between the Habib Overseas Bank unit and a South African company be blocked, said the officials…

Banks Bashed in Battle Over South African Financial System

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JOHANNESBURG (Capital Markets in Africa) – New allegations by President Jacob Zuma’s supporters that South Africa’s biggest banks are frustrating efforts to address racial inequality signal an escalation of a battle for control of the nation’s financial system including the Treasury. Protestors from the ruling African National Congress’s youth wing invaded aBarclays Africa Group Ltd. branch on Jan. 26. Then, on Monday, the ANC’s top leaders said the four biggest lenders can’t be allowed to continue dominating…

Harmony Gold Ready for Acquisition After Paying Down Debt

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JOHANNESBURG (Capital Markets in Africa) – Harmony Gold Mining Co., South Africa’s third-largest miner of the metal, said it’s ready to make an acquisition after increasing production and paying off its debt in the six months to December 31. “We’ve identified some targets, we’re working on those targets,” Chief Executive Officer Peter Steenkamp said on a call with reporters Thursday. The purchase will likely be in Africa or Papua New Guinea, he said. Harmony made a profit…

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