South Africa | - Part 70

Old Mutual Drops Most in Six Weeks as Profit Misses Estimates

Johannesburg, South Africa, Capital Markets in Africa: Old Mutual Plc, the London-based insurer planning to split into separate businesses, dropped the most in more than six weeks as first-half profit missed analyst estimates and the company said the rest of the year will be fraught with challenges. The stock slid as much as 6.3 percent on Thursday, the biggest intraday decline since June 24, before paring losses to trade 5.6 percent down at 212.90 pence as of 9:26…

South Africa Opposition Wants Deal to Shut ANC Out of Johannesburg

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s Democratic Alliance is proposing a deal that would allow it to run the country’s biggest city while giving a smaller rival control of its first municipality and locking the ruling African National Congress out of the management of the two cities. The country’s biggest opposition party, known as the DA, wants to swap support with the Economic Freedom Fighters following local elections last week that would…

South Africa to Stick to Fiscal Path Even as ANC Support Falls

Posted on by The Editorial Team

Johannesburg, Capital Markets in Africa: South Africa’s government will stick to the fiscal targets and objectives set out in the budget even as the ruling African National Congress’s support fell in last week’s election, the National Treasury said. “Government remains committed to implementing fiscal consolidation and returning public finances to a sustainable path,” the Treasury said in an e-mailed statement on Monday. “Government’s track record of achieving fiscal targets lends weight to future fiscal plans,…

MTN Group to Consider Raising Its Dividend If Business Picks Up

Posted on by The Editorial Team

South Africa, Capital Markets in Africa: MTN Group Limited will consider raising its full-year dividend above forecasts if business conditions improve after the settlement of a record fine in Nigeria led to the first-ever half-year loss at Africa’s biggest mobile-phone carrier. The company will consider a higher full-year payout than the forecast 7 rand-a-share “if operating conditions improve materially,” the Johannesburg-based carrier said in its first-half earnings statement on Friday. MTN paid 13.10 rand a share in 2015, while…

South Africa Vote Rocks ANC as Big Cities Reject Status Quo

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s ruling African National Congress trailed the main opposition party in four of the country’s biggest cities, including the capital, as results from local elections showed rising discontent among urban voters over a flat-lining economy and scandals surrounding President Jacob Zuma. While later results from its traditional strongholds in the townships around Pretoria, the capital, and economic hub Johannesburg may buoy the ANC vote, the election marks a…

MTN Gains as Investors Look Beyond Losses Led by Nigeria Fine

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LAGOS, Nigeria, Capital Markets in Africa: MTN Group Ltd. shares gained the most in more than five weeks after Africa’s biggest mobile-phone operator booked the full value of a 330 billion naira ($1 billion) fine in Nigeria, drawing a line under a 10-month saga that wiped a third off the share price. The wireless carrier made a first-ever per-share loss as a public company in the six months through June, partly caused by a provision for the penalty…

South Africa’s Rand Strongest in World as Local Elections, BOE Boost Currency

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: The rand strengthened to a nine-month high against the dollar to lead global currency gains as results from South African local-government elections showed a swing toward the main opposition. The currency also gained to the highest since April last year against the pound as the Bank of England cut its main lending rate to the lowest on record as it tries to support the U.K. economy against fallout from Brexit….

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