South Africa | - Part 77

Market Watch: Emerging Stocks Rise as China Rallies on MSCI Index Speculation

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose to a three-week high as Chinese equities rallied amid speculation MSCI Inc. will include yuan-denominated shares in its global benchmarks and concern eased that higher U.S. interest rates will squelch global economic growth. The Shanghai Composite Index surged 3.3 percent, the most since March. South African stocks headed toward a fourth month of gains as a slump in the rand in May boosted the outlook for companies with revenue in foreign currencies such…

South Africa Bonds | Downgrade Threat Drives South African Companies From Bond Market

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Johannesburg, South Africa, Capital Markets in Africa: As South Africa braces for a credit-rating downgrade, the nation’s companies are finding the bond market an unfriendly place. Corporate bond sales in the second quarter have slumped 15 percent from a year earlier to 20.8 billion rand ($1.32 billion), compared with a 10 percent decline across emerging markets, data compiled by Bloomberg show, as volatility and the threat of a cut to junk deter buyers. South African government 10-year yields —…

Old Mutual Alternative Investments to manage R380mn investment deal

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Johannesburg, South Africa, Capital Markets in Africa: Barnstone Education and the Schools and Education Investment Impact Fund South Africa have announced an additional investment as part of the second phase of the Prestige School project, a multi-million rand deal, which will fund the development and operations of six Prestige College affordable independent schools. This brings the total finance allocated to the project to R380 million. The deal is the latest of its kind for the…

Tiger Sees South Africa Consumers Stressed as Costs Climb

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Johannesburg, South Africa, Capital Markets in Africa: Tiger Brands Ltd. said the risk of higher inflation will place pressure on South African consumers as the nation’s biggest food producer is raising prices to try to offset costs following record corn prices. Headline earnings per share from continuing operations, which exclude one-time items, were 9.78 rand ($0.62) in the six months ended March 31 from 9.75 rand a year earlier, the Johannesburg-based company said in a statement Tuesday. Tiger…

Old Mutual’s Asset Management Unit Attracts Possible Buyers

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Johannesburg, South Africa, Capital Markets in Africa: Old Mutual Plc, Africa’s largest insurer, said it has been approached by companies interested in buying a stake in its U.S.-based fund management unit. “Old Mutual confirms that it has received approaches from third parties to acquire its stake,” in OM Asset Management Plc, the London-based insurer said in a statement on Tuesday. There’s no certainty that the interest will lead to a purchase, it said. The company plans to split…

South Africa | PIC in Talks to Create Group to Bid for Barclays Africa Stake

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Johannesburg, South Africa, Capital Markets in Africa: The Public Investment Corp., Africa’s biggest fund manager, said it’s forming a group of black investors to buy a stake in Barclays Africa Group Ltd. in a bid to ensure the bank comes back under the control of South Africans. “There are discussions with institutional investors managing black money, such as pension funds,” Dan Matjila, head of the Pretoria-based PIC, said by phone on Monday. As yet it’s difficult to say how…

South Africa Rand Rout Little Help as South African Companies Hoard Cash

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Johannesburg, South Africa, Capital Markets in Africa: South African businesses are flush with money. Too bad they aren’t willing to spend it at home. They’re hoarding cash or expanding abroad, put off by a stagnating economy, power shortages, low commodity prices and slower growth in export markets China and Europe. Delays in passing business regulations and a dispute between President Jacob Zuma and Finance Minister Pravin Gordhan are compounding their unease. “Corporate South Africa has continued to build international business…

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