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South African Miners Win Court Fight on Black Ownership Rule

JOHANNESBURG (Capital Markets in Africa) – South African mining companies won court backing on a crucial black-ownership principle that’s likely to have implications for ongoing negotiations with President Cyril Ramaphosa’s government. Producers don’t need to top up black-shareholding levels in perpetuity if they previously met the minimum 26 percent requirement, the High Court in Pretoria said on Wednesday. The judgment boosts certainty for investors in the world’s top platinum producer and gives mining companies extra muscle…

Rand Bears Keep Rushing for the Exits Even as Rate Cut Looms

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JOHANNESBURG (Capital Markets in Africa) – Economists are predicting a South African rate cut on Wednesday. The market’s pricing in another later this year. Rand traders, it seems, couldn’t care less. Bearish bets on South Africa’s currency versus the dollar fell to the lowest level this week since before the 2008 financial crisis, even with the South African Reserve Bank poised to loosen policy while the Federal Reserve tightens, narrowing the rand’s yield advantage over the greenback. A glance…

This Is What Africa’s Central Banks Are Debating This Month

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LAGOS (Capital Markets in Africa) – Central banks in five major sub-Saharan African economies are scheduled to announce their interest-rate decisions in the next three weeks, including Nigeria if lawmakers get around to approving Monetary Policy Committee nominees. Slower inflation and more stable exchange rates have built a case for looser monetary policy in Kenya, Ghana, South Africa and Nigeria. Economic growth near 1 percent in South Africa and Nigeria, which make up half of…

South African Tax Agency Head Suspended, Will Face Hearing

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JOHANNESBUGH (Capital Markets in Africa) – South African tax collection agency boss Tom Moyane was suspended and will face disciplinary proceedings as newly elected President Cyril Ramaphosa’s administration moved to restore trust in the institution. The ouster was Ramaphosa’s latest step to replace Jacob Zuma appointees in the government since taking over the presidency last month after his predecessor was forced to step down by the ruling party. He’s also removed the board of the state power utility, which…

South Africa Bonds Jump as Treasury Surprises With Auction Cut

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JOHANNESBUGH (Capital Markets in Africa) – South African bond yields fell by the most in a month and the rand strengthened after the National Treasury said it will reduce the amount of debt sold at weekly auctions as the government’s borrowing requirement declines. While the government signalled last month it would curb bond issuance, the timing and size of the move caught traders by surprise. It was the latest tailwind for the country’s debt, which…

South Africa Sees Receptive Market for $3 Billion Bond Sale

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JOHANNESBURG (Capital Markets in Africa) – South Africa plans to tap international markets for as much as $3 billion as the country seeks to take advantage of relatively low rates and strong demand from yield-hungry investors. “We will be coming shortly and taking advantage of the favourable market conditions,” Tshepiso Moahloli, chief director of liability management at the National Treasury, told reporters in London after meetings with investors. “The market is conducive and we’re keen to…

Steinhoff Boosts Fund-Raising to $1.4 Billion in KAP Sale

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV boosted the amount raised from asset sales to about $1.4 billion as the embattled global retailer strives to shore up its balance sheet. The owner of Conforama in France and Mattress Firm in the U.S. sold almost 3.7 billion-rand ($313 million) of shares in South Africa’s KAP Industrial Holdings Ltd., adding to disposals including stock in investment holdings company PSG Group Ltd. and a private jet….

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