South Africa | - Part 86

South Africa’s rand slips as Fed remarks boost dollar

Johannesburg (Capital Markets in Africa):- South Africa’s rand weakened on Monday along with fellow emerging markets’ (EM) currencies as the dollar rallied after the Federal Reserve signalled a rate hike by year-end. By 0700 GMT the rand slipped 0.32 percent to 11.9310 versus the dollar, which marched to a month-high after positive CPI data and strong indications by U.S. Federal Reserve chair Janet Yellen that the bank would raise rates in 2015. The news lifted…

AfDB sees Africa’s GDP growth nearing pre-crisis levels

Posted on by The Editorial Team

Abidjan, Ivory Coast (Capital Markets in Africa) – African economies will grow 4.5 percent this year and 5 percent in 2016, approaching levels last seen before the 2007 global financial crisis, as economic prospects improve worldwide, the African Development Bank (AfDB) said. The AfDB estimates that Africa’s gross domestic product expanded by 3.9 percent in 2014 despite sharp falls in international commodity and oil prices, an Ebola epidemic and pockets of political instability and armed conflict….

South Africa’s Pension Fund acquires stake in Bayport Management

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Port Lious, Mauritius (Capital Markets in Africa):-The Public Investment Corporation (PIC), manager of South Africa’s $150 billion Government Employees Pension Fund (GEPF), is investing $149 million in Bayport Management, the Mauritius-based financial services company. However, the size of the minority stake acquired was not disclosed. Bayport Management Limited provides unsecured loans to customers in developing markets including several in Africa. Founded in 2001, the company now has over 6,700 employees servicing over 500,000 customers through 405 branches…

South Africa’s central bank keeps repo rate steady at 5.75 pct

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Pretoria, South Africa (Capital Markets in Africa): – South Africa’s Reserve Bank left interest rates unchanged as expected on Thursday but warned the deteriorating inflation outlook meant the stance cannot be “maintained indefinitely”. The bank has kept its benchmark rate steady at 5.75 percent since July last year as Africa’s most advanced economy struggles with power shortages being the biggest risk as state utility Eskom fails to cope with demand. But rising electricity and oil prices…

Tiger Brands’ Nigerian arm hit by naira weakness

Posted on by The Editorial Team

Johannesburg, South Africa (Capital Markets in Africa):- – Tiger Brands, South Africa’s biggest consumer foods manufacturer, reported flat first-half earnings on Wednesday, weighed down by its operations in Nigeria. Tiger Brands, which makes cereal, energy drinks, pasta and rice, said diluted headline earnings per share fell by 1 percent to 837 cents in the six months ended March. Headline earnings per share is the main profit gauge in South Africa that strips out certain one-off items. Sales…

South Africa’s SacOil exits Nigeria JV on weaker oil prices

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Johannesburg, South Africa (Capital Markets in Africa) :- South Africa’s SacOil Holdings has ended its joint venture with Nigeria’s Nigdel United Oil Company and abandoned its oil licence in that country as softer oil prices forced the firm to cut costs. Global oil prices have dropped by about 40 percent over the last year on oversupply concerns, forcing many companies to avoid risky exploration. Some oil companies are also forming alliances to ride out the…

South Africa’s rand softens as dollar rises on robust housing data

Posted on by The Editorial Team

Johannesburg, South Africa (Capital Markets in Africa):- South Africa’s rand weakened on Tuesday as the dollar was buoyed by strong U.S. housing data that revived bets of a rate hike in the world’s strongest economy by year-end. At 1502 GMT the rand had eased 0.26 percent to 11.9190 against the dollar, having ambled in the 11.80 region for most of the day before sliding lower as the greenback gained on the positive housing figures. U.S….

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