The Editorial Team |

Rising Oil Prices Hold Mixed Blessings for African Currencies

LAGOS (Capital Markets in Africa) — In a world of rising U.S. Treasury yields and a stronger dollar, higher oil prices can be a game-changer — for good or for bad. Oil exporters are the obvious beneficiaries: African crude producers including Angola, Ghana, and Nigeria had budgeted for an average price of around $40 per barrel for Brent crude in 2021, according to Rand Merchant Bank analysts. The price actually averaged closer to $60, providing…

Kenya Delays Plan to Sell Road Bonds Backed by Fuel Levy

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NAIROBI (Capital Markets in Africa) — Kenya has postponed plans to raise funds for road-building through selling bonds backed by a fuel levy, citing the need to complete ongoing works before starting new projects. The government planned to raise 30 billion shillings ($274 million) in the fiscal year ending June, by issuing debt that would be repaid through a road maintenance tax on every liter of gasoline and diesel. The securities may still be issued…

Unrest Grows in Senegal as Opposition Intensifies Protests

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DAKAR (Capital Markets in Africa) — Days of protests in Senegal that were triggered by the main opposition leader’s arrest showed no signs of abating, with rights group Amnesty International putting the death toll in violent clashes between police and demonstrators at eight. Ousmane Sonko, who came third in 2019 presidential elections, was released on bail Monday as he awaits trial on charges of rape. Sonko, 46, was accused of the assault last month by…

Steinhoff in Talks With Insurers to Help Settle Legal Claims

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JOHANNESBURG (Capital Markets in Africa) — Steinhoff International Holdings NV is in talks with the providers of director liability insurance policies about help settling legal claims resulting from a 2017 accounting crisis that took the South African retailer to the brink of collapse. An agreement with the insurers would be of similar magnitude to what the company concluded with Deloitte & Touche LLP two weeks ago, Chief Financial Officer Theodore de Klerk said in an interview Monday….

On the fixed income market and UK budget plans – Rupert Thompson, Chief Investment Officer at Kingswood

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LONDON (Capital Markets in Africa) – Bond markets were once again the centre of attention last week, with government bond yields continuing their upward climb. 10-year yields in the UK and US rose another 0.10%-0.15% to end the week at 0.86% and 1.45% respectively. UK gilt yields have now risen 0.62% since the start of the year or, to put it in more sensationalist (but less meaningful) terms, they have more than tripled in the…

Buffett’s Tone Deaf’ Annual Letter Skirts Major Controversies

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LAGOS (Capital Markets in Africa) — Warren Buffett’s 15-page annual letter to shareholders on Saturday made mention of the pandemic that ravaged the globe in 2020 exactly once: One of his furniture companies had to close for a time because of the virus, the billionaire noted on page nine. Buffett likewise steered clear of politics, despite the contested presidential election and riots at the U.S. Capitol, and never touched on race or inequality even after…

Berkshire’s Busy 2020 Broke a Record Despite Lack of Major Deals

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LAGOS (Capital Markets in Africa) — Warren Buffett made no splashy deals in 2020, and he didn’t weigh in on some of the year’s most contentious topics in his much-anticipated annual letter. Behind the scenes, the 90-year old billionaire was hardly inactive. Berkshire Hathaway Inc. was firing up another engine: stocks — both buying its own and trading others. The conglomerate snapped up $24.7 billion of Berkshire shares last year, a stark record for the…

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