The Editorial Team |

Helios Has $350 Million Primed for Expansion After Virus Eases

(Bloomberg) — Helios Towers Ltd.’s plans to expand following last year’s London share sale may have been waylaid by the coronavirus outbreak, but the Africa-focused company has $350 million primed and ready for when dealmaking can resume. The telecommunications firm raised funds in an initial public offering in October, with the proceeds earmarked to fund an entry into new African markets and add to a portfolio of almost 7,000 towers. “It’s not that talks stalled…

Nigeria Says It Needs Radical Reforms After Oil Plunge (1)

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LAGOS (Capital Markets in Africa) — Nigeria is faced with an economic challenge that is unprecedented in its history and will need radical reforms to overcome it, the presidency said. “What we will need to do is something that is bold, radical and one that our people can understand and buy into,” Vice President Yemi Osinbajo said in an emailed statement. The government will pursue mass housing, increase agricultural production, ensure improved local productivity through…

CrossBoundary Energy receives US$16.5mn commitment from ARCH EM Partners

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LAGOS (Capital Markets in Africa) – ARCH Emerging Markets Partners’ Africa Renewable Power Fund (ARCH ARPF) today announced its commitment to fund CrossBoundary Energy (CBE) with up to US$16.5M in equity funding to develop and finance new Commercial & Industrial (C&I) solar assets that will provide businesses across Africa with access to cheaper, cleaner power. This commitment represents the first stage of a larger transaction under finalization by CrossBoundary Energy to scale solar for business…

How to handle market declines By Capital Group

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LAGOS (Capital Markets in Africa) – You wouldn’t be human if you didn’t fear loss. Nobel Prize-winning psychologist Daniel Kahneman demonstrated this with his loss aversion theory, showing that people feel the pain of losing money more than they enjoy gains. The natural instinct is to flee the market when it starts to plummet, just as greed prompts people to jump back in when stocks are skyrocketing. Both can have negative impacts. But smart investing…

Nigerian Naira Black-Market Rate Weakest in Three Years (1)

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LAGOS (Capital Markets in Africa) — The Nigerian currency depreciated to its weakest level since February 2017 in the unofficial black market after the country’s central bank cut supply to dealers. The local unit traded at 415 naira per dollar according to abokiFX.com, which collates rates from street-traders in Lagos. In the official spot market, the naira traded 386.51 per dollar as of 4:15 pm in Lagos, the highest it has traded in 24 years….

This Tiny U.K. Drugmaker Has Soared More Than 800% in Stock Rout

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LONDON (Capital Markets in Africa) — As the world scrambles to fight the deadly coronavirus, a microcap U.K. pharmaceutical company has seen its stock surge. Shares in Synairgen Plc have soared 845% this year, with gains accelerating in mid-March after the company got approval from U.K. regulators to start trials of its drug, SNG001, in people hospitalized with Covid-19. The company has a market capitalization of just 67 million pounds ($83 million), even after the share-price jump….

Treasuries Stare Over Negative Rates Abyss After Fed’s Bank Move

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NEW YORK (Capital Markets in Africa) — Negative yields in the $17 trillion Treasury market is a step closer to reality after the Federal Reserve eased banking capital requirements. The move by the Fed allows banks to take on more leverage so they can absorb a lack of liquidity for Treasuries, following a turbulent few weeks. Two-year yields touched the lowest level since 2013 after the announcement, and are hovering just over 20 basis points…

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