The Editorial Team |

Glencore’s Best Start to Year Eases Blow From Post-IPO Slump

LAGOS, Nigeria, Capital Markets in Africa: Glencore Plc shareholders showing up for the miner’s annual meeting on Thursday can take comfort in the stock’s best ever start to a year. Less so the loss of about half the company’s value since they met 12 months ago and more than 70 percent since a $10 billion initial public offering in 2011. Such wild share swings highlight both the opportunities from billionaire Chief Executive Officer Ivan Glasenberg’s plans to…

Ghana Regulator Probes Adviser in Latest Hurdle for Biggest IPO

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s largest initial public offering hit another snag as the nation’s regulator put the listing of shares in Agricultural Development Bank Ltd. on hold and began an investigation of the transaction adviser. ADB, which sold 450 million cedis ($116 million) of shares in an IPO that closed in March, filed a complaint last week against Accra-based IC Securities Holdings Ltd., Adu Anane Antwi, director general of the Securities and Exchange Commission, said…

MTN Raises South Africa Investment to $757 Million for Deals

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Johannesburg, South Africa, Capital Markets in Africa: MTN Group Limited raised its South Africa investment target by 50 percent as the continent’s biggest wireless operator by sales looks to boost its data-services offering with acquisitions and network upgrades in its home market. Capital expenditure will be about 12 billion rand ($757 million) in the country in 2016, MTN’s South Africa head Mteto Nyati told reporters in Johannesburg on Thursday. That compares with an 8 billion rand target…

Nigeria | Violent Struggle Over Oil and Money Rattles Global Energy Market

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LAGOS, Nigeria, Capital Markets in Africa: After years of relative peace, militants are again blowing up the pipelines that criss-cross the mangrove swamps of Nigeria’s Niger River delta, reducing oil output to the lowest in almost three decades and fueling a rally in global crude prices. The resurgent conflict in Africa’s largest economy has a long history, interweaving corruption and poverty with regional rivalries and presidential politics, but at its core is money. Between 2006 and…

Zimbabwe Cement Industry Demands Dangote Face Import Tariffs

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HARARE, Zimbabwe, Capital Markets in Africa: Zimbabwe’s cement industry has called on the government to impose tariffs on imports from international manufacturers including Dangote Cement Plc of Nigeria, which it says is undercutting local makers of the building material and threatening jobs. The government should impose a tariff of $50 a metric ton on cement made at a lower cost in other countries and then sold in Zimbabwe, the Cement and Concrete Institute of Zimbabwe said in a…

Bank of America Closes Long Nigeria Trades, Seeing Oil Correction

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LAGOS, Nigeria, Capital Markets in Africa: Bank of America closes recommendation to short ZAR/RUB, long Russia 2043 Eurobond vs Turkey 2043, seeing crude oil “vulnerable to a correction” in short term, analysts David Hauner and Arko Sen say in note to clients. Also closes long Nigeria 2023s vs Ivory Coast 2024s trade. In long term Bofa remains positive on oil, seeing Brent “consistently above $50” from 4Q in 2017. In addition, Bofa continues to likes…

Investment | Orange Targets Expanding Nigerian Companies Adopting More IT

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LAGOS. Nigeria, Capital Markets in Africa: Orange SA’s business-services unit has opened its first sales office in Nigeria as local companies seek to expand outside their domestic market and cut technology costs amid an economic slowdown fueled by the fall in crude-oil prices. Orange Business Services is aiming for annual double-digit sales growth from its office in Lagos, Nigeria’s commercial capital, Giorgio Heiman, vice president in charge of Africa, told reporters in the city on Tuesday….

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