The Editorial Team |

Nigeria | Lafarge Africa Plc Q1:2016 Earnings Update

LAGOS, Nigeria, Capital Markets in Africa — Lafarge Africa Plc (“Wapco” or “the Group”) released its Q1:2016 result last Thursday, 28th of April, reporting substantially weaker than expected numbers. Turnover fell 29.3% Y-o-Y to N52.4bn amid weaker macroeconomic fundamentals and intense competition in cement markets in Nigeria and South Africa which impacted volumes and product prices. The Group’s high operational and financial leverage further squeezed margins, resulting in a pre-tax loss of N2.2bn in the…

Dollar Shortage Leaves ATMs Empty, Zimbabweans Without Cash

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HARARE, Zimbabwe, Capital Markets in Africa — Banks in Zimbabwe, which abandoned its own currency in 2009 because of hyperinflation, have limited cash withdrawals and shut down some ATMs as the country’s ailing economy causes dollar supplies to evaporate, threatening to result in company failures. Lines of people are growing outside banks in the capital, Harare, as cash-strapped residents try get money to pay for everything from school fees to groceries. The shortage highlights the struggle…

Rand Tumbles as South African Downgrade Concerns Return

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Johannesburg, South Africa, Capital Markets in Africa — The rand weakened below 15 per dollar to the lowest in almost a month amid increasing expectations among economists that South Africa’s credit rating will be cut by the end of this year as growth falters. The rand fell as much as 1.2 percent to 15.1568, the weakest since April 7 on a closing basis, before paring its losses to be little changed at 14.9659 by 1:59 p.m. in…

Ghana IPOs at Risk as March Sale Leaves Buyers Empty-Handed

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ACCRA, Ghana, South Africa, Capital Markets in Africa — A delay in completing the sale of Ghana’s Agricultural Development Bank Ltd., the nation’s biggest initial public offering yet, may dent confidence in future share sales, according to FirstBanc Financial Services Ltd. Investors who bought into the 450 million cedis ($118 million) sale in March, which was oversubscribed, are still waiting for their shares after the owners — the Bank of Ghana and the Ministry of Finance — missed…

Gabon | Moody’s places Gabon’s Ba3 ratings on review for downgrade

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Libreville, Gabon, Capital Markets in Africa — Moody’s Investors Service has today placed the Republic of Gabon’s Ba3 government bond and issuer ratings on review for downgrade. The purpose of Moody’s ratings review is to assess the extent of the impact of the further sharp fall in oil prices, which Moody’s expects to remain low for several years, on the Republic of Gabon’s government balance sheet in the coming years. As part of the review,…

INTO AFRICA May Edition: Unveiling Opportunities in African Equities

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LAGOS, Nigeria, Capital Markets in Africa — The start of 2016 broke away from the well-known ‘January effect’ – a term coined to describe the seasonal irregularity witnessed in the financial markets over the years: the propensity of stock prices to increase during the first month of the year. In contrast, global equity markets had to navigate an ugly storm, as sell-offs ensued, driven by sentiment rather than fundamentals. Rekindled concerns over global growth and…

Congo | Moody’s downgrades Republic of the Congo’s rating to B1

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Brazzaville, Congo, Capital Markets in Africa — Moody’s Investors Service has today downgraded the Republic of the Congo’s (ROC) issuer rating to B1 from Ba3 and placed the B1 rating under review for further downgrade. The downgrade reflects the severe deterioration in the government balance sheet caused by the significant fall in oil prices, which Moody’s expects to remain low for several years. The purpose of the review for further downgrade is to allow Moody’s…

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