Features | - Part 246

South Africa | Partnerships Can Avert South Africa Junk Rating, Radebe Says

Johannesburg, South Africa, Capital Markets in Africa — South Africa’s government is confident that its partnerships with business and labor can help it avert a credit-rating downgrade to junk, according to Jeff Radebe, Minister for Planning, Performance, Monitoring & Evaluation in the Presidency. “We are not envisaging a downgrade because we have put in measures as a government working with our partners in the private sector and labor to ensure that we stay the course,” Rabede told…

Investing in Africa’s Equity: Balancing Risk, Return and Regret

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Broad-based performance of African equities in 2015 was something many investors like to forget, if they do not regret their investment decision in the first place. Investors following the herd and buying into the asset class for the first time in the heydays of 2013 can be regularly found in the latter category. Others, who remained on the sidelines so far, can now buy great African businesses at much…

Nigeria | Data Releases Show Economy on a Sticky Wicket … Outlook Conservative

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — This week’s data releases by the CBN and NBS – April 2016 Purchasing Manager’s Index (PMI) and Q1:2016 Quarterly Capital Importation data – revealed very disappointing numbers. Besides the fact that the weak numbers reflected poorly on business activities and investment confidence, they further reinforced the market perception that weakening domestic fundamentals is yet abating. The PMI data, a monthly survey carried out by the CBN to examine…

South Africa Reserve Bank Can Wait — Bank of America Merrill Lynch

Posted on by The Editorial Team

Johannesburg, Capital Markets in Africa — The South Africa Reserve Bank continues to be one of the most orthodox emerging market central banks in the aftermath of the global financial crisis. As inflation has been above the bank’s target band, it is one of the few EM central banks to have hiked the policy rate so far this year. Even as the global backdrop has become much more emerging market friendly compared to late last…

Nigeria | More details emerge on Nigeria’s fiscal plans — BoAML

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Nigeria’s Senators have urged Buhari to sign the budget into law after he requested it be sent to him to check for any unapproved adjustments. The local press has reported that this should happen within weeks but the whole budgeting process has been fraught with delays since it was first started in December 2015. The current delays relate to the allocation of the US$30bn headline expenditure, but the…

Nigeria | Sub-Nationals on the Blink: A Case for Fiscal Restructuring

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — President Muhammadu Buhari met with members of Nigeria’s Governors Forum (NGF) yesterday, 28th April 2016. Expectedly, the state governors requested for more palliatives to ameliorate their fiscal challenges. The proposed palliatives include an 18-month moratorium on loans before resuming servicing, direct financial intervention and commitment of the Federal Government (FGN) to a Fiscal Restructuring Plan for Federating units which are yet to be made publicly available. This comes…

Investment in Africa — Will the “Africa Rising” Story continue?

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Low commodity prices, the worst drought in Southern Africa since 1982, on-going social unrest, the terrorism threat in East and West Africa – the list of doom and gloom scenarios for many African countries in 2016 is a long one. But what about positive stories around major urban development projects; M&A deal-making in Africa reaching new heights*; improved anti-corruption legislation and enforcement; or Ethiopia’s emergence as a major…

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