The Markets | - Part 135

Asia’s Highest Yielder Is Losing Appeal Relative to South Africa

LAGOS (Capital Markets in Africa) – Having the highest inflation-adjusted yield in Asia isn’t enough for emerging-market bond investors any more. That’s the message from Saxo Bank A/S, which says Indonesia is losing its appeal over countries such as South Africa because of better prospects for political stability and reforms. The rupiah slumped to a two-year low this month despite offering the highest inflation-adjusted yield in Asia and after having been upgraded in recent months by ratings…

South African Airways to Scale Back in 3-Year Break-Even Bid

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African Airways is striving to return to profit in three years by reducing the size of the network and transferring planes to its low-cost carrier as Chief Executive Officer Vuyani Jarana embarks on a recovery plan. A turnaround of the state-owned airline is among the more urgent priorities of newly appointed Finance Minister Nhlanhla Nene, who is seeking to avoid a repeat of the government bailout approved by his predecessor Malusi Gigabalast…

Crypto Traders Should Be Covered by MiFID II, EU Lawmaker Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin, Ethereum and other virtual currencies should face tougher European Union regulation and be covered under MiFID II rules, according to one of the bloc’s top lawmakers. Such a move would help set common standards across the 28-member bloc and help the EU lead global oversight efforts of the rapidly expanding industry, Markus Ferber, the lead lawmaker on MiFID II in the European Parliament, said by email on Tuesday….

Egypt Stocks Surpass Pre-Currency Float Levels as Rally Advances

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egyptian shares extended their rally this year to push the benchmark index beyond its pre-currency float level, boosted by speculation that economic reforms will continue to benefit local companies. The EGX 30 Index rose 1.5 percent in Cairo, extending its gain in the past two sessions to 3.7 percent. In dollar terms, the gauge has now recovered all of its losses since November 2016, when the country allowed the…

Nigeria Beer Makers Set for Profit Hit on Tax, Top Broker Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian drinks producers including the local units of Heineken NV and Diageo Plc will see profit margins come under pressure after the government raises taxes on alcohol in June, according to the country’s biggest broker. Beverage makers may also suffer a sales decline of about 3 percent if they raise prices to cover the extra cost, Christian Orajekwe, an analyst for the Lagos-based Cordros Capital, said in emailed response to questions. President Muhammadu Buhari approved…

Ghana May Struggle to Repay Lenders’ $1.3 Billion Cocoa Loan

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa)- Ghana Cocoa Board may struggle to fully pay back loans of $1.3 billion as this season’s harvest will likely be smaller than first anticipated, according to the head of the industry regulator. The world’s second-biggest grower signed for the loans with lenders such as Credit Agricole SA and Natixis SA prior to the start of the annual harvest in October to pay farmers for their beans. Ghana will probably not meet…

UniBank Clarifies MD After Confusion Over Ghana Bank Deal

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – UniBank Ghana Ltd. said it is not buying the country’s Agricultural Development Bank Ltd. as it clarified comments by its top executive on Wednesday that were interpreted even by regulators as a takeover offer. UniBank Managing Director Kwabena Duffuor told an Accra-based radio station that Belstar Capital Ltd. is leading a group of shareholders who have pledged to sell 53 percent of their holdings in ADB, as the agricultural…

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