The Markets | - Part 219

Escaping Brexit Pushes South Africa Stock Buying to 7-Year High

SOUTH AFRICA, Capital Markets in Africa: As markets tumbled after last week’s Brexit vote, foreigners bought South African shares at the fastest pace in more than seven years, seeking havens in gold producers and dollar-earners. Investors bought a net 4.22 billion rand ($272 million) of the country’s stocks Friday after the U.K. referendum result was known, bringing inflows for the week to 14.5 billion rand, the most since March 2009, according to Johannesburg Stock Exchange data. The…

AngloGold Plans to Buy Back $475 Million of High-Yield Bonds

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GHANA, Capital Markets in Africa: AngloGold Ashanti Limited, the world’s third-largest miner of the metal, said it plans to redeem about $475 million outstanding on a $1.25 billion high-yield bond that was issued in 2013. AngloGold will pay $1,063.75 for every $1,000 of bonds, exercising the notes’ call option, the Johannesburg-based company said in a statement Tuesday. The coupon on the debt is 8.5 percent and the sum outstanding attracts an interest charge of $40 million a year, spokesman Stewart…

Kenya Finance Minister Sees Next Eurobond at Affordable Rate

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KENYA, Capital Markets in Africa: Kenya can issue Eurobonds at yields lower than other African economies that rely on oil exports and where growth has been stunted by weak global prices, Treasury Secretary Henry Rotich said. East Africa’s biggest economy will issue its second-ever Eurobond in the financial year starting July 1 to help plug a projected budget gap of 9.3 percent of gross domestic product, Rotich said in an interview on June 24 in the capital, Nairobi….

South Africa Inflation Near Top of Target Limits Policy Options

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s Monetary Policy Committee has little room to delay acting while inflation and price-growth expectations are hovering near the ceiling of its target range, according to the Reserve Bank. The contribution of monetary policy “is to prevent the temporary increase in specific prices from becoming a permanent acceleration in overall inflation,” the central bank said in its annual report for the year through March 2016, released on its website…

African Assets Slump as Brexit Vote Triggers Commodity Decline

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LAGOS, Nigeria, Capital Markets in Africa: Currencies, stocks and bonds plunged across Africa after the U.K.’s vote to leave the European Union triggered a slump in oil and other commodities and sent investors scurrying for safe assets. South Africa’s benchmark share index fell the most since December 2008 on a closing basis, led by stocks with listings in London and by diversified mining companies. The rand dropped to a record against the yen and by the most…

IFC and Ghana Stock Exchange Establish Partnership to Stimulate Capital Market Investment

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Accra, Ghana, Capital Markets in Africa: IFC, a member of the World Bank Group and the Ghana Stock Exchange today announced a partnership to promote the adoption of sound business practices within the capital market to support business expansion and boost economic growth. The partnership is one of the many interventions under the Africa Corporate Governance Program intended to improve business performance. It will also help raise awareness of the cross-sectorial reach of activities and…

Kenya Bourse Eyes Listings Rush as Commercial Lending Rates Soar

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NAIROBI, Kenya, Capital Markets in Africa: With commercial lending rates as high as 24 percent, more Kenyan companies are turning to the stock market to raise capital, according to Geoffrey Odundo, chief executive of the Nairobi Securities Exchange. Nairobi Business Ventures Ltd., a maker of leather shoes and accessories, sold shares on the exchange this week, and three other companies are lining up, including Deacons East Africa Plc, a homeware and clothing retailer, Odundo said…

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