Despite a local election outcome widely accepted to be progressive for the country, consumer and business confidence in South Africa remains deeply depressed, according to Old Mutual Investment Group (OMIG).
Markets & Industry News
The Central Bank of Egypt (CBE) has moved its exchange rate regime to a managed float, setting the Egyptian pound to E£13/$ and annoucning its intention to allow the exchange rate to converge to a market price at the upcoming auction.
IFC, a member of the World Bank Group, and Kenya’s Capital Markets Authority (CMA) have signed an agreement to strengthen corporate governance and to position Kenyan firms to be more competitive.
In South Africa, 2016 saw less inflows into hedge funds, which may be due to the change in regulation, according to Eugene Visagie, Head of Hedge Fund Investments at Novare.
The Bourse Régionale des Valeurs Mobilières (BRVM) has become the first stock market for Islamic Finance in Africa with five sukuk listings issued by Côte d'Ivoire, Senegal and Togo, amounting to 766bn FCFA ($1.3bn).
Valuations in South Africa still favor local bonds, despite political uncertainty and fears of downgrade, according to Old Mutual Multi-Managers (OMMM), a fully integrated, advice-led wealth management business.
African countries and small and medium-sized enterprises (SMEs) are suffering the most from a deepening global trade finance gap, according to a new survey by the International Chamber of Commerce (ICC).
Swala Oil & Gas, Tanzania has engaged Exotix Partners, a boutique investment bank for frontier markets, to place corporate bonds of up to a value of $120m in order to finance a material transaction.
Mauritius has been ranked the most competitive country in Africa, followed by South Africa, according to the World Economic Forum’s Global Competitiveness Index (GCI) 2016-17.
Futuregrowth Asset Management has confirmed that it will reopen lending to The Land and Agricultural Bank of South Africa (Land Bank) with immediate effect, following a review of its governance and investor protection mechanisms.
Atlantic Global Asset Management (AGAM), a major global asset management firm with well-established businesses in the Asia-Pacific and South Africa region, and its partner company Questra World, have announced African expansion.
Despite recent political uncertainty, there is currently a sharply improved short-term cyclical outlook for South Africa compared to earlier in the year, according to Johann Els, OMIG Senior Economist.
The anticipated increase in restructuring activities has opened up possibilities for investors looking for distressed debt opportunities in Africa, according to Lyndon Norley, Consultant in the Insolvency & Restructuring Practice, Bowmans.
African sukuk can provide diversification benefits for Islamic investors as well as additional financing opportunities, Samira Mensah, S&P Global Ratings Credit Analyst, has said.