Reuters Africa Business

Trump victory to boost EM equities in Middle East, North African region, J.P.Morgan says

12 Nov 2024

By Siddarth S (Reuters) – Donald Trump’s re-election could boost emerging markets equities in the Middle East and North African (MENA) region because of a potentially stronger dollar, higher U.S. bond yields and global trade policy shifts, J.P.Morgan said on Tuesday. “We prefer dollar-pegged MENA over EM FX dependent non-MENA in CEEMEA (Central and Eastern …

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Kenya’s Equity Group reports 9-month pretax profit rises to $397 million

12 Nov 2024

NAIROBI (Reuters) -Kenya’s Equity Group Holdings on Tuesday reported pretax profit of 51.0 billion Kenyan shillings ($397 million) for the first nine months of 2024, up from 45.9 billion shillings in the same period a year earlier. Equity Group is Kenya’s largest lender by customers and also operates in Uganda, Tanzania, Rwanda, Burundi, South Sudan …

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IMF reaches staff agreement with Zambia for $185.5 million disbursement

12 Nov 2024

WASHINGTON (Reuters) – The International Monetary Fund said on Monday that it reached a staff-level agreement for the fourth review of Zambia’s loan program that would release about $185.5 million to Lusaka upon approval by the IMF’s management and its executive board. The agreement was announced after an IMF mission to Zambia from Oct. 2-15, …

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Wall St holds Trump trade gains with stocks steady, bitcoin at record high

11 Nov 2024

By Lawrence Delevingne (Reuters) -Wall Street kicked off a busy week on Monday by holding on to gains from the surge in stocks that followed Donald Trump’s U.S. election victory, while oil prices declined and bitcoin raced to a new record high. In U.S. equity markets, the Dow Jones Industrial Average rose 0.7%, to 44,293, the …

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Australian gold miner Resolute’s shares sink after Mali detains CEO (Nov 10)

11 Nov 2024

(This Nov. 10 story has been corrected to say that Resolute Mining owns one operational mine in Mali, not two, in paragraph 9) (Reuters) – Resolute Mining’s shares fell by 32% on Monday, their worst trading day in 16 years, after top executives at the Australian gold mining company were detained as part of a …

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South African rand falls, buffeted by global headwinds

11 Nov 2024

JOHANNESBURG (Reuters) -South Africa’s rand slumped on Monday, buffeted by global headwinds including a softer gold price, the sputtering Chinese economy and uncertainty over future U.S. policy after Donald Trump’s election victory. At 1514 GMT, the rand traded at 17.9375 against the dollar, down about 2% on Friday’s closing level. The U.S. dollar last traded …

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Vodacom not looking for other M&A deals after blocked Maziv merger

11 Nov 2024

By Sfundo Parakozov JOHANNESBURG (Reuters) -South Africa’s biggest telecoms operator Vodacom said on Monday it will not look into other M&A deals after its proposed merger with fibre group Maziv was blocked by regulators last month. The decision by the country’s Competition Tribunal was a blow to Vodacom’s ambitions of expanding its fibre footprint nationwide. …

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Botswana vice president will double as finance minister

11 Nov 2024

GABORONE (Reuters) -Botswana’s Vice President Ndaba Gaolathe will double as finance minister, new President Duma Boko said on Monday, announcing the first ministerial positions in his cabinet. In a shock election result earlier this month, Boko’s Umbrella for Democratic Change coalition ousted the party that had ruled the southern African country for nearly six decades. …

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