1) Old Mutual Again Blocks Its CEO From Getting Back to Work
Old Mutual Ltd. directors barred Peter Moyo from resuming his duties as chief executive officer, opening a new round in their bitter feud. The 56-year-old, accompanied by his lawyer, arrived at the company’s headquarters by 8:30 a.m. dressed in a blue suit with a gray and white tie. He was gone before lunchtime, having spent most of the morning in a boardroom awaiting a decision on whether he would be allowed to work– mirroring events almost six weeks … View Old Mutual Ltd Share Prices.
2) Anti-Immigrant Attacks Spur Security Crackdown in South Africa
South African authorities are cracking down on the perpetrators of a series of xenophobic attacks that left at least 12 people dead, Police Minister Bheki Cele said. The police arrested 639 people so far, Cele told reporters Monday in Johannesburg, the nation’s economic hub where unrest flared again a day earlier. He conceded there was “anti-foreign sentiment” within the country.
3) Traders Are Hedging Against Rand Volatility That Stays Away
South Africa’s rand is a notoriously volatile currency, but perhaps less so than traders expect. The rand’s implied volatility has been higher than actual price swings for seven months, the longest period since Bloomberg started compiling the data in 2007. The spread implies that options traders have been hedging against bigger price fluctuations since February, but the rand has actually become less volatile in that time.
4) Naspers Amsterdam Foray Eases Pain for S. African Fund Managers
The dominance of Naspers Ltd. over the South African stock market is about to be reduced — partially at least. And that’s good news for a number of fund managers concerned about the tech giant’s weighting in the main local index. View Naspers Ltd Share Prices.
5) Citigroup, Credit Suisse Await Africa Asset Sales for Deals
Citigroup Inc. and Credit Suisse Group AG are expecting more African deals as governments sell assets and Ethiopia opens up. “Privatization is a theme we see as becoming increasingly important given the fiscal pressures faced by many African governments,” Vikas Seth, the head of global emerging markets within investment banking and capital markets at Credit Suisse Group AG, said in an interview at the World Economic Forum on Africa.
6) S&P Advice to South Africa: Beware What You Say About Eskom Debt
Talks around restructuring Eskom Holdings SOC Ltd.’s bonds must be approached carefully to avoid spooking the market, according to S&P Global Ratings. Public Enterprises Minister Pravin Gordhan said on Thursday the government will consult with the power utility’s debt holders on any reorganization and that there isn’t any real concern about haircuts.
7) South Africa Main Opposition to Cut Jobs Amid Funding Squeeze
South Africa’s main opposition Democratic Alliance is cutting jobs after it shed support in May elections and lost state and donor funding.
8) Bidvest on Path of M&A-Fueled Growth, Upgraded to Buy at Citi
Bidvest has delivered steady and dependable growth since the South African international services, trading and distribution company unbundled its food business in 2016, despite tough economic conditions, Citi says, upgrading stock to buy from neutral. * Management’s efforts to pursue a pipeline of deals give confidence on M&A-driven value creation * Citi sees scope for medium-term upside in Bidvest’s operating performance and valuation. View Bidvest Group Ltd Share Prices.