African stocks are losing more money for investors than their frontier-market peers, as Kenyan and Nigerian equities languish in bear markets on concern slower economic growth will dent corporate earnings.
Nigerian equities fell for a third day to head enter a bear market on concern that oil prices near a six-year low will deepen the country’s economic slowdown.
Robert Diamond’s Atlas Mara Ltd., the banking group that has acquired African lenders, reported its first half-year profit after reducing impairments at one of its units.
Kenya is targeting other African nations to shore up falling numbers of holidaymakers after attacks by Islamist militants discouraged tourists that originated in its traditional source markets from visiting.
Lonmin Plc, the worst performer on the FTSE All-Share Index this year, is still losing money at spot platinum-group metals prices even as the company cuts spending and closes unprofitable operations, Barclays Plc said.
The fungi are ugly, wrinkly and smelly, but the Jack Russell-cross named Clyde who discovered the first black winter truffle in South Africa’s Western Cape province has helped confirm the country can grow these valuable tubers.
The rand’s slump to a record-low is adding to the problems facing South African Finance Minister Nhlanhla Nene.
South Africa’s rand tumbled to a record and stocks sank on concern plunging global commodity prices will worsen the country’s economic outlook.
Cocoa farmers in Ivory Coast will need more rain if the outlook for the next harvest is to improve in the world’s largest producer of the chocolate beans.
Kenya is considering whether a $40 million to $50 million mineral and oil analysis laboratory that would give the nation better access to its resources information should be privately run or government-operated.