
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="594" height="358" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/07/gettyimages-103548801-594x594-1.jpg" alt="" class="wp-image-375350" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/07/gettyimages-103548801-594x594-1.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2020/07/gettyimages-103548801-594x594-1-300x181.jpg 300w" sizes="(max-width: 594px) 100vw, 594px" /><figcaption>The company logo of Old Mutual Plc., sits on display outside the headquarters in Johannesburg, South Africa, on Monday, Aug. 23, 2010. HSBC Holdings Plc, Europe&#8217;s largest bank, is in exclusive talks to buy a controlling stake in Nedbank Group Ltd., the South African banking unit of Old Mutual Plc, to benefit from business ties between Asia and Africa. Photographer: Nadine Hutton/Bloomberg via Getty Images</figcaption></figure>



<p>&nbsp;South African insurer Old Mutual said on Wednesday it would distribute $734 million in shares in lender Nedbank among its shareholders, reducing its stake in the bank to 7.2% from 19.4%.</p>



<p>The insurer once held a more than 50% stake in the lender, one of South Africa&#8217;s big four banks, but sold off most of that in 2018 in a drive to simplify its conglomerate structure.</p>



<p>It said on Wednesday that while it had made sense to retain a minority stake in the bank, the Old Mutual board believed it was now in the best interests of shareholders to distribute the shares.</p>



<p>This simplifies the Old Mutual group and &#8220;provides a substantial return of capital to shareholders,&#8221; it said in a statement issued after the market close.</p>



<p>The 62.13 million Nedbank shares, worth around 10.4 billion rand ($734 million) based on Nedbank&#8217;s closing share price of 167.67 rand, represent around 12.2% of Nedbank&#8217;s issued share capital.</p>



<p>For every 100 Old Mutual shares they own, investors will get just under 1.32 Nedbank shares, the insurer said.</p>



<p>Nedbank said the move would increase its proportion of shares freely tradeable on the stock market.</p>



<p>&#8220;Any existing commercial relationships with Old Mutual will continue to be underpinned by arms-length commercial agreements,&#8221; Nedbank said.</p>



<p>($1 = 14.1756 rand) (Reporting by Emma Rumney Editing by Promit Mukherjee and Mark Potter)</p>


gettyimages-103548801-594×594

Old Mutual investors to share $734 mln of Nedbank stock


<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-820x547.jpg" alt="" class="wp-image-396216" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A GameStop Corp. store in Rome, Italy, on Thursday, Jan. 28, 2021. GameStop Corp. had the biggest day yet of its dizzying rally, adding more than $10 billion in market value, as bullish day traders kept the upper hand over short sellers. Photographer: Alessia Pierdomenico/Bloomberg via Getty Images</figcaption></figure>



<p>Shares of&nbsp;<a href="https://www.cnbc.com/quotes/GME" target="_blank" rel="noreferrer noopener">GameStop</a>&nbsp;surged more than 100% on Wednesday as investors poured into the brick-and-mortar retailer amid a C-suite shake-up.</p>



<p>Shares were halted with less than 30 minutes left in the trading day and the stock ended the day up 103.9%.<a href="https://www.cnbc.com/2021/02/24/gamestop-shares-soar-more-than-80percent-in-late-afternoon-trading.html#"></a></p>



<p><a href="https://www.cnbc.com/2021/02/24/gamestop-shares-soar-more-than-80percent-in-late-afternoon-trading.html#"></a></p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="740" height="474" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/106845212-1614198477913-newplot_-_2021-02-24T152718739.png" alt="" class="wp-image-398243" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/106845212-1614198477913-newplot_-_2021-02-24T152718739.png 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/106845212-1614198477913-newplot_-_2021-02-24T152718739-300x192.png 300w" sizes="(max-width: 740px) 100vw, 740px" /></figure>



<p>GameStop announced Tuesday that its chief financial officer Jim Bell will resign on March 26.</p>



<p>“Mr. Bell’s resignation was not because of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices, including accounting principles and practices,” the company said in a filing with the Securities and Exchange Commission.</p>



<p>Sources familiar with the matter&nbsp;<a href="https://www.businessinsider.com/sources-gamestop-cfo-pushed-out-by-board-2021-2" target="_blank" rel="noreferrer noopener">told Business Insider</a>&nbsp;that Bell did not leave willingly, but was pushed out by&nbsp;Ryan Cohen, co-founder of&nbsp;<a href="https://www.cnbc.com/quotes/CHWY" target="_blank" rel="noreferrer noopener">Chewy</a>&nbsp;who made an investment in GameStop last year in an effort to help the company accelerate its push online.</p>



<p><a href="https://www.bloomberg.com/news/articles/2021-02-23/gamestop-seeks-new-finance-chief-following-bell-s-resignation?sref=i3mD6rA5" target="_blank" rel="noreferrer noopener">Bloomberg News reported on Tuesday evening</a>&nbsp;that GameStop’s board pushed Bell out in order to execute its turnaround more quickly, according to sources familiar with the matter.</p>



<p>Cohen appointment to the GameStop board helped drive the heavily shorted stock upward in January, which resulted in the epic short squeeze in GameStop that provoked retail trading mania and eventually attention from Congress.</p>



<p>“We acknowledge that leadership changes often follow activist settlements and Mr. Bell’s exit was mutual, non-immediate, and suggests no disagreements with company/board,” Jefferies equity analyst Stephanie Wissink told clients. “We believe Mr. Bell deserves recognition for a series of actions that protected GME equity during the late stages of the last hardware cycle, when sales were down sharply.”</p>



<p>Jefferies added that GameStop will likely look for a CFO replacement with a tech, compared to retail, background, as GameStop focuses on e-commerce growth.</p>



<p></p>


GameStop Corp. Stores As Stock Soars

GameStop shares soar more than 100% in late-afternoon trading


<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/104747396-Wood.jpg" alt="" class="wp-image-398133" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/104747396-Wood.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/104747396-Wood-300x169.jpg 300w" sizes="(max-width: 740px) 100vw, 740px" /></figure>



<p>Some called it the “Cathie Wood sell-off.”&nbsp;&nbsp;</p>



<p>At the open Tuesday, the top names owned by Ark Investment Management were the biggest decliners in the market.&nbsp;</p>



<p>Shares of&nbsp;<a href="https://www.cnbc.com/quotes/PLTR" target="_blank" rel="noreferrer noopener">Palantir</a>,&nbsp;<a href="https://www.cnbc.com/quotes/TSLA" target="_blank" rel="noreferrer noopener">Tesla</a>,&nbsp;<a href="https://www.cnbc.com/quotes/ROKU" target="_blank" rel="noreferrer noopener">Roku</a>,&nbsp;<a href="https://www.cnbc.com/quotes/SQ" target="_blank" rel="noreferrer noopener">Square</a>,&nbsp;<a href="https://www.cnbc.com/quotes/PYPL" target="_blank" rel="noreferrer noopener">Paypal</a>,&nbsp;<a href="https://www.cnbc.com/quotes/TDOC" target="_blank" rel="noreferrer noopener">Teladoc</a>,&nbsp;<a href="https://www.cnbc.com/quotes/BIDU" target="_blank" rel="noreferrer noopener">Baidu</a>,&nbsp;<a href="https://www.cnbc.com/quotes/ZG" target="_blank" rel="noreferrer noopener">Zillow</a>,&nbsp;<a href="https://www.cnbc.com/quotes/SHOP-CA" target="_blank" rel="noreferrer noopener">Shopify</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/SPOT" target="_blank" rel="noreferrer noopener">Spotify</a>&nbsp;were all down big, in many cases by double-digits.&nbsp; All were major holdings in funds like her flagship&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=ARKK">Ark Innovation ETF (ARKK)</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=ARKW">Next Generation Internet ETF (ARKW)</a>.</p>



<p>Shortly after the open, her flagship Ark Innovation Fund was down 11%.&nbsp;By 10 a.m. ET, a half-hour after opening, it had already traded more than 8 million shares, a full day’s volume.&nbsp; By midday, it had traded 30 million shares.</p>



<p>And then, a half hour after opening, the selling let up. The fund closed down by 3.3% and was down about 10% for the week.</p>



<p><a href="https://www.cnbc.com/2021/02/23/cathie-woods-funds-take-big-hits-as-tesla-and-the-tech-trade-show-signs-of-unwinding.html#"></a></p>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106844399-1614114540345-arkralies.png?v=1614114545&amp;w=678&amp;h=435" alt=""/></figure>



<p>“It was like a mini-panic,” Alec Young from Tactical Alpha told me.&nbsp; “The market is getting concerned that the Fed is risking getting behind the curve on inflation.&nbsp; The market is pricing in more inflation, which means lower prices for tech stocks.”</p>



<p>The market stopped dropping as Federal Reserve Chair Jay Powell’s congressional testimony was released.&nbsp; Powell repeatedly emphasized he does not expect inflation to rise to troublesome levels:&nbsp; “Monetary policy is accommodative and needs to continue to be accommodative,” he said.</p>



<h2 class="wp-block-heading">Too many people on the boat?</h2>



<p>Still, the damage had already been done.&nbsp; Fear of higher rates may have been an initial catalyst, but now, as Peter Tchir from Academy Securities told me, “People are very aware they are long a lot of stocks at very high valuations.”</p>



<p>“The frothiness is now the catalyst, not rates,” he told me.&nbsp;As for the current mania with everything Cathie Wood and Ark Investments, Tchir on Tuesday penned a piece called “Noah’s Arkk?” for clients, telling me, “Too many people are on that boat.&nbsp; A lot of people, I think, have bet more than their risk appetite is comfortable with.”</p>



<p>Ark Innovation is off about 13% from its recent high.</p>



<p>“I don’t think this is over, I think this may be the start of an unwind.&nbsp; Everyone assumed these are super-safe companies.&nbsp; Her management style has been to double-down on her bets, and a lot of this is starting to feel a little evangelical.&nbsp; People now view those funds as can’t lose, and that’s where you get into trouble,” said Tchir.</p>



<div class="wp-block-group"><div class="wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow">
<h5 class="wp-block-heading">ARKK’S TOP 10 HOLDINGS</h5>



<figure class="wp-block-table"><table><tbody><tr><th>TICKER&nbsp;</th><th>COMPANY&nbsp;</th><th>NAME&nbsp;</th><th>CHANGE&nbsp;</th><th>PRICE&nbsp;</th><th>%CHANGE&nbsp;</th></tr><tr><td><a href="https://www.cnbc.com/quotes/BIDU">BIDU</a></td><td>Baidu Inc</td><td>BIDU</td><td>-13.18</td><td>322.61</td><td>-3.9251</td></tr><tr><td><a href="https://www.cnbc.com/quotes/CRSP">CRSP</a></td><td>CRISPR Therapeutics AG</td><td>CRSP</td><td>-3.26</td><td>135.30</td><td>-2.3528</td></tr><tr><td><a href="https://www.cnbc.com/quotes/NVTA">NVTA</a></td><td>Invitae Corp</td><td>NVTA</td><td>-2.09</td><td>42.72</td><td>-4.6641</td></tr><tr><td><a href="https://www.cnbc.com/quotes/ROKU">ROKU</a></td><td>Roku Inc</td><td>ROKU</td><td>-21.41</td><td>415.87</td><td>-4.8962</td></tr><tr><td><a href="https://www.cnbc.com/quotes/SHOP">SHOP</a></td><td>Shopify Inc</td><td>SHOP</td><td>-81.0601</td><td>1300.24</td><td>-5.8684</td></tr><tr><td><a href="https://www.cnbc.com/quotes/SPOT">SPOT</a></td><td>Spotify Technology SA</td><td>SPOT</td><td>-13.60</td><td>336.31</td><td>-3.8867</td></tr><tr><td><a href="https://www.cnbc.com/quotes/SQ">SQ</a></td><td>Square Inc</td><td>SQ</td><td>-11.49</td><td>256.59</td><td>-4.286</td></tr><tr><td><a href="https://www.cnbc.com/quotes/TDOC">TDOC</a></td><td>Teladoc Health Inc</td><td>TDOC</td><td>-12.76</td><td>256.00</td><td>-4.7477</td></tr><tr><td><a href="https://www.cnbc.com/quotes/TSLA">TSLA</a></td><td>Tesla Inc</td><td>TSLA</td><td>-15.66</td><td>698.84</td><td>-2.1917</td></tr><tr><td><a href="https://www.cnbc.com/quotes/ZG">ZG</a></td><td>Zillow Group Inc</td><td>ZG</td><td>1.35</td><td>175.08</td><td>0.78</td></tr></tbody></table></figure>
</div></div>



<p>Most of the ten top holdings in Ark Innovation were underperforming the Nasdaq on Tuesday, before they rebounded.</p>



<p>Wood did not respond to a request for comments on Tuesday’s trading, but in an interview on CNBC last week, she made it clear that on days or weeks when her favorite stocks were down notably, she was often a buyer: “We are considered a liquidity&nbsp; provider, which means when people are selling, we will be buying and when people are buying, and these are investors in retail and institutional, we are likely to be taking profits,” she said.</p>



<p>As for the worries about interest rates, she also made it clear that a sharp upturn would undoubtedly hurt her portfolio: “I do believe that if the rate were to take a sharp turn up that we would, we would see a valuation reset, and our portfolios would be prime candidates for that valuation reset.”</p>


104747396-Wood

Cathie Wood’s funds take big morning hit before rebounding as the tech trade stumbles


<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230440907-820x547.jpg" alt="" class="wp-image-396217" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230440907-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230440907-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230440907-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230440907-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230440907-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>POLAND &#8211; 2021/01/05: In this photo illustration, a Reddit logo seen displayed on a smartphone with stock market prices in the background. (Photo Illustration by Omar Marques/SOPA Images/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



<p>Wall Street has been watching&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=GME">GameStop</a>&nbsp;in awe as a band of Reddit-obsessed retail investors managed to push the stock up 1,500% in two weeks, squeezing out short selling hedge funds.</p>



<p>A wave of at-home traders&nbsp;found each other on the red-hot “wallstreetbets” Reddit chat room, whose members have ballooned to over 3 million. By motivating each other to keep piling into shares and call options, they coordinated a monstrous short squeeze in the brick-and-mortar video game retailer.</p>



<p>“Retail investors with the help of technology acting as a union in attacking is a new phenomenon,” said Jim Paulsen, chief investment strategist at the Leuthold Group.</p>



<p>“You combine the power of technology, which allows you through Reddit postings to magnify your individual impact, with some use of leverage and very targeted bets, they can have a significant influence, particularly on areas of vulnerability because of the short positions,” Paulsen said.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-820x547.jpg" alt="" class="wp-image-396216" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1230837650-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A GameStop Corp. store in Rome, Italy, on Thursday, Jan. 28, 2021. GameStop Corp. had the biggest day yet of its dizzying rally, adding more than $10 billion in market value, as bullish day traders kept the upper hand over short sellers. Photographer: Alessia Pierdomenico/Bloomberg via Getty Images</figcaption></figure>



<p>Many enthusiastic Reddit users have been posting screenshots of their brokerage accounts, some of which touting astronomical returns north of 1,000% in a handful of days. These passionate investors often call out short sellers in the chat room in colorful language and unpleasant internet memes.</p>



<p>“This is gaining cult-like status,” said Quincy&nbsp;Krosby, chief market strategist at Prudential Financial. “It is a pack of traders and the pack is gaining momentum. The retail crowd is not just taking over the shorts and it’s taking over the headlines.”</p>



<p>The intense speculative behavior among retail investors is unnerving many on Wall Street as mounting losses by hedge funds could spill over to other areas of the market. Some also believe this buying frenzy could be an ominous sign for a market at record highs.</p>



<p>“It could potentially destabilize the overall market and the confidence in the market. Those who have not joined will be compelled to join,” Krosby added.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="The Rise And Fall Of GameStop" width="500" height="281" src="https://www.youtube.com/embed/dX6xBdcdUCg?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div><figcaption>The Rise and Fall of GameStop</figcaption></figure>



<p>These amateur investors have started targeting other heavily shorted names including&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=AMC">AMC Entertainment</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=BBBY">Bed Bath &amp; Beyond</a>, leaving Wall Street analysts’ targets in the dust.</p>



<h2 class="wp-block-heading">How does short selling work?</h2>



<p>A short seller borrows shares of a stock and sells these borrowed shares to buyers willing to pay the market price. As the stock price falls, the trader would buy it back for less money, pocketing the difference.</p>



<p>However, when the stock jumps sharply higher, it forces short sellers to buy back shares in order to limit their losses. The short covering tends to fuel the stock’s rally further.</p>



<p>The rally in GameStop was initially triggered on Jan. 11, when news broke that activist investor and Chewy co-founder and former CEO Ryan Cohen is joining GameStop’s board. The stock jumped on the announcement on hopes Cohen would drive a change in strategy.</p>



<p>GameStop continued to rocket higher as retail traders showed no signs of letting up. Amid the massive squeezes, Melvin Capital closed out its short position in&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=GME">GameStop</a>&nbsp;on Tuesday afternoon after taking a huge loss, the hedge fund’s manager told CNBC’s Andrew Ross Sorkin. Short seller Andrew Left of Citron Research said Wednesday he has covered the majority of his short position in GameStop at a loss.</p>



<p>GameStop was the single most traded name in the U.S. stock market on Tuesday, topping even mega-cap companies like Tesla and Apple, according to Deutsche Bank.</p>



<h2 class="wp-block-heading">Options supercharging the squeeze</h2>



<p>Many avid Reddit posters hyping up GameStop are buying call options, a type of derivative contracts that give the holder the right to buy the underlying security at a stated price within a specific timeframe. The call options contract values can surge by even larger magnitudes when the underlying stock is rallying by 100% in a single day. Options trading has become accessible and easy to millennial investors, thanks to those new and commission-free apps such as Robinhood.</p>



<p>“This is all a part of the democratization of the market,”&nbsp;Krosby said. “Normally when we are talking about levering up and options, it typically is associated with investors, professional managers, and hedge funds.”</p>



<p>When retail investors looks for cheap upside calls, it leaves the sell-side or the market makers who are the middlemen in the transaction short a lot of upside calls, or short gamma. As the stock rises towards those strikes, the market makers need to buy increasingly&nbsp;more stock to hedge their short calls.&nbsp;This effectively accelerated the rally further in GameStop and other heavily shorted names.</p>



<p>“Retail order flow in the options are essentially supercharging the short squeeze, like the tail wagging the dog,” CC Lagator of&nbsp;<a href="https://learn.optionsai.com/" target="_blank" rel="noreferrer noopener">Options AI</a>&nbsp;said. “That gamma effect adds buyer after buyer in the stock, with no one able to short the stock because it is hard to borrow. The effect is a massive short squeeze.”</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="How Reddit traders drove GameStop stock up 275% in a week: CNBC After Hours" width="500" height="281" src="https://www.youtube.com/embed/i7DHLjt_A4Q?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div><figcaption>How Reddit traders drove GameStop stock up 275% in a week: CNBC After Hours</figcaption></figure>


GameStop mania explained: How the Reddit retail trading crowd ran over Wall Street pros


<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1110" height="740" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1058079660-scaled-1-1110x740.jpg" alt="" class="wp-image-395177" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1058079660-scaled-1-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1058079660-scaled-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1058079660-scaled-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1058079660-scaled-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1058079660-scaled-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/GettyImages-1058079660-scaled-1-scaled.jpg 2048w" sizes="(max-width: 1110px) 100vw, 1110px" /></figure>



<blockquote class="wp-block-quote"><p>Eighteen names are on this year’s list of African billionaires published by <em>Forbes, </em>down from 20 in 2020. Aliko Dangote is the richest person in Africa for the tenth year in a row. No women feature on the list this year.</p></blockquote>



<p>How did the Covid-19 pandemic affect Africa’s billionaires, or did it at all?</p>



<p>Every year in January, <em>Forbes</em> publishes the list of African billionaires, and this year too, the list, published on Friday, January 23, features gainers and losers, and no newcomers.</p>



<p><a href="https://www.forbes.com/sites/kerryadolan/2021/01/22/the-forbes-billionaires-list-africas-richest-people-2021/?sh=73b45b1548f5">According to <em>Forbes</em></a>, the continent has 18 billionaires this year, down from 20 in 2020. Together, they are worth $73.8 billion, slightly more than the $73.4 billion aggregate worth of the 20 billionaires <a href="https://www.cnbcafrica.com/2020/02/21/the-forbes-billionaires-list-africas-billionaires-2020/">last year</a>.</p>



<p>Aliko Dangote of Nigeria is the richest person in Africa for the tenth year in a row, worth $12.1 billion. He is richer by $2 billion from last year’s list “thanks to a roughly 30% rise in the share price of Dangote Cement, by far his most valuable asset”.&nbsp;The self-made 63-year-old Lagos-based tycoon founded and chairs Dangote Cement, the African continent&#8217;s largest cement producer.</p>



<p>The biggest gainer this year is another Nigerian cement tycoon, Abdulsamad Rabiu, 60, who is now worth $5.5 billion, up from $3.1 billion last year. In 2019, his net worth was recorded at $1.6 billion.</p>



<p>The only two women billionaires from Africa recorded in previous years’ lists, have both fallen off. They are Folorunsho Alakija and Isabel dos Santos.</p>



<p>Kerry A Dolan of <em>Forbes </em>writes: “<em>Forbes </em>calculates that the fortune of Folorunsho Alakija of Nigeria, who owns an oil exploration company, dropped below $1 billion due to lower oil prices. And Isabel dos Santos, who since 2013 has been the richest woman in Africa, was knocked from her perch by a series of court decisions freezing her assets in both Angola and Portugal. In January 2020, the attorney general of Angola charged Dos Santos with embezzlement and money laundering. The Angolan court claimed that actions taken by Dos Santos, her husband Sindika Dokolo (who died in October 2020, reportedly in a scuba diving accident) and one other associate caused the Angolan government losses of at least $1.14 billion. <em>Forbes</em> now values Dos Santos’ frozen assets at zero. Through a spokesperson, Dos Santos declined to comment.&#8221;</p>



<p>Of Africa’s 54 nations, only seven countries have billionaires.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="594" height="396" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/gettyimages-1140486283-594x594-1.jpg" alt="" class="wp-image-395178" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/01/gettyimages-1140486283-594x594-1.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2021/01/gettyimages-1140486283-594x594-1-300x200.jpg 300w" sizes="(max-width: 594px) 100vw, 594px" /><figcaption>Patrice Motsepe</figcaption></figure>



<p>South Africa and Egypt each have five billionaires, followed by Nigeria with three and Morocco with two. South African mining magnate Patrice Motsepe is ranked at No. 9 on the list, with a net worth of $3 billion. Africa’s youngest billionaire, Mohammed Dewji of Tanzania and CEO of MeTL, is at $1.6 billion. Zimbabwe’s self-made billionaire Strive Masiyiwa, who was recently in the news for being appointed to the board of Netflix, has had his telecom fortune grow from $1.1 billion last year to $1.2 billion in 2021. <strong></strong></p>


GettyImages-1058079660-scaled

The Forbes Billionaires List: Africa’s Billionaires 2021

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<p><div id="attachment_392178" style="width: 750px" class="wp-caption aligncenter"><img aria-describedby="caption-attachment-392178" decoding="async" loading="lazy" class="size-full wp-image-392178" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/11/106796249-1605280505512-GettyImages-1229489751.jpg" alt="" width="740" height="416" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/11/106796249-1605280505512-GettyImages-1229489751.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2020/11/106796249-1605280505512-GettyImages-1229489751-300x169.jpg 300w" sizes="(max-width: 740px) 100vw, 740px" /><p id="caption-attachment-392178" class="wp-caption-text">“The Spirit of the Rose,” a rare purple-pink diamond mined in Russia, was sold at a Sotheby’s auction for nearly $27 million. A picture taken at a press preview on November 6, 2020.<br />Fabrice Coffrini/AFP via Getty Images</p></div></p>
<p>The largest purple-pink diamond ever to be auctioned has been sold in Geneva, Switzerland for 24,393,000 Swiss francs ($26,700,871).</p>
<p>The purple-pink diamond, called “The Spirit of the Rose,” was sold to an anonymous buyer, bidding over the phone at the Sotheby’s auction on Tuesday.  It weighs 14.8 carats but was cut from a larger rough diamond that weighed 27.8 carats, which was discovered in Yakutia, northeast Russia in 2017.</p>
<p>The rough diamond was said to be the largest pink crystal to have ever been mined in Russia and was named “Nijinksy” after the legendary Russian-Polish ballet dancer Vaslav Nijinsky. “The Spirit of the Rose” was the name given to the cut diamond, after the last ballet Nijinsky performed on stage.</p>
<p>It took a year for Russian cutting masters to form the end diamond, giving it an oval shape to ensure it would be the maximum size.</p>
<p>Pink diamonds were first discovered in India in the 17th century and their color is thought to be the result of a distortion in the “crystal lattice,” or its atomic arrangement. This is “created by intense heat and great pressure after the stone’s formation in the earth,” according to an explanation on <a href="https://www.sothebys.com/en/buy/auction/2020/the-spirit-of-the-rose/superb-and-magnificent-fancy-vivid-purple-pink" target="_blank" rel="noopener noreferrer">Sotheby’s website</a>.</p>
<p>“This distortion displaces many carbon atoms from their normal positions and alters the qualities of light reflected by the diamond — resulting in us observing the stone as pink,” the auction house explained.</p>
<p>Pink diamonds differ from other colored diamonds as there are no chemical trace elements present in its formation. For example, the presence of nitrogen forms yellow diamonds, while boron creates blue diamonds.</p>
<p>Only 1% of pink diamonds are said to be larger than 10 carats and just 4% are graded “fancy vivid.”</p>
<p>The “CTF Pink Star,” weighing 59.6 carats, holds the current record for the price paid for a pink diamond at auction, at $71.2 million, which was sold in Hong Kong in April 2017.</p>
<p>“The Grand Table,” which was shown to a French merchant and adventurer in India in the 17th century, is considered to be largest pink diamond recorded to date, at over 200 carats.</p>
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Largest purple-pink diamond ever to be auctioned sells for nearly $27 million


<p>KAMPALA (Reuters) &#8211; Uganda and France’s Total have reached an agreement that will bring the oil firm and its partners closer to starting construction of a crude pipeline to neighbouring Tanzania, the company’s local unit said.</p>



<p>Uganda discovered crude oil reserves about 14 years ago but commercial production has been delayed partly because of a lack of infrastructure, such as an export pipeline.</p>



<p>The 1,445-km (900-mile) East African Crude Oil Pipeline, costing $3.5 billion, would pass through neighbouring Tanzania to the Indian Ocean port of Tanga.</p>



<p>Total said it had reached an agreement with Uganda protecting its rights and obligations in the pipeline’s construction and operation &#8211; known as the host government agreement.</p>



<p>“We have today reached major milestones which pave the way to the Final Investment Decision in the coming months,” Pierre Jessua, Managing Director of Total E&amp;P Uganda, said in a statement.</p>



<p>“We now look forward to concluding a similar HGA (host government agreement) with the Government of Tanzania and to completing the tendering process for all major engineering,</p>



<p>procurement and construction contracts.”</p>



<p>Total said a meeting between President Yoweri Museveni and its Chief Executive Officer Patrick Pouyanné also agreed to conditions allowing Uganda National Oil Company to join the project.</p>



<p>Total is the major shareholder in Uganda’s oil fields after agreeing in April to buy Tullow Oil’s entire stake in jointly-held onshore fields in Uganda for $575 million.</p>



<p>Tullow said this week it was confident of finalising the sale in fourth quarter of this year.</p>



<p>The other partner in the 230,000 barrel-per-day project is China’s CNOOC.</p>



<p>The government said last year once pipeline construction begins, it would take 2-1/2 to three years to complete.</p>



<p>Uganda discovered crude oil reserves estimated at 6 billion barrels in the Albertine rift basin near the border with the Democratic Republic of Congo in 2006.</p>



<p></p>


Laurent_Vincenti_Total

Uganda, Total reach agreement bringing crude pipeline construction closer


<p>JOHANNESBURG (Reuters) &#8211; South Africa’s Old Mutual Ltd on Tuesday scrapped interim dividends, withdrew targets and warned of a drop in full-year profit after posting a loss for the first half.</p>



<p>The 175-year-old insurer posted basic loss per share of 128.5 South African cents ($0.0764) in the six months to June 30, at the top end of its forecast range of 128.5 and 154.2 cents due to the impact of the coronavirus crisis.</p>



<p>Iain Williamson, who was appointed as chief executive officer permanently in July after leading the company on an acting basis for more than a year, said the level of uncertainty meant it would not declare a dividend for the first six months.</p>



<p>“We believe this action is necessary&#8230; and we will revisit this decision for the full-year dividend declaration when we have more clarity on the shape of possible economic recovery scenarios,” Williamson said.</p>



<p>Old Mutual, which in recent years broke up an international conglomerate structure to re-focus on African markets, said it had withdrawn its targets, replacing them with new ones focused on solvency and liquidity and more appropriate to the crisis.</p>



<p>The COVID-19 pandemic has seen insurer taking hefty charges and provisions. That included impairments worth around 9.8 billion rand on goodwill, other intangible assets and property, plant and equipment, and associated undertakings, namely its more than 20% stake in South African lender Nedbank.</p>



<p>Its adjusted headline earnings per share fell 66% to 37.3 cents. Headline earnings per share is the main profit measure in South Africa.</p>



<p>($1 = 16.8153 rand)</p>


S.Africa’s Old Mutual scraps interim dividend after half-year loss


<p>CAIRO (Reuters) &#8211; Egypt signed a $2 billion conventional and Islamic loan with several international and regional banks in a deal coordinated by two UAE lenders, the finance ministry said on Monday.</p>



<p>Emirates NBD Capital and First Abu Dhabi Bank were joint coordinators and lead managers of the deal, the ministry said in a statement.</p>



<p>The loan aims at “financing the state budget and supporting the Egyptian economy in order to maintain its strong path in the face of fluctuations prevailing in global markets”, it added.</p>



<p>The loan was approved by parliament, the statement said.</p>



<p>A parliamentary document obtained by Reuters showed Egypt initialized the deal with Emirates NBD and FAD in July 20 to obtain a one-year, $2 billion loan in two tranches to close the gap in its 2020/21 budget wrought by the COVID-19 pandemic.</p>



<p>The first tranche is a conventional facility of $1.490 billion and the second an Islamic facility of $510 million, the document added.</p>



<p>“When they came to the market&#8230;on the back of COVID, the pricing was dislocated, the comparables were a bit on the high end. But they managed to convince the banks to commit to a tight level. And now&#8230;,it is in line with the market’s pricing,” a banking source said.</p>


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Egypt signs $2 bln loan with regional, international banks -statement


<p>JOHANNESBURG- (Reuters) &#8211; South African food producer RCL Foods reported a 65.4% drop in annual headline earnings on Monday, as the COVID-19 pandemic and national lockdown impacted its final quarter.</p>



<p>The owner of Rainbow chicken and maker of Selati sugar said its headline earnings per share (HEPS) fell to 114.2 million rand ($6.89 million) for the year to June 30 from 329.5 million rand a year earlier.</p>



<p>HEPS strips out some one-off items the main profit gauge used in South Africa.</p>



<p>Despite a loss of 959 million rand for the period, the group declared a final gross cash dividend of 10 cents, bringing the total dividend declared for the year to 25.0 cents.</p>



<p>($1 = 16.5740 rand)</p>


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South Africa’s RCL Foods reports 65% profit drop but offers dividend


<p>JOHANNESBURG (Reuters) &#8211; South Africa’s Sun International said on Monday it fell to a loss in the six months to June 30 after it was forced to close its operations for just over three months due to the coronavirus lockdown.</p>



<p>The casino and hotel company said its adjusted headline earnings, the main profit measure in South Africa, declined from 172 million rand to a loss of 885 million rand in the period.</p>


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S.Africa’s Sun International falls to half-year loss


<p>NAIROBI (Reuters) &#8211; Kenya’s central bank will have to approve any plans by commercial lenders to issue dividends for this year, it said in a memo to bank executives seen by Reuters on Monday, an unusual move caused by the coronavirus crisis.</p>



<p>Lenders in the East African nation have seen their earnings plunge in the first half of this year, hit by higher provisions for bad loans, on the back of the COVID-19 pandemic.</p>



<p>They have also had to restructure more than a quarter of total customer loans, to provide relief to individuals and firms hit by the disruptions.</p>



<p>All lenders are required to resubmit their internal capital adequacy assessments by the end of October, the central bank said in the memo, reflecting the impact of the pandemic.</p>



<p>They will also be expected to discuss their plans with the regulator, before making decisions on distribution of profits to their shareholders, the memo said.</p>



<p>“The duration and extent of the pandemic remains uncertain and it is critical that these institutions remain resilient by strengthening their balance sheets,” the central bank said.</p>


576376009_9067f73c24_b

Kenya central bank to rule on 2020 dividend issuance by banks


<p>ABUJA (Reuters) &#8211; Nigeria’s capital imports plunged 78.6% in the second quarter year-on-year to $1.295 billion, the statistics office said, as lower oil prices push Africa’s largest economy towards recession.</p>



<p>Nigeria, Africa’s top oil exporter, has suffered its worst crisis in decades as low oil prices triggered by the coronavirus pandemic caused the economy to shrink in the second quarter, slashing government revenues and weakening the naira currency.</p>



<p>The government expects further GDP contractions in the third and fourth quarters. </p>



<p>Nigeria has seen an exodus of foreign money in its equity and debt market, though foreign investors have been caught up by a shortage of dollars on the currency market as global oil prices collapsed.</p>



<p>“The largest amount of capital importation by type was received through other investment&#8230; followed by portfolio investment&#8230; and foreign direct investment in Q2,” the National Bureau of Statistics said in a report.</p>



<p>Nigeria’s capital imports fell from a peak of $21.32 billion seven years ago to $5.12 billion in 2016 as investment dried up in the wake of a recession, and have barely recovered since then.</p>



<p>A foreign exchange shortage has seen the naira drop to record lows on the black market in recent months after two devaluations and central bank moves to unify the country’s multiple exchange rates.</p>


Nigeria_naira

Nigeria capital imports sink 79% in second quarter as economy shrinks


<p>JOHANNESBURG (Reuters) &#8211; South Africa’s Aspen Pharmacare Holdings Ltd expects growth in its headline earnings per share (HEPS) from continuing operations of between 7-11% for the full year that ended June 30, the company said in a statement on Thursday.</p>



<p>HEPS is the main profit measure in South Africa.</p>



<p>Its HEPS is likely to be between 12.39 rand ($0.7322) and 12.86 rand, it said.</p>



<p>Most pharmaceutical companies were declared essential operations during the country’s coronavirus lockdown, imposed at the end of March, but as most people stayed at home demand for over-the-counter medicines declined.</p>



<p>Revenue growth for the year will be between 8% and 10%, while it will be between 3% and 5% in constant exchange rates, as the rand weakened against most other currencies, Aspen said.</p>



<p>South Africa’s biggest supplier of drugs said the company benefited from positive demand trends in products used in the clinical management of COVID-19, stockpiling of healthcare products and advanced filling of prescriptions during early and peak periods of the spread of the virus.</p>



<p>But most of these benefits were offset due to a decrease in demand as the pandemic progressed, delays in elective or planned surgeries in most regions and reduced infection rates in non-COVID communicable diseases due to social distancing, the company said.</p>



<p>Aspen, which has a 22% market share in sub-Saharan Africa, said impairments for the year were expected to be approximately 1.5 billion rand, as compared with 3.8 billion rand seen last year.</p>



<p>($1 = 16.9224 rand)</p>


Aspen_Place,_Durban_South_Africa

South African drugmaker Aspen expects 7-11% full-year earnings growth


<p>JOHANNESBURG (Reuters) &#8211; South African retailer Massmart Holdings Ltd said on Thursday its first-half headline loss widened to 1.1 billion rand ($65.21 million), as sales at its stores fell due to COVID-19 restrictions.</p>



<p>The company, majority-owned by Walmart and operator of supermarkets and wholesalers, including Makro and Game, said in a statement its headline loss, the main earnings measure in South Africa, dropped by 36% in the six months to June 28 from a headline loss of 800 million rand in first half of 2019.</p>



<p>Sales fell by 9.7% to 39.6 billion rand, with comparable store sales decreasing by the same amount, impacted by trading restrictions on liquor, tobacco, building materials, DIY and general merchandise products like TV sets.</p>



<p>Online sales, however, surged by 95% as consumers shied away from shopping in store to avoid the coronavirus.</p>



<p>The retailer, operating 420 retail and wholesale stores in 13 African countries, impaired certain Game, Cambridge and wholesale cash &amp; carry stores resulting in impairment expenses of 55.5 million rand during the period.</p>



<p>It also incurred restructuring costs of 47.4 million rand following the closure of all of its electronic retail chain Dion Wired stores and 11 cambridge and wholesale cash &amp; carry stores.</p>



<p>($1 = 16.8686 rand)</p>


gettyimages-504773984-594×594

South Africa’s Massmart loss widens to over $65 mln as virus hits store sales


<p>JOHANNESBURG (Reuters) &#8211; South Africa’s mines ministry has given the green light for the sale of AngloGold Ashanti’s last remaining assets in the country to Harmony Gold on condition that it does not delist from the Johannesburg stock Exchange.</p>



<p>Harmony agreed in February to buy rival AngloGold Ashanti’s assets in South Africa, including Mponeng, the world’s deepest gold mine, for about $300 million.</p>



<p>Every sale in the mining industry in South Africa must be approved by the ministry under mineral resources rules in accordance with Mineral and Petroleum Resources Development regulations.</p>



<p>“The Department can confirm that an application in terms of Section 11 of the MPRDA has been received and was approved on 24 July,” the Department of Mineral Resources and Energy (DMRE) said via email.</p>



<p>The ministry said the granting of the application was based on a understanding between AngloGold Ashanti and the department that the company would not disinvest from the South African economy by delisting from the Johannesburg Stock Exchange (JSE) or relocate its headquarters.</p>



<p>AngloGold had said in February it would consider moving its primary listing on the JSE as it streamlines its portfolio. But in August the company said moving its listing was no longer a priority amid the pandemic.</p>



<p>AngloGold said on Wednesday it had not yet received all necessary approvals and was still in talks with government.</p>



<p>“We remain in dialogue with the DMRE in relation to these, and will make the necessary disclosures once those engagements are concluded,” AngloGold Ashanti said.</p>



<p>Harmony Gold said: “We are continuing to engage with the DMRE and hope to conclude the transaction as soon as possible”.</p>


Gold_mines

S.Africa approves AngloGold’s Harmony sale but with conditions


<p>JOHANNESBURG (Reuters) &#8211; South Africa’s Nedbank said on Wednesday it was hopeful the worst impacts of the COVID-19 pandemic were in the past and that bad debts would fall in the next six months, after reporting an almost 70% decline in half-year profit.</p>



<p>The lender had in August already flagged a massive hit to its interim profit citing a spike in bad debt charges due to the coronavirus outbreak.</p>



<p>The company on Wednesday warned that profit for the full-year would likely fall by at least 20% and credit losses would be well above what was expected earlier this year, but added that things would improve going forwards.</p>



<p>“We are hopeful that the worst impacts of COVID-19 and the (Great Lockdown Crisis) are behind us and that impairments in the second half will be lower,” Nedbank said in its results statement.</p>



<p>The bank said its headline earnings per share &#8211; the main profit measure in South Africa &#8211; stood at 438 cents ($0.2605) in the six months to June 30 compared with 1,435 cents a year earlier.</p>



<p>That was mainly due to a hefty impairment charge for bad debts, which increased by 202% to almost 7.7 billion rand ($458.46 million), some of which was a provision for potential future losses.</p>



<p>The company said it was in the process of developing new business plans for the next three to five years and would update investors on these, as well as give revised medium-term targets at its full-year results in March.</p>



<p>It added that it was unlikely to declare a dividend as long as the guidance from the central bank, which asked lenders to hold off on paying out to preserve capital, remains in place.</p>



<p>($1 = 16.7955 rand)</p>


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