The Editorial Team |

Nigeria to limit amount individuals can spend abroad on debit cards

LAGOS (Reuters) – Nigeria’s central bank plans to limit the amount commercial bank customers can spend using their debits cards while abroad, an industry group said on Friday, in the latest crackdown on dollar demand to save its dwindling foreign reserves. The bank has been battling to prop up the naira after a sharp fall in the price of oil, Nigeria’s main export, which triggered a sell-off in assets by foreign investors. The Chief Executive…

Mali sees growth slipping to 5 pct range in 2015: finance minister

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BAMAKO (Reuters) – Mali’s economic growth will slow this year after reaching 7.2 percent in 2014 due to increased cotton production, although it should still top 5 percent, the finance minister said on Thursday. The West African nation, one of the region’s leading cotton producers, saw raw cotton output jump to 550,000 tonnes in 2014 from 440,000 the previous year after the government increased input subsidies and lowered the price of fertilizers. “It’s this increase…

African Market Watch: Thurs, 9th April 2015

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BRVM [The Regional Stock Exchange, Cote d’Ivoire]: BRVM (The Regional Stock Exchange of eight West Africa) closed its trading session today, lower than the previous day for both BRVM 10 index and BRVM Composite. BRVM 10 index fell from 269.11pts to 268.21pts, a drop of 0.33%. BRVM Composite index decreased by 0.62% to 258.38pts against 259.98pts previously. The equity market capitalization was recorded at XOF 6,375.58 billion. Likewise, the traded value was recorded at XOF 248.091…

NSE records low bonds trade in March

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The bond was hugely oversubscribed as it is tax-free with a provision for a partial principal redemption (repayment) during its life. “People held back on trading in the secondary market because they were sparing liquidity to participate in the infrastructure bond,” said Alexander Muiruri, head of sales and research at Nairobi-based brokerage house Kestrel Capital. Despite the high liquidity shown by the market in the subscription of the 12-year bond, the yield actually went up…

Cameroon power firm to spend $60 mln on improving supplies in 2015

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YAOUNDE (Reuters) – Cameroon power company eneo plans to invest 37.5 billion CFA francs ($62 million) in 2015, its general manager said on state radio on Tuesday, as it seeks to improve the reliability of the country’s power supply.The central African oil and cocoa producer suffers from regular blackouts, especially in the dry season as water levels in hydroelectric reservoirs dwindle. Cameroon has vowed to improve electricity supplies as part of a broad economic plan…

Treasury raises Sh24bn from 12-year reopened bond

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The 12-year Sh25 billion infrastructure bond tap sale (reopening) has raised Sh24 billion, meaning the Treasury has achieved its target of netting Sh50 billion from the issue. All the subscriptions to the bond were accepted and allotted at the same fixed yield rate of 11.55 per cent like in the first sale of the bond. The initial sale of the infrastructure bond done in the last week of March was oversubscribed 106 per cent, attracting…

UBA Lists N30.5bn Bond Issue on NSE, FMDQ

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The United Bank for Africa (UBA) Plc’s N30.5 billion bond has been listed on the Nigerian STOCK EXCHANGE (NSE) and the Financial Market Dealers Quotation, over-the-counter (FMDQ-OTC) market. The dual listing was done in Lagos on Wednesday. Listing on the NSE provides opportunity for retail investors to take advantage of the fixed return on the investment grade notes, through the primary market while listing on the FMDQ provides a secondary market platform for institutional and foreign investors to trade the…

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