The Editorial Team |

Zimbabwe domestic borrowing up 52 pct to $544 mln y/y in Jan

HARARE (Reuters) – Zimbabwe government’s domestic borrowing jumped 52 percent to $544.03 in January year-on-year from $358.80 percent in the same period a year ago, the central bank said on Thursday. The southern African country is struggling with falling revenue from taxes, which stood at $469 million in January against a target of $542 million, as the economy stalls and businesses are forced to lay-off workers or shut down. The central bank said the government…

Kenya’s Housing Finance raises 2.95 bln shilling in rights issue

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NAIROBI (Reuters) – Kenyan mortgage firm Housing Finance said on Wednesday it raised 2.95 billion shillings ($32 million) in a rights issue to help the company increase its lending base. The lender initially planned to raise 3.5 billion shillings, but said in a statement that 84 percent of its shareholders had taken up their rights in an oversubscribed issue that received 9.01 billion shillings in bids. Housing Finance says it opted for a cash call…

African Market Watch: Wed, 25th March 2015

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BRVM [he Regional Stock Exchange, Cote d’Ivoire] BRVM (The Regional Stock Exchange of eight West Africa) closed its trading session today, higher than the previous day. BRVM 10 index rose from 268.74 to 270.42pts, a gain of 0.63%. BRVM Composite index gained 0.53% to 265.32 against 263.91pts previously. The equity market capitalization was recorded at XOF 6,546.91 billion. Likewise, the traded value was recorded at XOF 806.047 million and total volumes recorded at 1,613,293 shares in…

Nigeria Stock Exchange, MSCI sign agreement on developing new market indices

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MSCI Incorporated, a leading provider of investment decision support tools worldwide, and the Nigerian Stock Exchange have signed a “strategic co-operation agreement to develop and market a co-branded “family of indexes” for the Nigerian equity market. Based on the agreement, existing and future indexes would be branded as the MSCI/NSE Indexes, including the flagship NSE 30 Index and NSE 50 Index, which will become the MSCI/NSE 30 Index and the MSCI/NSE 50 Index, respectively, a…

Kenya shilling firm, bond inflows match corporate dollar demand

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NAIROBI (Reuters) – Kenya’s shilling was steady in early business on Wednesday, with usual end-month demand for dollars matched by inflows of foreign exchange from investors attracted by a government bond auction. By 0733 GMT, the shilling was quoted at 91.75/95, little changed from Tuesday’s close of 91.70/80. “It looks like the flows that were expected for the upcoming infrastructure bond have been supporting the local currency,” said Duncan Kinuthia, head of trading at Commercial…

South Africa’s rand at three-week high against dollar on EM rally

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JOHANNESBURG (Reuters) – South Africa’s rand rode the wave of an emerging market rally on Tuesday, extending gains to a new three-week high to a U.S. currency weighed down on expectations the Federal Reserve will delay an interest rate hike to September. By 1506 GMT the rand had firmed 0.5 percent to 11.8500 per dollar, having strengthened to as much as 11.8000 in the session before pulling back as weak Chinese manufacturing data restricted EM…

IMF approves $18 mln aid to Malawi after commitment to fight corruption

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LILONGWE (Reuters) – The International Monetary Fund will provide $18.1 million to Malawi after its government promised to tackle the corruption that led to a suspension of aid by donors following large-scale graft involving public funds. Donors led by former colonial ruler Britain have withheld direct aid to the southern African nation for more than a year over a corruption scandal in which top government officials and ministers siphoned millions of dollars from the public…

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