The Editorial Team |

8 Miles invests in Uganda’s Orient Bank

Pan-African private equity firm 8 Miles have joined a consortium of local investors to buy Bank PHB, formerly Orient Bank Limited, a mid-tier commercial bank in Uganda, from Keystone Bank, a government-owned Nigerian bank. The consortium includes the original founders of Orient Bank who lead the consortium as well as Chinese business man who is a resident in Uganda. The bank had reportedly been making losses it had been taken over by Nigerian Keystone Bank and…

African Market Watch: Wed, 25th February 2015

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Egypt: The Egyptian Exchange (EGX) indices have plummeted on Wednesday, as the market capitalization lost around EGP6.4bn. Today, EGX indices have pulled down on the back of strong selling pressures from both local institutions and Arab retail traders. The benchmark EGX30 has slipped 1.48% or 142 pts to 9469.08pts. The benchmark has major support zone at level of 9433 pts on the short-term and upon crossing it the index will re-test levels of 9780 and…

African Market Watch: Tuesday, 24th February 2015

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Egypt: The Egyptian Exchange (EGX) indices have closed on mixed note today, as the market capitalization added EGP71mn amid lack of new economic catalysts. Today’s trades came to approve that resistance level of 9675 pts is considered a strong barrier, as the benchmark halted in breaking above it for the second session in row. The benchmark EGX30 (30 well-capitalised companies) inched up 0.11% to close at 9,611.66pts. The EGX70, which measures small and mid-cap stocks,…

African Market Watch: Monday, 23rd February 2015

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Egypt: The Egyptian stock market closed on positive note, with the EGX 20 capped index, EGX 30 index and increased by 1.02%, 1.12% and 0.18% respectively. Today’s top gainer today is Egyptian Company for Mobile Service, rising 10.0% to close at LE 178.93 and the top loser is Egyptian International Pharmaceutic which shaved off 8.57 percent to close at LE 78. Foreign buys and sales stood at 11.2% and 9.9% respectively of total turnover (LE 505.03…

African Market Watch: Friday, 20th February 2015

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Nigeria: The Nigerian bourse extended its gaining streak today for the fifth consecutive day despite profit taking by short term investors. Today’s gain was sustained on the back of price appreciation in banking equities – Guaranty (0.8%), FBNH (0.4%) and UBA (0.3%). As a result, the NSE-ASI appreciated 35bps to close at 29,383.93 moderating YTD loss to15.2%. Likewise, the market capitalization added N34.0bn to close at N9.8tn. However, trading activities measured by market volume and…

BOAD is raising XOF115 billion to support the 2014-2015 cotton season in Benin

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COTONOU, Benin, February 20, 2015/ — For the third consecutive year, the West African Development Bank (BOAD) (http://www.boad.org) in its capacity as Arranger, is raising funds to support the cotton season in Benin. The Agreement relating thereto was signed by and between Mr. Christian Adovelande, President of BOAD and the Managing Director of the Office national de soutien des revenus agricoles (National office for farm income support) (Borrower) and the Managers of local banks involved…

African Market Watch: Thursday, 19th February 2015

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Kenya: The NSE 20 gained 27.77 points in today’s trading to close at 5,473.81, as telecommunication giant Safaricom touched an all-time high and beer maker East African Breweries Limited (EABL) traded at the highest price in the last one year. While the Nairobi All Share Index went up 1.48 points to close at 175.65. The top gainer today was Limuru Tea, rising 9.54 percent to close at KES 1,114.00. The top loser was Pan Africa Insurance,…

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