The Editorial Team

Morocco’s Foreign Currency Reserves rise 16% on year-on-year

Casablanca, Morocco (Capital Markets in Africa):- Morocco’s net foreign currency reserves amounted to MAD 193.9 billion till 12 June, an increase of 16% year-on-year, according to local gazette Hespress. On 17 June, Morocco’s central bank, or Bank Al-Maghrib, kept its benchmark interest rate unchanged at 2.5% , saying that inflation would remain consistent with price stability targets. Inflation is expected to reach 1.5% in 2015 and 1.4% on average over the next six quarters. However, there…

Egyptian Resorts to build US$2.5m solar power plant

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Cairo, Egypt (Capital Markets in Africa) — Egyptian Resorts Company has signed a long-term lease contract with KarmSolar for the establishment of a solar power plant at a cost of US$2.5 million, the company reported in the filling to the Exchange on Sunday. The plant, whose production capacity would be not less than 2 Megawatt, is scheduled to start operation by the second half of 2016, the company added. In addition, Egyptian Resorts Company will…

Nigeria selects two sites for nuclear power plants

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Lagos, Nigeria (Capital Markets in Nigeria) – Nigeria has selected two sites for the construction of its planned nuclear power plants, as Africa’s biggest economy tries to end decades of electricity blackouts that have blighted its growth. Russia’s state-owned Rosatom, which has been in talks with Nigeria over the nuclear plants, on Friday confirmed two sites had been selected in Africa’s most populous nation and said they would have a total of four reactors. Neither side…

Nigeria’s Transcorp says on track for 850 MW capacity this year

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Lagos, Nigeria (Capital Markets in Africa) – Nigeria’s Transcorp is on track to boost its power generation capacity to 850 megawatts (MW) by the end of 2015 from 610 megawatts last year, the company’s chief executive said on Friday. Transcorp, which also has interests in hotels, oil and gas, was one of several firms to buy government power assets two years ago, sold as part of a privatisation meant to end decades of blackouts in Africa’s…

Nigeria’s Federal Government, Sub-Nationals in Fiscal Crisis?

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Lagos, Nigeria (Capital Market in Africa) — The lower crude oil receipts accruing to government – stemming from the fall in crude oil prices and global supply glut — has significantly put a strain on public finances. Monthly oil revenue accruing to all tiers of government dropped by 54.1% Y-o-Y to N286.2bn in April 2015 relative to N622.9bn in April 2014, the lowest level in over two years. Consequently, FAAC allocation to Sub-National governments has…

Morocco Market Watch | June 19th 2015: Morocco equity market maintains uptrend … MAD 2.8 billion gains

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Casablanca, Morocco (Capital Markets in Africa):- Morocco equity market sustained yesterday gains to end the week in positive region. The Moroccan benchmark stock index (measured as MASI Index) increased by 0.51 percent to close at 9,581.36 points (with a year-to-date performance to -0.40 percent) with total market capitalization at MAD 486.316 billion (gained almost MAD 2.8 billion against previous trading session market cap of MAD 483.526 billion) and market activities measured as total traded value was…

Nigeria Market Watch | June 19th 2015: Nigerian Equities market extended losses to the fourth consecutive session, declining 0.6%

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Lagos, Nigeria (Capital Markets in Africa) — The Nigerian Equities market extended losses to the fourth consecutive session, declining 0.6% to close at 33,257.90pts. Similarly, market capitalization shed N68.5bn to settle at N11.4tn. Poor performance in the market was consequent on value depreciation in Banking and Consumer Goods bellwethers — FBNH (-4.8%) and NIGERIAN BREWERIES (-1.3%). On the contrary, market activity measured by volume and value traded rose 91.6% to 390.5m units and 13.6% to N4.9bn respectively. All sector…

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