The Editorial Team

Zimbabwe Market Watch | June 8th 2015: Zimbabwe stock market cap adds US$6 million but index falls

Harare, Zimbabwe (Capital Markets in Africa):-The Zimbabwe Stock Exchange (ZSE) industrial index begins on a negative note, by marginally losing 0.05 points (0.03 percent) to settle at 153.44 points. However, the market capitalization was recorded at US$ 4.00 billion adding US$6 million against previous trading session. The market activity today recorded a turnover of US$862,669 exchanged in 15 securities via 29 trade transactions. Foreign investor buys US$285,565 and no foreign sells today. Out of the 20…

Egypt Market Watch | June 7th 2015: Egyptian equities indices fall, market cap loses EGP 2.8 billion

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Cairo, Egypt (Capital Markets in Africa):-Egyptian equity markets slipped today, pressured by retail and institutional sales. The market capitalization lost EGP 2.8 billion to close at EGP 495.225 billion, compared with EGP 501.110 billion on Thursday EGP 498.004 billion. The benchmark index EGX30 declined by 0.59 percent or 51.89 points to end the day at 8,728.87 points (-2.215 percent year-to-date performance). Likewise, the small and mid-cap index EGX70 went down by 0.36 percent or 1.68 points to settle at…

Egypt Central bank sells $37.8m in forex auction

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Cairo, Egypt (Capital Markets in Africa)—The Central Bank of Egypt said it sold $37.8 million to local banks in a foreign currency auction held Tuesday. The bank had offered $40 million. Cut-off price amounted to EGP 7.53 per dollar. The central bank introduced the dollar sale auctions in December, 2012 to stave off a run on the dollar and avoid a currency crisis.

Egypt gov’t re-setting spending priorities, says FinMin

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Cairo, Egypt (Capital Markets in Africa) — The Egyptian government has set a fiscal programme with the aim of rearranging priorities for public spending, through reforming energy subsidies system and increasing taxes, in addition to more efficient management of public debt, said Finance Minister Hani Kadri Dimian. He added that the government is working on achieving an economic breakthrough that reflects positively on citizens. Early this year, the government prepared a package of fiscal and…

Egypt central bank sells $98.6m in regular auction

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Cairo, Egypt (Capital Markets in Africa)–The Central Bank of Egypt (CBE) sold on Sunday $98.6 million in its regular FX auction reaching $100 million. The average selling price reached $7.53 in the auction No. 373, the CBE said on its website.

Egypt’s foreign reserves decline to $19.6bn at May-end

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Cairo, Egypt (Capital Markets in Africa) — Egypt’s net foreign reserves slipped to $19.559 billion at May-end, a decline of 4.7% compared to $20.525 billion in April, the Central Bank of Egypt (CBE) said on Sunday. Egypt received $6 billion in subsidies from Saudi Arabia, Kuwait and the UAE, the bank’s governor Hisham Ramez said in April. The country’s foreign reserves stood at nearly $36 billion before the 2011 revolt, but plummeted in the resulting political…

How the finance sector can drive Africa’s economic growth

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Johannesburg, South Africa (Capital Markets in Africa) — The rise of Africa’s financial services sector in recent years has been remarkable. From a relatively underexplored and underinvested sector a mere decade ago, today, this sector is considered to be one of the continent’s brightest prospects. This is due to the fact that financial sector development has been on the agenda of African policymakers for some time now as (aside from profitable opportunities for investors) continued…

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