The Editorial Team |

Tourism in West Africa: an economic, social and cultural opportunity

Abidjan, Cote D’Ivoire (Capital Markets in Africa) —- Whereas tourism is acknowledged as a driver of socio-economic development and growth in Africa, as evidenced in the last African Tourism Monitor, the 2015 edition of the annual report on competitiveness in travel and tourism, released in early May by the World Economic Forum (WEF), points out that West Africa lags behind when it comes to the travel sector. The ten West African countries assessed in the report…

Egypt Equity Watch | 29 June 2015: Egyptian equity markets weaken, indices drop, market cap down US$582 million

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Cairo, Egypt (Capital Markets in Africa):- Egyptian equity markets retracted yesterday’s gains by losing EGP 4.4 billion in the market capitalization, which ended at EGP 485.175 billion; relative to EGP 489.615 billion recorded at yesterday’s trading session. As a result of news that Egypt’s Prosecutor General Hisham Barakat and six others have been injured in a bomb attack in Cairo. The benchmark index EGX30 dropped 1.65 percent or 140.45 points to end the day below the 8,500 points barrier…

Zimbabwe Equity Watch | 29 June 2015: Zimbabwe equities start on uptrend, market cap US$13 million gains and indices rise.

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Harare, Zimbabwe (Capital Markets in Africa):- The Zimbabwe Stock Exchange (ZSE) industrial index and market capitalization started the week on bullish note at the end of today’s trading session. The industrial index grew by 0.04 percent or 0.06 points to end at 148.85 points. Equally, the market capitalization rose by US$13 million to end at US$ 3.877 billion (against US$ 3.864 market cap recorded at previous trading session). The market activity improved today with a turnover…

Egypt’s Draft Budget Hints at Slower Fiscal Consolidation, a Credit Negative

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Cairo, Egypt (Capital Markets in Africa) — Last Thursday, Egypt’s (B3 stable) Ministry of Finance announced the draft budget for the 2016 fiscal year that starts 1 July. The draft budget, which the cabinet approved and awaits sign-off from President Abdel Fattah el-Sisi, projects a fiscal deficit of 9.9% of GDP, down from the revised budget deficit of 10.8% during the current fiscal year. However, the budget hints at a slower fiscal consolidation pace than…

Zambia’s Midyear Budget Deficit Is Double Original Projection, a Credit Negative

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Lusaka, Zambia (Capital Markets in Africa) — On 16 June, Zambia (B1 negative) Finance Minister Alexander Chikwanda released the midyear budget update, which revealed a deficit of ZMW20 billion (roughly $2.7 billion, or around 10% of GDP) for the first six months of this year, more than double the original projection. He also sought parliamentary approval to nearly double the external borrowing limit to access international capital markets to plug the deficit. The credit-negative larger-than-expected…

Tackling non-tariff barriers is key to economic growth, says Kaberuka

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Kigali, Rwanda (Capital Markets in Africa) — African Development Bank President Donald Kaberuka paid a visit to Rwanda’s President Paul Kagame on June 23 to brief him on progress made since he was elected and re-elected as the Bank’s head in 2005 and 2010, respectively. Kaberuka thanked Kagame, the government, and the people of Rwanda for supporting his candidature for Bank’s presidency. “The mission you sent me to do I have completed in two terms….

Nigeria Market Watch | June 25th 2015: Investor Sentiment Remains Weak…NSE ASI down 44bps

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Lagos, Nigeria (Capital Markets in Africa) — The Nigerian Equities market took another bearish slide as the NSE All Share Index (ASI) dipped 0.4% today. Performance was largely on account of sell pressure on ZENITHBANK (-2.0%),UNITYBNK (-2.8%) and FORTE OIL (-3.2%). Market capitalization also shed N49.6bn thereby shrinking to N11.3tn. Equally, Market activity weakened as volume and value traded declined 1.2% and 15.1% respectively after 306.5m units of shares worth N5.2bn were traded. The Insurance…

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