The Editorial Team |

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

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…

Mauritius Market Watch | June 23rd 2015: Mauritius equity market Continues on bearish mood, SEMDEX 0.05% falls, Market Cap MUR 107 million down

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Port Louis, Mauritius (Capital Markets in Africa):- Mauritius equity markets continued on bearish mood. The Mauritius All Share Index (SEMDEX index) marginally lost 0.05 percent or 0.96 points to close 1,984.76 points but the SEM10 index rose by 0.06 percent or 0.23 points to end at 379.97 points. The market capitalization was recorded at MUR 220.660 billion, by falling by MUR 107 million (against MUR 220.767 billion recorded at previous trading day) and overall total volume recorded at 7.126…

Morocco Market Watch | June 23rd 2015: Morocco equity markets reverse to bullish sentiment … MAD 1.2 billion gains

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Casablanca, Morocco (Capital Markets in Africa):- Morocco equity market reversed to bullish sentiment today against yesterday bearish mood. As a result, the Moroccan benchmark stock index (measured as MASI Index) rose by 0.46 percent to close at 9,592.29 points (with a year-to-date performance to -0.29 percent) with total market capitalization at MAD 486.406 billion (gave away nearly MAD 1.2 billion against previous trading session market cap of MAD 485.210 billion) and market activities measured as total…

Egypt Market Watch | June 23rd 2015: Egyptian stock equities deplete by EGP 2.5 billion

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Cairo, Egypt (Capital Markets in Africa):- Both Egyptian equity indices and market capitalisation ended southward. The market capitalization ended at EGP 487.589 billion, by losing EGP 2.5 billion relative to EGP 490.115 billion recorded at previous trading session, as a result of selling pressures from Arab investors. The benchmark index EGX30 fell by 0.52 percent or 44.48 points to close at 8,444.93 points (-5.40 percent year-to-date performance). Likewise, the small and mid-cap index EGX70 summersaulted by 0.61 percent or…

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