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Cote d’Ivoire Market Watch | May 12th 2015: BRVM gained XOF 7.7 billion today

Abidjan, Cote d’Ivoire (Capital Markets in Africa):- BRVM (The Regional Stock Exchange of eight West Africa) closed its trading session today, higher than the previous day. BRVM 10 index rose from 271.35 to 272.34 points, a gain of 0.36%. BRVM Composite index gained 0.11% to 262.47 against 262.17 points previously. The equity market capitalization closed at XOF 6, 476.67 billion compared to XOF 6,469.11 billion recorded an increase of XOF 7.56 billion to previously trading session….

Lower prices to hurt Africa’s oil producers say IMF report

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Lagos, Nigeria (Capital Markets in Africa):- Lower oil prices will reduce growth in sub-Saharan Africa’s major petroleum producing countries and push governments to implement significant policy adjustments, according to the International Monetary Fund (IMF) report released on 28th April 2015. It noted that SSA growth could slow to 4.5% this year from 5.0% in 2014, largely because of the weaker oil prices, while forecasting growth rising to 5.1% in 2016. “For the eight oil exporters,…

Egypt Market Watch | May 12th 2015: Egyptian equities shed off about EGP 1.4 billion

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Cairo, Egypt (Capital Markets in Africa):- The Egyptian Exchange (EGX) indices ended Tuesday’s trading on southward, due to uncertainty on the government decision on the controversial capital gains tax and pressured by institutional sell-offs. The Egyptian equity market capitalisation shed off about EGP 1.4 billion to settle at EGP 497.8 billion. Likewise, the benchmark index EGX30 fell 0.20%, or 17.51 points to close at 8674.34 points. Also, the small and mid-cap index declined by 0.91% to…

OPEC predicts oil prices will stay below $100 for a decade

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The Organization of the Petroleum Exporting Countries (OPEC) thinks oil will stay below $100 for a decade, and it’s worried a low oil price environment won’t be enough to snuff out the emerging US shale gas industry. A report seen by the Wall Street Journal has said that OPEC thinks a best-case scenario will see oil prices at $76 a barrel in 2025. And the organisation also warned crude oil could cost less than $40 per barrel…

Tanzania signs up for customs deal alongside Kenya, Uganda and Rwanda

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Dar es Salaam, Tanzania (Capital Markets in Africa):- Tanzania has joined Kenya, Uganda and Rwanda in fast tracking the movement of goods along the main corridors (Northern and Central) under the customs seals in the COMESA region. This follows the signing of an inter-surety agreement by Tanzania’s National Insurance Corporation (NICT) to join the COMESA Regional Transit Guarantee (RCTG) scheme thereby allowing the country to issue regional customs bond guarantees. The RCTG Scheme is a customs transit…

Tanzania gets $45 mln World Bank loan to improve mining sector

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DAR ES SALAAM (Reuters) – The World Bank has approved a $45 million loan for Tanzania, Africa’s fourth-biggest gold producer, to help improve its mining sector especially among small-scale producers. The funds will help to create a viable domestic mining industry in poor, rural areas where unregulated artisanal and small-scale mining takes place, Philippe Dongier, the Bank’s country director for Tanzania, said in a statement. The project will train small-scale miners in jewellery-making and help…

Rwanda exports projected to grow by 6%

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The government projects exports to rise from US$723.1 million earned in 2014 to $764.4 million in 2015 a projected 6% growth for this year. “Last year’s export performance of 3% was because of the performance of tea and minerals which were affected by low commodity prices at the international market,” Minister of Finance and Economic Planning Amb. Claver Gatete said. “We project imports in value terms to increase by 7% in 2015 and declining by…

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