The Editorial Team |

African Market Watch: Tuesday, 17th March 2015

BRVM [he Regional Stock Exchange, Cote d’Ivoire] BRVM (The Regional Stock Exchange of eight West Africa) closed its trading session this Tuesday, lower than the previous day. BRVM 10 index decreased from 268.67 to 267.74 points, a drop of 0.35% and BRVM Composite index lost 0.25% to 264.21 against 264.86 points previously. The traded value is XOF 714.02 million against XOF 1.21 billion last Monday. Equity Market capitalization is XOF 6,519.64 billion and the top security…

Egypt, Arabtec near agreement on $40 bln housing project: govt

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Egypt’s housing ministry and Dubai’s Arabtec have agreed some of the terms for a $40 billion project to build one million homes across the country, and they will sign a final contract within 10 days, a ministry spokeswoman said on Tuesday. Earlier this month, the housing minister said he hoped to conclude a deal for the mega development – seen as part of economic and political support to the country by the United Arab Emirates…

Africa builds an appetite for Islamic finance, says IDB unit

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GENEVA (Reuters) – Nigeria and Ivory Coast are looking to emulate Senegal’s successful move into the market for Islamic bonds, the head of the Islamic Corporation for the Development of the Private Sector (ICD) told Reuters. Despite strong growth in the Middle East and Southeast Asia, Islamic finance has lagged in Africa, home to a quarter of the world’s Muslims, presenting an opportunity for ICD, the private sector arm of the Jeddah-based Islamic Development Bank….

Nigeria’s Dangote group expects $9 bln refinery to start by 2017

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CAPE TOWN (Reuters) – A new $9 billion oil refinery producing 500,000 barrels per day being developed by Africa’s richest man, Aliko Dangote, is expected to come onstream in Nigeria by 2017, a senior Dangote Group official said Tuesday. The refinery, to be located in Lagos, will cut reliance on international markets for Africa’s largest oil producer, which imports more than 80 percent of its fuel needs. The lack of sufficient refining capacity is a…

South Africa’s current account deficit narrows as exports pick up

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PRETORIA (Reuters) – The shortfall on South Africa’s current account deficit narrowed more than expected in the final quarter of 2014 as exports rose on reduced strike activity and improved conditions in some export destinations, the central bank said on Tuesday.In its latest quarterly bulletin, the South African Reserve Bank said the more competitive exchange value of the rand during the fourth quarter had also helped ease the deficit.The deficit shrank to 5.1 percent of…

Kenyan shilling flat, focus on possible central bank action

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NAIROBI (Reuters) – Kenya’s shilling was treading water at near 3-year lows on Tuesday, with pressure from a globally strong dollar offset by the possibility that the central bank may intervene for the second straight day to support the local currency.The shilling was trading at 92.05/15 against the dollar at 0720 GMT, unchanged from Monday’s close. The central bank sold an undisclosed amount of dollars on Monday when the shilling touched its lowest level since…

South Africa’s Q4 spending growth slows to annualised 0.3 pct

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PRETORIA (Reuters) – Spending in South Africa grew at an annualised 0.3 percent in the fourth quarter of 2014 after rising 3.2 percent in the prior quarter, with slowed government spending offsetting accelerated growth in household spending, the central bank said on Tuesday.The Reserve Bank said in its quarterly bulletin that spending by the government increased at an annualised 1.0 percent in the final quarter against 1.4 percent in the third quarter.However, household spending grew…

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