The Editorial Team |

Egypt Annual Inflation Eases to Lowest Level in Almost 2 Years

CAIRO (Capital Markets in Africa) – Annual inflation in Egypt eased to its lowest level since May 2016, offering further evidence that the impact of the pound’s flotation and subsidy cuts is fading. The annual rate in March in urban parts of Egypt dropped to 13.3 percent from 14.4 percent in February, according to data posted on the website of the state-run statistics agency CAPMAS. The figure is squarely within the target range of 13 percent,…

Tunisia SE Falls 0.8% to 7,086.43; Attijari Bank Leads Decline

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TUNIS (Capital Markets in Africa) – The Tunisia Stock Exchange Tunindex fell for the second day, dropping 0.8 percent, or 54.18 to 7,086.43. The move was the biggest since falling 0.9 percent on Feb. 9. The MSCI Emerging Markets Europe, Middle East and Africa Index was unchanged. Attijari Bank contributed the most to the decline and had the biggest loss, decreasing 4.5 percent. Societe Ciments de Bizerte rose 7.3 percent, the biggest gain. The biggest movers also included: Banque de Tunisie,…

LafargeHolcim Africa Unit Sees Economic Growth Boosting Profit

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LAGOS (Capital Markets in Africa) – LafargeHolcim Ltd. sees improving profit margins at its Africa unit this year as Nigerian and South African economies pick up and the company invests the proceeds of a 131 billion naira ($364 million) rights issue. The earnings before interest, taxes, depreciation and amortization margin will rise above 35 percent, Lagos, Nigeria-based Lafarge Africa Plc said in a statement Monday. The company is working to reduce energy and transportation costs as…

Barclays Africa Restructures Bank Into Four Operating Units

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LAGOS (Capital Markets in Africa) – Barclays Africa Group Limited, South Africa’s third-biggest bank, said the group will be split into retail and business banking, investment banking, the rest of Africa and wealth and insurance. David Hodnett, deputy chief executive officer of the South African bank who became finance director in 2010, is taking a two-month sabbatical, the Johannesburg-based lender said in the statement on Monday, without detailing his reasons. Arrie Rautenbach becomes chief executive…

Mauritius Suspends Quantum Funds After Angola Official Visit

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PORT LOUIS (Capital Markets in Africa) – The seven Quantum Global Group funds that had their licenses suspended by Mauritius’s financial-services regulator followed presentations made by a high-ranking Angolan official to the Mauritian government, according to two people familiar with the matter. Quantum Global Group was founded by Jean-Claude Bastos de Morais, a Swiss-Angolan entrepreneur. Swiss newspaper Le Matin Dimanche reported Nov. 5 that about $3 billion of Angola’s wealth fund, known by the acronym…

Afreximbank Has $500 Million for Africa to Buy Russian Planes

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CAIRO (Capital Markets in Africa) – The African Export-Import Bank will provide African national airlines and privately owned companies $500 million through an export-credit facility provided by the Russia Exim Bank. Another $300 million will be available for an aircraft-leasing facility, targeting airlines that can’t afford upfront cost of purchasing jets, Afreximbank’s director of client relations, Rene Awambeng, told reporters in the Kenyan capital, Nairobi. He spoke during a three-nation roadshow by Russian plane makers…

Standard Bank Eyes West Africa Growth After Ivory Coast Opening

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JOHANNESBURG (Capital Markets in Africa) – Standard Bank Group Ltd. is seeking a banking license in Senegal after opening in Ivory Coast as the lender expands in West Africa’s French-speaking countries. Africa’s largest lender, which opened in the world’s biggest cocoa producer on Monday, will focus on corporate and investment-banking clients after obtaining the license in 2016, Sola David-Borha, the Johannesburg-based company’s chief executive officer for Africa, said in an interview in the commercial capital, Abidjan. Standard…

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