The Editorial Team |

Egypt Stocks Surpass Pre-Currency Float Levels as Rally Advances

CAIRO (Capital Markets in Africa) – Egyptian shares extended their rally this year to push the benchmark index beyond its pre-currency float level, boosted by speculation that economic reforms will continue to benefit local companies. The EGX 30 Index rose 1.5 percent in Cairo, extending its gain in the past two sessions to 3.7 percent. In dollar terms, the gauge has now recovered all of its losses since November 2016, when the country allowed the…

Ethiopians Flee to Kenya After Army `Mistakenly’ Kills Nine

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ADDIS ABABA (Capital Markets in Africa) – Thousands of members of Ethiopia’s largest ethnic group fled to neighbouring Kenya after the military said it “mistakenly” killed nine civilians and injured 12 others in a market town that straddles their border. The ethnic Oromo refugees, mostly women and children, began arriving in northern Kenya on March 10, Halkano Halake, spokesman for the governor of Marsabit county, said by phone. Nine corpses were received at Moyale Hospital,…

Nigeria Beer Makers Set for Profit Hit on Tax, Top Broker Says

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LAGOS (Capital Markets in Africa) – Nigerian drinks producers including the local units of Heineken NV and Diageo Plc will see profit margins come under pressure after the government raises taxes on alcohol in June, according to the country’s biggest broker. Beverage makers may also suffer a sales decline of about 3 percent if they raise prices to cover the extra cost, Christian Orajekwe, an analyst for the Lagos-based Cordros Capital, said in emailed response to questions. President Muhammadu Buhari approved…

Ghana May Struggle to Repay Lenders’ $1.3 Billion Cocoa Loan

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ACCRA (Capital Markets in Africa)- Ghana Cocoa Board may struggle to fully pay back loans of $1.3 billion as this season’s harvest will likely be smaller than first anticipated, according to the head of the industry regulator. The world’s second-biggest grower signed for the loans with lenders such as Credit Agricole SA and Natixis SA prior to the start of the annual harvest in October to pay farmers for their beans. Ghana will probably not meet…

INTO AFRICA March 2018 Edition: Sailing Africa 2018 Investment Prospects

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LAGOS (Capital Markets in Africa) – Welcome to the March 2018 edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. The edition is titled: Sailing Africa 2018 Investment Prospects. After a difficult period from 2014 to 2016, African equities posted excellent returns in 2017, with the Zimbabwean Stock Exchange (ZSE) the top performer with triple-digit growth. The market gains are in line with performances recorded across the globe where stock…

Ghana President Tells Lenders to Reduce Their Interest Rates

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ACCRA (Capital Markets in Africa) – Ghana President Nana Akufo-Addo said the country’s banks should cut their lending rates for clients. Lenders are failing to pass on lower rates from the central bank and are standing in the way of economic progress, Akufo-Addo said Wednesday in an emailed copy of a speech he delivered at the Ghanaian unit of Ecobank Transnational Inc. in Accra, the capital. While the Bank of Ghana has reduced its key rate by 550…

Congo President Set to Approve Law Changes Despite Miners’ Pleas

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KINSHASA (Capital Markets in Africa) – Congolese President Joseph Kabila will sign off on changes to the country’s mining code but left the door open to further talks after a lengthy meeting with senior industry executives who oppose the legal reform. Glencore Plc Chief Executive Officer Ivan Glasenberg, Randgold Resources Ltd.’sMark Bristow and other top officials met Kabila for five hours Wednesday in the capital, Kinshasa, to discuss the new rules. The changes will raise taxes and other costs…

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