The Editorial Team |

Moody’s affirms ratings of Tanzanian banks; changes outlook to negative

DAR ES SALAAM (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the B1/ Not Prime long and short-term local-currency deposit ratings and the B2/ Not Prime long and short-term foreign-currency deposit ratings of NMB Bank PLC and CRDB Bank Plc. The outlook on the banks’ long-term deposit ratings was changed to negative, from stable. At the same time, Moody’s has affirmed NMB Bank PLC’s b1 baseline credit assessment (BCA), b1 adjusted BCA,…

Egypt Bourse Expects Up to Seven IPOs This Year, Most Since 2011

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CAIRO (Capital Markets in Africa) – The Egyptian stock exchange is expecting as many as seven initial public offerings this year, starting as soon as this month, which would be the highest number of share sales since the 2011 uprising that ousted President Hosni Mubarak. An IPO this month is likely to be followed by another in April, and a further four or five share sales before year-end, Egyptian Exchange Chairman Mohamed Farid said in an…

Nigeria SE Rises 2.8% to 44,062.47; Dangote Cement Leads Advance

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the second day, climbing 2.8 percent, or 1,186.24 to 44,062.47. The move was the biggest since rising 2.9 percent on Jan. 11. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 1.1 percent. Dangote Cement Plc contributed the most to the advance and had the biggest gain, increasing 9.4 percent. PZ Cussons Nigeria Plc fell 4.9 percent, the biggest loss. The biggest movers also included:…

Africa Guarantee Fund Seeks to Raise $400 Million in Three Years

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LAGOS (Capital Markets in Africa) – The Africa Guarantee Fund, which finances small and medium enterprises, intends to raise as much as $400 million by 2020 for its lending programs, said Chief Executive Officer Felix Bikpo. The Danish government-backed fund expects to receive the first of the sum by the end of this year to finance businesses focused on infrastructure, Bikpo said in a March 2 interview in the Kenyan capital, Nairobi. The next batch…

Sierra Leone to Vote Amid Discontent Over Ebola, Iron Ore

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FREE TOWN (Capital Markets in Africa) – Sierra Leone will hold elections on Wednesday in which an unprecedented number of political parties will compete as discontent over the government’s handling of an economy battered by the Ebola outbreak has soared. The vote marks a departure from a decades-old tradition that mainly divided the balance of power between the All People’s Congress and the opposition Sierra Leone People’s Party, with a newcomer, the National Grand Coalition,…

South Africa Plans Return to Islamic Market to Plug Budget Gap

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JOHANNESBURG (Capital Markets in Africa )- South Africa’s debut sale of Islamic bonds had investors clamouring for four times the amount offered. The government is hoping for more of the same as it returns to the market to help plug a budget shortfall of more than $4 billion. Africa’s most-industrialized nation is considering a rand-denominated sukuk in the fiscal year starting April 1, after becoming the first African nation to issue a sovereign Shariah-compliant bond…

South Africa to Raise GDP Growth Forecasts in October, Nene Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s National Treasury will probably raise projections for economic growth this year in its October mid-term budget as the country overcomes governance and financial problems that have lowered confidence, Finance Minister Nhlanhla Nene said. Newly appointed president Cyril Ramaphosa reappointed Nene to the role last month. When former leader Jacob Zuma fired him and replaced him with a little-known lawmaker in 2015, the move triggered a sell-off in the rand and bonds. Policy uncertainty…

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