The Editorial Team |

Market Watch: Egyptian Equity Indices End in Mixed Note, Market Cap up EGP3bn

Cairo (Capital Markets in Africa) – The Egyptian Exchange (EGX) ended Monday’s (17th July 2017) trading session on a mixed note, as the benchmark index EGX30 rose 1.02%, gaining 140.55 points, and closed at the level of 13,956.32 points. The equal-weighted index EGX50 rose 0.81% to 2,141.02 points. On the other hand, EGX70 declined by 0.75% to the level of 679.46 points, while the broader index EGX100 slipped 0.09% and closed at 1,569.44 points. The…

Market Watch: Egyptian Equity Indices Drops Amidst Local Investor Sell-Off

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Cairo (Capital Markets in Africa) – The Egyptian Exchange’s (EGX) indices dropped collectively at Sunday’s (16th July 2017) close due to selling pressures from local investors. The benchmark EGX30 inched down 0.05% to 13,815.77 points. Sameh Gharib, head of technical research at Roots Stock Brokerage House, said that EGX30 closed at the level of 13,815 points losing 6 points from 13,864 points due to selling pressures, which began Thursday. After passing the level of 13,700…

Forte Oil Nigeria Counts on Power to Boost Company’s Profits

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LAGOS (Capital Markets in Africa) – Forte Oil Plc, a Nigerian fuel retailer that has invested in power production, expects a jump in income this year after expanding generation capacity during a payment guarantee by the government to electricity companies. “Now we can be sure that whatever we generate will be paid for going forward,” Chief Executive Officer Akin Akinfemiwa said in an interview on Wednesday in Lagos, the country’s commercial capital. “It means that you can invest…

Best-Performing Metals as Hard to Trade as They Are to Find

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LAGOS (Capital Markets in Africa) – Even if you’d heard of this year’s best-performing metals, betting on them would probably have been a struggle. Ruthenium, iridium and the somewhat better known rhodium — used mostly in specialized products like hard disks, spark plugs and auto catalysts — have trounced almost all major commodities tracked by Bloomberg. Prices are up at least 33 percent this year as demand improved for raw materials that are among the world’s rarest and…

Nigeria to License Drones in New Rules for Unmanned Aircraft

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LAGOS (Capital Markets in Africa) – Nigeria plans to license drones used for both commercial and private purposes under new regulations governing unmanned aircraft, the head of the civil aviation agency said. “We have proposed regulations already,” Dele Sasegbon, director of general aviation at the Nigerian Civil Aviation Authority, told reporters Thursday in the capital, Abuja. “For the integration of unmanned aircraft into the national airspace system, we have to do it seamlessly.” Steps have…

Potash Plan Spurs $98-Million Road Link in Horn of Africa

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LAGOS (Capital Markets in Africa) – Djibouti contracted a Kuwaiti company to build a $98-million road link to enable landlocked Ethiopia to ship its first potash output from a new Red Sea port, officials said. Kuwait City-based Mohammed Abdulmohsin Al-Kharafi & Sons Co. is constructing the 128-kilometer (79.5-mile) road connecting the harbor to the border, while Ethiopia plans to provide an 11-kilometer stretch on its side, according to Aboubaker Omar Hadi, the chairman of Djibouti’s ports authority….

Nigeria Signals Willingness to Agree on Oil Production Cap

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LAGOS (Capital Markets in Africa) – Nigeria signalled its willingness to cap its oil production to support OPEC’s efforts to ease a global supply glut. The output limit would come into play when Nigeria can stably pump 1.8 million barrels a day, the country’s oil minister Emmanuel Kachikwu told reporters Wednesday in Abuja. That’s about 100,000 barrels more than it’s currently producing. The country’s output has recovered this year after militant attacks had damaged export pipelines and…

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