The Editorial Team |

Nigerian Equity Benchmark Index Rebounds as Mid-Caps Rally… NSE ASI up 0.8%

LAGOS (Capital Markets in Africa) – The equity market rebounded today from a streak of losses as the broader index appreciated 0.8% to close at 25,471.69 points, paring YTD loss to 5.2% while market capitalization added N71.1bn to settle at N8.8tn. The uptrend in the All Share Index was largely as a result of renewed buy sentiment in mid-cap counters in the Industrial and Oil & Gas sectors – WAPCO (+10.2%), MOBIL (+10.3%) and OANDO(+10.1%) – as well as bargain…

Nigeria cabinet approves $1.3 billion loan for Development Bank of Nigeria

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LAGOS (Capital Markets in Africa) – Nigeria’s cabinet has approved $1.3 billion of loans from international lenders to fund the newly licensed Development Bank of Nigeria, the finance minister said on Wednesday. The money is made up of $500 million from the World Bank, $450 million from the African Development Bank, $200 million from German state bank KfW and $130 million from France’s state development agency, said Kemi Adeosun, Nigeria’s finance minister. The loan facility is…

IMF says Nigeria economy needs urgent reform, no FX curbs

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LAGOS (Capital Markets in Africa) – The International Monetary Fund (IMF) warned Nigeria its economy needs urgent reform in a report published on Wednesday that highlighted the risks to growth for the recession-hit country and the dangers of a volatile foreign exchange market. The document, a report from IMF staff which Reuters saw an earlier version of last month, outlines a raft of failings in Nigeria’s handling of Africa’s largest economy and could affect talks over…

Fitch: Redenomination Risk and Sovereign Rating Implications

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LONDON (Capital Markets in Africa) – Fitch Ratings says that it is not always possible to say categorically that a sovereign debt redenomination into a different currency would be a default, under Fitch’s sovereign rating criteria. The agency would assess such an event on a case-by-case basis, taking into account all relevant information at the time. In response to recent investor enquiries, in a new report Fitch sets out some potential scenarios involving redenomination of…

IMF Sees Ugandan Growth Rebound in 2017-18 on Infrastructure

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KAMPALA (Capital Markets in Africa) – Economic growth in Uganda may accelerate in the coming fiscal year, underpinned by government spending on infrastructure and an anticipated recovery in lending to the private sector, according to the International Monetary Fund. The growth rate may increase to 5.5 percent in the 12 months through June 2018, compared with an estimated 4.5 percent this year and 4.8 percent in the prior 12-month period, Clara Mira, IMF’s resident representative…

South African Treasury Boss Says He Has Requested Early Exit

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JOHANNESBURG (Capital Markets in Africa) – The head of South Africa’s Treasury, Lungisa Fuzile, said on Wednesday he has asked to leave government in May, one year before his contract expires, but that his departure was unlikely to trigger an exodus of other top officials. He has discussed his departure with Finance Minister Malusi Gigaba and may delay his exit if necessary to ensure a smooth transition and preserve the institutional integrity of the Treasury, Fuzile, who is the…

President Zuma Survives Calls to Quit With Backing From South Africa’s ANC

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JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma survived calls to resign by winning the support of the ruling party following his decision to fire the finance minister and stack the cabinet with loyalists. The rand weakened. The African National Congress won’t vote against Zuma in a no-confidence motion in parliament that the main opposition parties have requested, Secretary-General Gwede Mantashe told a briefing Wednesday in Johannesburg after a meeting of the ANC’s National Working Committee….

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