The Editorial Team |

West African CFA franc zone to see strong growth, increased risks, Says IMF

ABIDJAN (Capital Markets in Africa) – Countries in the West African Economic and Monetary Union (WAEMU) are on track to see medium-term economic growth of about 6 percent after recording 6.5 percent growth last year, the International Monetary Fund (IMF) said on Thursday. However, the eight-nation currency zone is “subject to significant downside risks”, including global uncertainties, sluggish structural reforms and falling cocoa prices, it said in a statement. Member countries using the West African…

Kenya’s market regulator grants listing approval for first ETF

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NAIROBI (Capital Markets in Africa) – Kenya’s market regulator has allowed the listing of the country’s first-ever Exchange Traded Fund (ETF), which will track the price of gold, the regulator said on Friday. The Nairobi Securities Exchange has been investing in new infrastructure to include trading of new products like ETFs, to diversify from equities and bonds, its chief executive Geoffrey Odundo, told Reuters last November. The Capital Markets Authority (CMA) said in a statement…

Central Bank of Nigeria boosts key industries with $2.83 bln for economic recovery

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank has disbursed $2.83 billion to critical sectors of the economy in December and January, it said in a statement on Thursday, in an attempt to kick-start a struggling economy and alleviate a drought of foreign currency. Nigeria’s economy is wallowing in its first recession in a quarter of a century, hamstrung in part by low exports of the crude oil on which the government depends for…

Egyptian Central Bank Retains Benchmark Interest at 15.25%

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CAIRO (Capital Markets in Africa) – Egypt’s central bank left its key interest rates unchanged on Thursday at a meeting of its Monetary Policy Committee, the bank said in a statement, the third consecutive meeting where it kept rates on hold. The bank kept its overnight deposit rate at 14.75 percent and its overnight lending rate at 15.75 percent. The decision comes after Egypt’s core inflation rate soared in January to 30.86 percent, its highest…

Renewed Sell Pressure on NB Drags Nigerian Bourse… NSE ASI down 30bps

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LAGOS (Capital Markets in Africa) – The All Share Index was unable to sustain yesterday’s positive performance as it fell 30bps to close at 25,055.29 points following renewed sell pressure on NIGERIAN BREWERIES (-3.8%). Consequently, YTD loss worsened to -6.8%, while market capitalisation declined by N25.9bn to settle at N8.7tn. Market activity also softened as volume and value traded dipped 10.8% and 14.6% to 144.4m units and N1.5bn respectively. Bears Retain Grip on FMCGs Despite the decline…

Egyptian Equity closes in the North Pole, EGX30 1.64% up

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CAIRO (Capital Markets in Africa)- The Egyptian Exchange (EGX) ended Thursday’s trading session in a rise, as the benchmark index EGX30 added 1.64% or 203.6 points and closed at the level of 12,651.97 points, after closing five consecutive sessions in red. EGX70 declined by 0.96% to 512 points, and similarly, the broader index EGX100 lost 0.88% to the level of 1,220.19 points. On the other hand, the equal-weighted index EGX50 rose 1.78%, closing at 1,957.58…

South Africa’s ANC attacks banks over forex rigging charges

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling ANC party called on Thursday for the toughest possible sanctions against more than a dozen local and foreign banks accused of rigging the rand currency, piling political pressure on lenders that have become a target for public anger. The Competition Commission said on Wednesday it had found the banks, including U.S., European, Japanese and Australian lenders, had colluded to coordinate their trading activities when dealing in…

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