The Editorial Team |

Egyptian Central Bank Retains Benchmark Interest at 15.25%

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…

Nigeria not sure yet how much to borrow from World Bank

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LAGOS (Capital Markets in Africa) – Nigeria has not decided yet how much it wants to borrow from the World Bank, its budget minister said on Wednesday, to help pay for record spending of $24 billion this year. Diplomats and officials told Reuters last week the oil producer plans to present the required economic reform proposals to the World Bank this month to borrow at least $1 billion. “The figure will depend on the (2017)…

IMF may consider extending Ghana aid deal, says its Ghana country head

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ACCRA (Capital Markets in Africa) – The International Monetary Fund (IMF) may consider extending its three-year aid deal with Ghana if the new government requests an extension, the Washington-based lender said on Wednesday. The West African country is more than halfway through a $918 million programme signed in April 2015 to restore fiscal balance to an economy dogged by deficits, high public debt and inflation. The government of Nana Akufo-Addo, which took office in January…

African capital markets Activity shows significant decline in 2016, says PwC

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JOHANNESBURG (Capital Markets in Africa) – 2016 marked a challenging year for African equity markets in the wake of lower economic growth and political upheaval around the globe, largely as a result of the US elections cycle and the Brexit vote. African equity capital markets (ECM) broke a streak of three successive years of growth, recording a decline in overall ECM activity of 28% from 2015 in the number of transactions and 33% from 2015…

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