The Editorial Team |

Rwanda to sell 20 pct stake in I&M Bank next week

NAIROBI (Capital Markets in Africa)) – The Rwandan government plans next week to sell its 20 percent stake in I&M Bank operations in Rwanda, with the aim of raising 11.5 billion francs ($14.1 million), a minister and a senior executive said. The initial public offering (IPO) would be launched on Feb. 14 and the proceeds would be used to help finance a new airport at Bugesera, east of the capital Kigali, the officials said. “The…

Recession-hit Nigeria targets economy to grow at annual 7 percent by 2020

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ABUJA (Capital Markets in Africa) – Nigeria is targeting economic growth of at least 7 percent a year by 2020, the Ministry of Budget and National Planning said on Tuesday, a far cry from its current recession, the first in 25 years. Nigeria’s economy is heavily dependent on exports of crude oil and is undermined by decades of endemic corruption, It has been hobbled by low global oil prices that have slashed government revenues and…

Nigerian Equities Open the Week Bearish …Benchmark Index Down 0.8%

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LAGOS (Capital Markets in Africa) – Similar to the previous week, the All Share Index opened the week bearish, sustaining the negative sentiment from the previous trading session. The benchmark index declined 0.8% to settle at 25,600.64 points whilst YTD loss worsened to -4.7%. Today’s performance was broadly shaped by sell-offs in Industrial Goods and Banking bellwethers including DANGCEM (-1.8%), UBA (-4.0%) and ZENITH(-1.5%). Accordingly, investors lost N69.6bn as market capitalization closed at N8.8tn. Similarly, activity level waned as volume…

Fairfax Financial Holdings to Raise $500 Million for Africa Fund

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LAGOS (Capital Markets in Africa) – Prem Watsa’s Fairfax Financial Holdings Limited is expected to raise about $500 million for its new African investment fund, attracting less than its original goal as investor interest in the region proved weaker than anticipated, according to people familiar with the matter. The Toronto-based insurer sought to raise as much as $1 billion at $10 a share for Fairfax Africa Holdings Corp. in an initial public offering on the Toronto Stock Exchange, according…

Egypt Says Remittances, Foreign Inflows Jump After Float

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CAIRO (Capital Markets in Africa) – Remittances from Egyptians working abroad are surging and foreigners bought more than $250 million in local assets on Sunday alone, further signs of growing confidence in the nation’s economy after it floated the currency and secured a $12 billion IMF loan. Expatriate workers sent home $4.6 billion in the fourth quarter of 2016, up 12 percent from a year earlier, and most of it transferred after the pound was…

Economic Boom Fuels Flurry of IPOs in Sleepy West African Bourse, Says CEO

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ABIDJAN (Capital Markets in Africa) – West Africa’s regional bourse aims to lure investors and increase the number of listings by more than a third in the next four years as some of the world’s fastest economic growth rates boost demand for capital. The Abidjan-based Bourse Regionale des Valeurs Mobilieres, or BRVM, is targeting 16 new listings by 2020 in the telecommunications, finance, agribusiness, civil engineering and mines and energy industries, Chief Executive Officer Edoh Kossi…

Moody’s Says Ghana Deficit Will Heighten Currency Volatility

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ACCRA (Capital Markets in Africa) – Ghana’s worse-than-expected budget deficit will heighten currency volatility and elevate the nation’s funding demands to finance previously undisclosed arrears of 7 billion cedis ($1.6 billion), according to Moody’s Investors Service. The discovery of the payment arrears reverses Ghana’s progress on consolidating its fiscal deficit since 2015 under an International Monetary Fund program, Moody’s said in an e-mailed statement on Monday. The shortfall is also weighing on debt dynamics and will undermine the…

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