The Editorial Team |

Free-Float Rollback Targeted in Nigeria Lawmaker’s Currency Bill

LAGOS (Capital Markets in Africa) – A Nigerian lawmaker is proposing a new currency law that would give the central bank legal powers to set exchange rates, effectively rolling back the nation’s six-month-old free float. The bill, sponsored by opposition politician John Enoh, would repeal existing foreign-exchange legislation, under which market rates are “mutually agreed” between counterparties, and allow the Abuja-based regulator to decide those rates itself. The draft has been through two readings in the Senate and will…

OPEC’s Ideal Price Is $60 to Avoid Shale Revival, Nigeria Says

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LAGOS (Capital Markets in Africa) – Oil prices at $60 a barrel would be “ideal” for OPEC, as higher levels risk sparking a recovery in competing supplies from the U.S., according to Nigeria’s petroleum minister. The “urgency” felt by the Organization of Petroleum Exporting Countries and its partners to end the oil rout will ensure they adhere to their Dec. 10 agreement to cut supplies, Emmanuel Kachikwu said in a Bloomberg Televisioninterview. The accord should push prices…

Nigeria Capital Markets Update Week Ending Dec 9 2016

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Equities Market Review and Outlook The Nigerian equities market sustained a positive outing for the second consecutive week as the benchmark index rose 0.3% W-o-W to settle at 25,817.69 points. The All Share Index (ASI) recorded marginal gains on all trading days of the week save for Tuesday when the ASI dipped 0.3% on account of profit taking. Overall performance was largely driven by significant interest in FORTE (+62.8%) which touched a record low in…

Nigeria: Contraction in Household Spending Drags Half Year 2016 GDP by Expenditure

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LAGOS (Capital Markets in Africa) – The National Bureau of Statistics (NBS) late last month released Q1 and Q2 2016 GDP by expenditure data. Expectedly, the data showed the economy on a sticky wicket, which is in line with observations from supply side computations released for the two-quarters much earlier in the year. However, the statistics give us a better view of structural and cyclical demand-side drivers of the business cycle. For the two quarters,…

IFC and FMO invest in MOBISOL for East Africa Solar Energy deal

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NAIROBI (Capital Markets in Africa) – IFC, a member of the World Bank Group, and FMO, the Dutch development bank have invested in Mobisol GmbH, a pay-as-you-go solar energy service company, to deliver renewable energy solutions to off-grid communities in East Africa. IFC’s equity investment of EUR 5.42 million and EUR 9.2 million from the AEF and MASSIF Dutch government funds managed by FMO brings them into partnership with Investec Asset Management’s African Private Equity…

Standard Bank buys SnapScan maker, Firepay

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JOHANNESBURG (Capital Markets in Africa) – Standard Bank has announced that it has acquired a majority stake in Firepay – the team behind South Africa’s largest mobile payments product, SnapScan. Firepay was formed in 2013 to apply new mobile payments technology to build innovative products. In 2014 Firepay, in partnership with Standard Bank, launched SnapScan to allow customers to pay for goods and services using only their mobile phone. SnapScan is now used by hundreds…

Egypt’s inflation reaches highest level since 2008, to further increases

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CAIRO (Capital Markets in Africa) – Annual inflation has reached its highest point in eight years, increasing to 20.2 percent in comparison to the figures posted in November 2015. Monthly inflation has also produced a noticeable spike, increasing to 5 percent, according to data published by the Central Agency for Public Mobilization and Statistics on Thursday. November’s annual core inflation rate – which represents long-term price trends, excluding volatile items – surged to 20.73 percent, up from…

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