The Editorial Team |

Nigerian recession deepens in Q3, oil output falls

LAGOS (Capital Markets in Africa) – Nigeria’s recession deepened in the third quarter and oil production fell, the National Bureau of Statistics (NBS) said on Monday, as a dollar shortage kept Africa’s biggest economy in a stranglehold. Gross domestic product contracted by 2.24 percent year-on-year, the NBS said. That was even worse than the 2.06 decline in the second quarter when Nigeria fell into recession for the first time in 25 years. The data came on…

Nigerian Equity Markets | 22 Nov 2016: Extend Losing Streak to 8th Session… NSE ASI Down 17bps

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LAGOS (Capital Markets in Africa) – The equities market continues to post losses as the All Share Index (ASI) closed lower for the 8th consecutive session. The ASI declined 17bps today to close at a 7-month low of 25,462.28 points, bringing YTD loss of the index to 11.1%. Market capitalization also dipped N12.9bn to settle at N8.8tn as overall performance was weighted down by sell pressure in FORTE (-9.7%), TOTAL (-5.0%) and PZ (-3.3%). However,…

Nigeria considers foreign exchange reforms as dollar shortages bite

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LAGOS (Capital Markets in Africa) – Nigeria is considering amendments to its foreign exchange laws to curb illegal fund transfers and insider dealing and stop individuals holding hard currency outside the banking system, a draft bill seen by Reuters on Monday showed. But a senior member of the upper house of parliament said the Senate would reject the plans proposed by the Nigerian Law Reform Commission (NLRC), which advises the government. Africa’s largest economy is facing…

Egyptian Exchange gains EGP 13.7bn on foreign buying

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CAIRO (Capital Markets in Africa) – The Egyptian Exchange finished Monday on a stronger note amid foreign buying appetite for blue-chip stocks. The main index EGX30 hit the highest mark since 8 May 2008 after adding 265.6 points or 2.36% to close at 11,543.07 points. CIB, Talaat Moustafa, SODIC, Edita, Hermes, Qalaa, Amer Group, Orascom Telecom, Ezz Steel, Domty, GB Auto, Elsewedy, Global Telecom, Pioneers, and Egyptian Resorts saw a 1.3-10% rise. Meanwhile, Kuwait…

Ghana central bank reduces policy rate by 50 bps to 25.5 pct

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ACCRA (Capital Markets in Africa) – Ghana’s central bank reduced its main policy rate by 50 basis points on Monday to 25.5 percent, which Governor Abdul-Nashiru Issahaku said reflected a better outlook for inflation and the need to boost growth. The first interest rate cut since July 2011 could herald further reductions next year as inflation, which for years has stood above government targets, begins to fall at a faster pace, according to economists. It is…

Nigeria GDP could expand 2.5% in 2017 says Moody’s

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LAGOS (Capital Markets in Africa) – Nigeria’s economy can expand by 2.5 percent next year, rebounding from a recession entered in the second quarter, as long it can keep oil output at 2.2 million barrels per day, a senior Moody’s analyst said. Africa’s largest economy faces its worst crisis in 25 years, brought on by low oil prices which have slashed government revenue, hammered its currency and caused chronic dollar shortages frustrating businesses. Third quarter gross…

Morocco Jan-Oct trade deficit rises 15.8 pct year/year

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RABAT (Capital Markets in Africa) – Morocco’s trade deficit rose 15.8 percent to 149.17 billion Moroccan dirhams ($14.87 billion) in the first 10 months of 2016 compared with the same period a year ago, due to higher imports, the foreign exchange regulator said on Monday. Equipment imports rose 23.8 percent to 95.30 billion dirhams, while auto imports were 35.5 percent higher at 11.98 billion dirhams, the data showed. Wheat imports also jumped as bad weather hurt…

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