The Editorial Team |

South Africa’s big four banks to see rise in problem loans – Moody’s

JOHANNESBURG (Capital Markets in Africa) – South Africa’s big four banks will see a rise in problem loans in the next 12 to 18 months as the economy struggles to grow, but this poses only a moderate risk to profits, ratings agency Moody’s said on Tuesday. Sluggish economic growth, forecast by the government to average 0.5 percent this year, will pose challenges for FirstRand, Standard Bank, Barclays Africa Group and Nedbank. “The subdued South African…

Egypt’s budget deficit narrows in first quarter

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CAIRO (Capital Markets in Africa) – Egypt’s budget deficit in the first quarter of 2016/17 narrowed to 2.4 percent from 2.8 percent in the same period a year earlier, two government sources told Reuters on Tuesday. “The total deficit for the first quarter of the year was around 76.816 billion Egyptian pounds ($4.47 billion) from 78.280 billion a year earlier,” one of the sources said. Egypt’s financial year starts in July. Both sources said the…

South African pension fund seeks central bank approval to increase Barclays Africa stake

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JOHANNESBURG (Capital Markets in Africa) – Africa’s biggest pension fund, Public Investment Corporation, has sought approval from South Africa’s central bank to raise its stake in Barclays Africa, two sources with direct knowledge of the matter said. Barclays Africa’s parent, Barclays Plc, wants to reduce its holding to below 20 percent, which would make it an equity investment rather than a subsidiary. The plan is part of a broader sale by the British bank of…

Newly floated Egyptian pound moves little as interbank trading begins

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CAIRO (Capital Markets in Africa) – Egypt’s pound was almost steady early on Sunday as banks began trading freely for the first time since authorities ditched the currency’s peg in a policy shift designed to crush a black market and clinch an International Monetary Fund loan. Interbank trading began at 1030 a.m. (0830 GMT) but activity was extremely slow because banks were uncertain about the propects for supply and demand of U.S. dollars. The pound…

Nigeria Capital Markets Update Week Ending Nov 04 2016

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Equities Market Review and Outlook Sentiments in the Nigerian equities market remained bearish during the week amid an influx of unimpressive Q3:2016 earnings releases as the All Share Index (ASI) slid 1.1% W-o-W while YTD loss worsened to -5.8%. Market capitalization contracted to N9.3tn as investors lost a total of N86.4bn. On Monday, the market halted its 3-day gaining streak, ending the month of October on a negative note, down 4.1% M-o-M. However, investors took…

Islamic Banking Summit seeks to harness driving forces for development of Islamic finance

Posted on by The Editorial Team

The International Islamic Banking Summit Africa Djibouti 2016 opened today with more than 250 Islamic finance leaders seeking to harness the driving forces for the successful development of Islamic finance in Africa. The Islamic finance industry offers a number of key value propositions to markets in Africa as government agencies, international Islamic financial institutions, as well as emerging local players and central banks seek to tap into the opportunities that will drive vital economic development…

Nigeria Senates Reject Three-Year Spending Plan

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LAGOS (Capital Markets in Africa) Nigeria’s Senate rejected the government’s spending plan for the next three years, less than a week after dismissing its $30 billion foreign-borrowing strategy on the grounds that the proposals lacked details. Budget and National Planning Minister Udo Udoma “is meeting with his fellow Senators today” on the matter, and will resubmit the 2017-19 spending framework with all details requested by Nov. 7, ministry spokesman James Akpandem said Friday by phone from the…

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