The Editorial Team |

Egyptian Exchange gains EGP 13.7bn on foreign buying

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…

Pre-MPC Note: Blunted Policy Tools Call for Rollback of Administrative Measures

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LAGOS (Capital Markets in Africa) – Next week Monday and Tuesday (21st and 22nd November), the Monetary Policy Committee (MPC) of the CBN will be holding its 6th and last meeting in 2017 to review major developments in the global and domestic space in order to make vital policy decisions. Since the last MPC meeting held in September, the global risk landscape and policy outlook have changed dramatically, underlined by the emergence of Donald Trump…

Nigeria Capital Markets Update Week Ending Nov 18 2016

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Equities Market Review and Outlook The bearish trend in the local bourse was unrelenting this week in continuation of last week’s performance as the equities market closed in the red on all trading days owing to negative sentiment towards large cap stocks across sectors. Accordingly, the All Share Index (ASI) fell 2.4% W-o-W to settle at 25,537.54 points whilst YTD return worsened to -10.8%. Market capitalization also contracted N218.1bn to close at N8.8tn. The benchmark…

Nigeria needs billions in new investment to raise oil output, producer says

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LAGOS (Reuters) – Nigeria needs at least $14 billion a year in new investment over the next five years to raise oil output to 2.2 million barrels a day (bpd) and even higher spending to lift it to 3 million bpd, the head of a company producing oil in the country said. Ladi Bada, chief executive of Shoreline Natural Resources, a joint venture with oil and gas interests in southern Nigeria, estimated that about $9 billion…

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