The Editorial Team |

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

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…

Ghana Selling Longest-Maturity Debt Yet to Help Deepen Market

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ACCRA (Capital Markets in Africa) – Ghana is selling its longest-maturity local-currency bonds yet as the West African country looks to deepen capital markets and diversify its funding profile. The government is planning to sell as much as 200 million cedis ($50 million) in a book-build on November 10, the Finance Ministry said in a statement on its website. Initial price guidance will be released on Nov. 7, it said. Ghana’s longest-duration domestic existing debt…

Mozambique searches for options to stabilize debt

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MAPUTO (Capital Markets in Africa) – Mozambique will take “all necessary steps” to put its debt on a sustainable path in order to qualify for a resumption of International Monetary Fund aid, the country’s Finance Ministry said. The government wants its creditors — which include bondholders and other lenders — to organize into a single committee to start negotiations about debt restructuring, the ministry said in an e-mailed statement Thursday, responding to earlier reports that it…

African Development Bank board approves 900 mln euro loan for Algeria

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ABIDJAN (Capital Markets in Africa) – The African Development Bank’s board approved a 900 million euro ($1 billion) loan for Algeria on Wednesday aimed at supporting reforms to help the North African nation confront falling oil revenues, it said in a statement. The money will support the government’s efforts to improve domestic revenue mobilisation and the investment climate as well as boosting the efficiency of the energy sector and promoting renewable energy.

Egypt’s longer suspension of capital gains tax will spur more investment

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CAIRO (Reuters) – The head of Egypt’s stock exchange said on Wednesday the decision to extend the suspension of capital gains tax on shares will attract investment and boost IPOs in the market. Egypt’s Supreme Investment Council opted on Tuesday to prolong for three years a freeze of a 10 percent tax on gains from shares first imposed in July 2014 as part of moves to replenish depleted state coffers. Egyptian blue chip shares rose on…

Sell Pressure on Large Cap Stocks Drags Nigerian Share Index Lower

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LAGOS (Capital Markets in Africa) – The Nigerian All Share Index recorded a loss at the end of trading today, shedding 11bps to close at 27,223.08 points on account of sell pressure on large cap stocks. Price depreciation in ETI (-4.9%), NIGERIAN BREWERIES (-0.7%), GUARANTY (-0.8%) and TOTAL (-3.6%) dragged market performance. Accordingly, investors lost N10.1bn as market capitalization trimmed to N9.4tn. Activity level was mixed as volume traded improved 8.5% to 202.7m units while…

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