The Editorial Team |

Egypt Stocks Rise Most in World as Bonds Rally on IMF Loan Talks

CAIRO, Egypt, Capital Markets in Africa: Egyptian stocks and bonds rallied after the government said it’s negotiating with the International Monetary Fund for a loan to help revive its battered economy. The EGX 30 Index advanced 4.7 percent to 7,894.03 at 11:08 a.m. in Cairo, the biggest gain among more than 90 gauges tracked by Bloomberg globally. Commercial International Bank Egypt was the largest contributor to the jump, climbing 6.8 percent, the most on a closing basis since…

Egypt Seeks $12 Billion IMF Loan to Repair Battered Economy

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CAIRO, Egypt, Capital Markets in Africa: Egypt plans to secure a $12 billion loan from the International Monetary Fund to ease a crippling dollar squeeze and restore confidence in the economy, an accord that would be the fund’s biggest aid package in a region pummelled by political unrest and the plunge in oil prices. Stocks surged after authorities said on Tuesday evening they will finalize terms with an IMF team set to visit Cairo from July…

Kenya Leads in Mobile Remittances Globally, WorldRemit Says

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NAIROBI, Kenya, Capital Markets in Africa: Kenyans living abroad sent one million mobile-phone money transactions through transfer company WorldRemit over the past five years, the most of 50 nations where the services are used. Remittances are the leading source of foreign exchange in East Africa’s biggest economy and hit a record of $156.1 million in June from $146.8 million in the previous month, according to Central Bank of Kenya data. London-based WorldRemit processes 450,000 transactions every month, 50,000 of them transfers to Kenya, the…

Market Watch: Emerging-Market Stocks Advance With Volatility at 11-Year Low

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose toward the highest level since China’s currency devaluation last year, while volatility fell to an 11-year low, on optimism earnings are improving and central banks remain supportive of growth. Egyptian stocks rallied the most in the world after the government said it’s nearing the final stages of talks for an International Monetary Fund loan. Turkey’s benchmark index headed for a one-week high, rising with the country’s bonds and currency,…

Kenyan Banks Seen Resisting Lower Loan Costs After Rate Cut

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NAIROBI, Kenya, Capital Markets in Africa: The Central Bank of Kenya’s reduction of the benchmark rate used by lenders to set borrowing costs may have caught commercial banks by surprise but they may find ways to dodge lowering lending rates. “Which bank would want to lend at a lower rate, taking more risk for lower returns?” Faith Atiti, a research analyst at Commercial Bank of Africa Ltd., said by phone from Nairobi. Banks will probably increase premiums and…

Pound Slumps as Egyptian Banks ‘Scrape Barrel’ Over FX Shortage

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CARIO, Egypt, Capital Markets in Africa: The Egyptian pound extended a record low on the black market, as tighter restrictions on the use of local debit and credit cards overseas and comments by the central bank governor stoked speculation of a devaluation. The pound fell to 12.99 per dollar on Tuesday from 12.02 last week, according to the average quote of five currency traders in Cairo and Alexandria. That’s the lowest since Bloomberg started tracking black…

Top Tips For Independent Day Traders

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Day trading can seem like an impossible struggle for the newcomer. Yet by following a few simple guidelines it very quickly becomes a way of life and a great way to earn money and success. To the outsider, it all seems very risky, yet with patience and dedication, the process can be very rewarding. In this article, we will give some top tips to traders with financial knowledge looking to start trading independently. These points…

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