The Editorial Team |

Africa’s Richest Person Drops $3.7 Billion on Plunging Naira

LAGOS, Nigeria, Capital Markets in Africa Nigerian billionaire Aliko Dangote, Africa’s richest person, fell 25 places on the Bloomberg Billionaires Index on Monday as the naira tumbled on its first day of trading without a peg to the U.S. dollar. Dangote’s fortune fell $3.7 billion, knocking him to No. 71 on the Bloomberg ranking, down from No. 46 on Friday. The majority of Dangote’s $12.7 billion fortune is derived from a 91 percent stake in Dangote Cement…

Mauritius Eyes Nigeria, Other Africa Markets to Grow Tourism

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Port Louis, Mauritius, Capital Markets in Africa: Mauritius is targeting Nigeria and other African nations to help sustain growth in tourism revenue that’s expected to reach almost 10 percent this year, Deputy Prime Minister and Tourism Minister Xavier Luc Duval said. The country received 114,796 visitors from Africa in the first five months of this year, accounting for 22 percent of the total, according to Statistics Mauritius. Of the visitors from Africa, more than half came from the…

Kenyan Central Bank Signals Rates on Hold as Inflation Slows

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank signaled it will keep interest rates unchanged after inflation slowed to within the government’s target range. The bank last month cut its benchmark lending rate by one percentage point to 10.5 percent, the first reduction in three years, as consumer-price growth eased to 5 percent, the slowest pace since June 2013. Inflation will probably remain steady even as fuel costs rise and after the Treasury announced tax increases…

Oil Halts Gain Near $49 Before U.S. Stockpile Data, Brexit Vote

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LAGOS, Nigeria, Capital Markets in Africa: Oil halted gains near $49 a barrel as markets awaited weekly U.S. stockpile data, while the U.K. referendum on membership of the European Union remained too close to call. Futures slid as much as 1 percent in New York. U.S. inventories probably fell by 1.5 million barrels last week, keeping them more than 100 million barrels above the five-year average, according to a Bloomberg survey before government data Wednesday. Separate polls showed leads…

Congo Franc Hits New Low Against Dollar on Parallel Market

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Congo, Capital Markets in Africa: The Democratic Republic of Congo’s franc fell to a record low against the dollar on the parallel market as the slump in commodity prices takes its toll on Africa’s biggest copper producer. The Congolese franc traded at an average of 1,001 to the dollar on the parallel market on June 16, the Prime Minister’s office said Monday in an e-mailed statement, bringing its decline this year to 7 percent. On the official market, the…

Nigerian Equity Markets | 20 June 2016: Equities Buck Gaining Trend…NSE ASI down 163bps

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LAGOS, Nigeria, Capital Markets in Africa: In a complete reversal of the bullish trend which began after the Press briefing of the CBN Governor – where the guidelines for the operation of the flexible exchange rate were released- the Nigerian Equities market closed in the red today. Despite the increasing expectation of foreign investors’ return to the market, profit taking thrived as investors sold off on stocks that gained significantly in the previous week. As…

Banking | Pan-African lender Ecobank may close some operations

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LOME, Togo, Capital Markets in Africa: Ecobank is reviewing its expansion strategy following a decline in profits and may pull out of some African countries to focus on its most promising markets, chairman Emmanuel Ikazoboh told Reuters. Ecobank is based in Togo and operates in 36 African countries, making it a rare example of a pan-African bank that has developed outside South Africa, home to giants such as Standard Bank and FirstRand. But falling global…

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