The Editorial Team |

Nigeria Maintains Oil-Revenue Forecast Despite Output Decline

LAGOS, Nigeria, Capital Markets in Africa: Nigeria maintained revenue forecast for this year’s budget based on daily oil production of 2.2 million barrels despite output falling over the past month, reaching a 20 year low currently. The government of Africa’s biggest economy is keeping price assumptions at $38 per barrel, Budget Minister Udoma Udo Udoma told reporters in the capital, Abuja, on Thursday. Nigeria recently dropped to second place behind Angola as Africa’s largest oil producer following…

Angolan President Jose continues central bank shakeup

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LUANDA, Angola, Capital Markets in Africa: Angolan President Jose Eduardo dos Santos replaced two deputy central bank governors on Wednesday, his office said in a statement, the latest round of shake-ups at the bank as the oil-rich African country seeks assistance from the IMF. Dos Santos in March appointed little-known Valter Filipe da Silva as Angola’s new central bank governor after José Pedro de Morais resigned. His office said Gualberto Manuel Amaro Lima Campos and…

Nigerian Equity Markets | 11 May 2016: Nigerian Equities Market Closes Limp … NSE ASI down 6bps

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LAGOS, Nigeria, Capital Markets in Africa: The Nigerian bourse declined further at the end of today’s trading session, albeit marginally as the All Share Index eased 6bps to close at 25,630.62 points. Market capitalization settled at N8.8tn as investors lost N2.1bn. The benchmark index was dragged by the depreciation in DANGCEM (-2.1%), FLOURMILL (-4.9%), and WAPCO (-0.7%), offsetting the gains in NESTLE (+2.8%), GUARANTY (+1.2%), NIGERIAN BREWERIES (+0.4%) and TIGER BRAND (+10.0%). Market activity was…

IMF Says Ghana fiscal adjustment is on track with improved cash deficit

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ACCRA, Ghana, Capital Markets in Africa: A team from the International Monetary Fund (IMF), led by Joël Toujas-Bernaté, visited Ghana from April 27-May 11, 2016, to conduct discussions on the third review of Ghana’s financial and economic programme supported by the IMF’s Extended Credit Facility (ECF). The ECF is a lending arrangement that provides sustained programme engagement over the medium to long term in case of protracted balance of payments problems. The arrangement for Ghana…

British Prime Minister tags Nigeria Most-Corrupt Nations

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LONDON, Capital Markets in Africa: When U.K. Prime Minister David Cameron decided to host the first international summit focused exclusively on efforts to combat corruption, he couldn’t have imagined how uncomfortable the commitment would become. In April, the Panama leaks forced Cameron to admit he’d invested in an offshore fund set up by his stockbroker father. While there was no suggestion of wrongdoing, the revelation was a political embarrassment. Then on Tuesday, he was caught on camera telling Queen Elizabeth…

Egypt | Inflation at 20-Month High in Egypt Adds Pressure to Raise Rates

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CAIRO, Egypt, Capital Market in Africa: The rate increase that followed the biggest one-time devaluation of the Egyptian pound in March may represent the start of a tightening cycle, as prices rose at the fastest pace in 20 months. Annual core inflation, a gauge of price increases of non-volatile consumer goods, reached 9.51 percent last month, the highest level since August 2014, the official statistics agency said on its website. Headline inflation in urban areas rose to 10.3 percent,…

Investors Targeting African Banks Despite High Risks, Fitch Says

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LAGOS, Nigeria, Capital Markets in Africa: Fitch Ratings-London-10 May 2016: With the exception of South Africa, sub-Saharan African banks tend to have highly speculative fundamental credit quality, but strategic investors are still looking to expand in the region, says Fitch Ratings. Barclays is progressing with the sale of its African banking franchise, Nigeria’s United Bank for Africa is diversifying into new countries and Morocco’s BMCE Bank is increasing its stake in a Sub-Saharan subsidiary. The…

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