The Editorial Team |

Kenya’s Benchmark Stock Index Poised for Gains on Golden Cross

NAIROBI, Kenya, Capital Market in Africa — Kenya’s benchmark equity index is set to extend gains as falling yields on government debt prompt investors to seek better returns in stocks. The 50-day moving average for the Nairobi Security Exchange All Share Index climbed above the 200-day moving average this week for the first time since 2012, a so-called golden cross that signals to some traders that further gains are in store. Yields on government 164-day paper have…

Ghana’s Largest IPO at Risk as Government Drags Its Feet

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ACCRA, Ghana, Capital Markets in Africa — The largest initial public offering in Ghana’s history is at risk of falling apart after Agricultural Development Bank Ltd. missed a deadline to submit results of the sale to the nation’s regulator. The lender is waiting for its owners — the Bank of Ghana and the Ministry of Finance — to sign off on the outcome of the IPO, Solomon Atefoe, a spokesman for the Accra-based bank, said Friday in a…

Emerging Currencies Gain Third Month Led by Ruble on Oil Rebound

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LAGOS, Nigeria, Capital Markets in Africa — Russia’s ruble and the South African rand rallied, leading emerging-market currencies toward a third month of gains, as an advance in Brent crude towards $50 a barrel boosted the outlook for energy producers. The MSCI Emerging Markets Currency Index rose to a nine-month high on Friday following a 0.8 percent advance in April. The ruble extended the best start to a year on record as Russia’s central bank left borrowing costs…

Nigeria | Unilever Nigeria Plc FY 2015 and Q1 2015 Earnings Update

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LAGOS, Nigeria, Capital Markets in Africa — Unilever Nigeria Plc (“Unilever” or the “the Company”) remains one of the largest Fast Moving Consumer Goods (FMCG) Companies in Nigeria, with products, ranging from Knorr in the food stratum to Close up in the personal care division, which have more or less become household names. The Company remains the oldest surviving manufacturing organization in Nigeria. The company released its FY:2015 result in which turnover grew modestly by…

Central Bank of Egypt Keeps Policy Rate Unchanged at 10.75% in April

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CAIRO, Egypt, Capital Markets in Africa — In its meeting held on April 28, 2016, the Monetary Policy Committee (MPC) decided to keep the overnight deposit rate, overnight lending rate, and the rate of the Central Bank of Egypt’s (CBE) main operation unchanged at 10.75 percent, 11.75 percent, and 11.25 percent, respectively. The discount rate was also kept unchanged at 11.25 percent. Annual headline CPI remained at around 9 percent in February and March 2016,…

S&P sees South Africa’s banks up against growing credit risks

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Johannesburg, South Africa, Capital Markets in Africa — South Africa’s banks will find it tougher to turn a profit as the economy remains feeble for the next few years and credit risks rise, credit ratings agency Standard & Poor’s said on Thursday. Consumers, squeezed by rising interest rates, unemployment of around 25 percent and high debt levels, are a growing headache for lenders in Africa’s most advanced economy which is forecast by the government to…

Ghana’s Economy Expanded at Slowest Pace in 20 Years in 2015

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CASABLANCA, Morocco, Capital Markets in Africa — The Moroccan central bank cut its benchmark interest rate on Tuesday for the first time since December 2014 in an attempt to stimulate an economy hurt by weak cereal production and non-agriculture activity. The Bank reduced the key rate by 25 basis points to 2.25 percent, Bank Al-Maghrib said in a statement. The central bank also lowered its growth forecast for this year to 1 percent from 3…

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