The Editorial Team |

Buhari Says Nigeria’s Currency Squeeze Is a ‘Temporary Phase’

LAGOS, Nigeria, Capital Market in Africa — Nigerian President Muhammadu Buhari said the foreign-exchange squeeze being faced by the country is a “temporary phase” to be overcome when structural problems are addressed. “It grieves me that so many manufacturing industries in the country today are groaning and frustrated because of lack of foreign exchange to import raw materials and spare parts,” Buhari said Monday at the start of a meeting on the economy in Abuja,…

Ghana Central Bank Leaves Benchmark Rate Unchanged at 26%

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ACCRA, Ghana, Capital Markets in Africa — Bank of Ghana retained its benchmark rate at 26 percent, as a result ease in inflation pressures, according to statement issued by Ghana’s central bank at the end of the Monetary Policy Committee meeting held on 21st March 2016. In February, headline inflation declined to 18.5 percent, dragged down by lower non-food inflation. The monthly inflation rates also indicated some slowdown in February, supported largely by stability in…

Nigeria | Easing Cycle Over but Committee to Hold-Off on Tightening

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LAGOS, Nigeria, Capital Markets in Africa —-The Monetary Policy Committee (MPC) will be meeting next week (21st and 22nd March 2016) – for the 2nd time in the year – since its last meeting in January 2016 to review developments in the domestic and global fronts as well as take key policy decisions. This meeting is coming against the backdrop of renewed optimism in the global economy, albeit tepid; sustained sub-optimal domestic economic performance and…

Private Equity | Africinvest invests in MicroKing Finance Zimbabwe

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Harare, Zimbabwe, Capital Markets in Africa — Microcred Group (Microcred) and AfricInvest Financial Sector Fund (AfricInvest) are pleased to announce they have reached an agreement to acquire a 100% ownership stake in MicroKing Finance (Private) Limited (MicroKing), a leading provider of microfinance products and services in Zimbabwe. The transaction is pending final regulatory approval. Microcred, a leading innovative financial institution focused on financial inclusion in Africa & Asia, and AfricInvest, a pan-African private equity fund manager,…

DANGOTE SUGAR RELEASES FULL YEAR 2015 RESULTS – FIRST TAKE

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LAGOS, Nigeria, Capital Markets in Africa — Dangote Sugar Refinery (DSR) (BUY. TP: N8.77) released its full year 2015 results yesterday. Revenue came in higher than our forecast, up 6.5% YoY to N101.1 billion (PAFR 2015E: N97.7 billion) while earnings were in line with our estimates with PBT up 8.3% YoY to N16.5 billion (PAFR 2015E: N17.1 billion) and PAT flat at N11.5 billion (PAFR 2015E: N11.3 billion). The top-line beat was on a stronger…

South Africa’s Reserve Bank Raises Repo rate by 25 basis points in March

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Johannesburg, South Africa, Capital Markets in Africa — The South Africa Reserve Bank’s Monetary Policy Committee (MPC) raised the Repo rate by 25 basis points to 7.00%, as a result of inflation rise concern. This takes the cumulative increases to 2.00 percentage points since the MPC started tightening policy in January 2014. Regarding inflation, the MPC commented that since the previous MPC meeting in January, headline inflation has exceeded the upper end of the target…

NESTLE NIGERIA RELEASES FULL YEAR 2015 RESULTS – FIRST TAKE

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LAGOS, Nigeria, Capital Markets in Africa — NESTLE (HOLD, TP: N721.72) released its audited full year 2015 results earlier today. While topline came in below our expectations at N151.3 billion (PAFR 2015E: N157.5 billion), earnings were in line with our estimates with PBT up 19.9% to N29.3 billion (PAFR 2015E: N28.8 billion) and PAT up 6.8% to N23.7 billion (PAFR 2015E N24.2 billion). Key drivers for revenue growth (up 5.5%) were price increases, new product lines…

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