The Editorial Team |

Central Bank of Egypt to auction US$1.5bn to stabilise the currency

CAIRO, Egypt, Capital Markets in Africa — Egypt’s central bank will offer US$1.5 billion today in its third special foreign exchange auction of the week, part of an effort to crush the currency black market and stabilize the Egyptian pound a day after a major devaluation. Egypt devalued the pound on Monday to 8.85 pounds to the dollar from 7.73 pounds and announced that it would shift to a more flexible exchange rate. The equity…

Nigerian Equity Markets | 15 Mar 2016: Nigerian Bourse Closes Lower on Profit Warning… NSE ASI down 0.4%

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LAGOS, Nigeria, Capital Markets in Africa — At the end of today’s trading session, the All Share Index declined 0.4% to close at 24,745.13 points as the Nigerian bourse continued its retreat into the negative zone. Congruent to the ASI, market capitalization also declined N37.3bn to settle at N8.9tn. Today’s decline was driven by price depreciation in key Banking counters such as ETI (-9.7%), DIAMOND (-8.8%) and GUARANTY (-2.5%) as ETI issued a profit warning…

Nigeria: February Headline Inflation Surges to 38-month High

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LAGOS, Nigeria, Capital Markets in Africa — The National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) figures for February 2016 today with the major Headline Index and Sub-indices at record high double-digit levels. February Headline Inflation – measured Year-on-Year (Y-o-Y) was estimated at 11.4%, 1.8% higher than 9.6% reported in January. Headline inflation has been on a steady rise since December 2014 (8.0%) with the only decline in October 2015. The current…

IMF Doubles Kenya’s Standby Loans to $1.5 Billion

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NAIROBI, Kenya, Capital Markets in Africa — The International Monetary Fund approved $1.5 billion in precautionary funding for Kenya, East Africa’s biggest economy, the Washington-based lender said on March 15. The agreement comprises a $989.8 million so-called standby arrangement and a $494.9 million standby credit facility, both for two years, the IMF said in a statement on its website. Kenya is now entitled to access about $757.5 million of the total, with the remainder available in four portions…

Mozambique Central Bank Keeps Benchmark Rate at 10.75% in March

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MAPUTO, Mozambique, Capital Markets in Africa — The Bank of Mozambique has decided to increase key interest rates, and the marginal lending facility was kept at 10.75 percent as well as the deposit facility (the rate the central bank pay to the commercial bank deposit money) remained unchanged at 4.25 percent, the central bank said in a statement released after the Bank’s Monetary Policy Committee on Monday. A statement from the Bank’s Monetary Policy Committee,…

South Africa national budget remains one of the most transparent in the world.

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Johannesburg, South Africa, Capital Markets in Africa — The Open Budget Index (OBI) is the world’s only independent, comparative measure of central government budget transparency. The OBI assigns countries covered by the Open Budget Survey a transparency score on a 100-point scale. The survey focuses specifically on whether the government provides the public with timely access to comprehensive information in accordance with international good practice standards. According to the findings of the latest survey (2015), the…

African IPOs Set to double Capital Raised in 2016 amid of slow growth

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LONDON, Capital Markets in Africa — Africa’s equity capital markets are set for a strong 2016 following a reasonable 2015 despite commodity price falls and capital flight from emerging markets hitting the continent’s major economies. Fifteen IPOs are already in the pipeline, with one, Nigeria’s Interswitch, which processes payments for banks and operates in five African countries, could be Africa’s first billion dollar IPO and first public Fintech company if it proceeds with plans to…

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