The Editorial Team |

Egypt Slops Limits on Foreign Currency Deposits for Individuals

CAIRO, Egypt, Capital Markets in Africa — Egypt removed restrictions on the amount of foreign currency individuals can deposit and withdraw from banks, to ease the damage from an intensifying dollar shortage. However, Egyptian banks are still mandated to maintain caps on corporate accounts, Egypt’s central bank said in a statement on its website on Tuesday. The central bank had limited foreign currency deposits to US$50,000 per month since February, 2015, before easing the rule for…

African Stock Market February 2016: BRVM Bourse & Kenya Stocks reward local and foreign investors

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LAGOS, Nigeria, Capital Markets in Africa —Stronger commodity prices helped most African stock markets to rebound in February. The rally has been sparked by a rebound in commodity prices with gold up 21 percent from its December low. Commodities are rallying amid more optimism over economic growth in China, while negative interest rates in countries like Japan and Switzerland are increasing the appeal of gold as a safe haven. Consequently, African equity market performance measured by country equity benchmark index returns…

African Sovereign Eurobond February 2016: Spreads Narrrowing amidst unchanged Fed Rate

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Lagos, Nigeria, Capital Markets in Africa — African sovereign Eurobonds spreads narrowing in February compared to January spreads. This is as a result of the US Federal Reserve signalled that the Fed has put future rate hikes on hold but will continue to monitor closely developments in the global economy and financial markets. In addition, crude-oil price recovery on hopes that key oil producers aimed at freezing or cutting current levels of production and couple with the…

Djibouti President starts US$4 billion Mega-Gas Project

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Djibouti, Capital Markets in Africa – Djibouti President Ismail Omar Guelleh laid the foundation stone for Mega-Gas Project on Thursday 3rd March 2015. The work on the project will include 700km gas pipeline, liquefaction plant, an export terminal at Damerjog in Djibouti, to begin “shortly,” government stated in e-mailed statement. The pipeline will transport as much as 12bcm of natural gas/yr from Ethiopia to Djibouti; liquefaction plant will have the capacity to produce as much…

Nigeria – FX concerns hit business sentiment

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LAGOS, Nigeria, Capital Markets in Africa — The Standard Chartered-MNI Business Sentiment Indicator (BSI) for Nigeria fell to 59.2 in February, its lowest level since February 2015. Seasonal factors seem to have been partly at play, as activity slows in January and February following an increase over Christmas. However, concerns about the exchange rate also continue to weigh on sentiment. Nigerian businesses were concerned about current business conditions, as the economy continues to be pressured…

South Africa’s GDP grew by a modest 1.3% in 2015

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Johannesburg, South Africa, Capital Markets in Africa — In the final quarter of 2015, South Africa GDP rose by a very modest 0.6%q/q, annualised (seasonally adjusted). This compares with growth of 0.7%q/q in Q3 2015, 1.3%q/q in Q2 and 2.2%q/q in the first quarter of 2015. The latest GDP performance was slightly below market expectations, which was for growth of 0.9%q/q (STANLIB 0.9%q/q). Over the past year to Q4 2015, SA GDP rose by a…

Africa Internet Group, parent of Jumia, secures over €300M funding

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LAGOS, Nigeria, Capital Markets in Africa —- Africa Internet Group, the parent company of Jumia the online retailer, has secured over €300M in funding. This new round of investment is led by existing investors including MTN and Rocket Internet as well as a new investor, Goldman Sachs. In a statement, AIG said that the funds will significantly strengthen its balance sheet, enabling the company to leverage the significant growth of Jumia and to capitalise on…

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