The Editorial Team |

GUINNESS NIGERIA RESOLVES DISPUTE WITH NAFDAC

Lagos, Nigeria – 09 March 2016: Guinness Nigeria can now confirm that a Notice of Discontinuance of the court action instituted against the National Agency for Food and Drug Administration and Control (NAFDAC) and the Attorney General of the Federation has been filed. The action was started following the receipt by the company of a letter dated 9th November 2015 from NAFDAC which, among others, imposed administrative charges of one billion naira (N1billion) on the…

Egypt Equity Markets | 09 Mar 2016: Egypt’s bourse benchmark maintains gains, market cap US$192m higher

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Cairo, Egypt, Capital Markets in Africa — Egypt Exchange equity trading ended in a positive mood for the fifth session in a row at the end of today’s session, the highest level in two months. The equity market capitalization added nearly EGP 1.5 billion (about US$192 million) to end at EGP 402.892 billion relative to the previous market capitalization of EGP 401.359 billion. The benchmark index EGX30 gained 32.80 points or 0.52 percent to close at 6,372.64…

Moody’s places South Africa’s Baa2 ratings on review for downgrade

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Johannesburg, South Africa, Capital Markets in Africa — Moody’s Investors Service has today placed the Baa2 bond and issuer ratings of the government of South Africa on review for downgrade. Also placed on review for downgrade were South Africa’s (P)Baa2/(P)P-2 shelf and MTN program ratings. The decision to place the ratings on review was prompted by the continuing rise in risks to the country’s medium-term economic prospects and to its fiscal strength, notwithstanding the tighter…

Moody’s puts three Nigerian banks on review for downgrade

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LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has placed on review for downgrade the long-term ratings of three Nigerian banks—Access Bank plc (Ba3/B1 RUR down, b2 RUR down), Sterling Bank plc (B2 RUR down, b3 RUR down) and Bank of Industry (Ba3 RUR down). In a statement, the ratings agency said that the reviews are driven by the potential weakening of the Nigerian Government’s capacity and willingness to provide support to the…

Investors expecting 10% growth left disappointed as Equity Bank Kenya posts flat Earnings

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NAIROBI, Kenya, Capital Markets in Africa — Equity Group Holdings Limited., the owner of Kenya’s biggest lender by market value, posted flat earnings that disappointed investors who had expected growth of more than 10 percent, as weaker currencies weighed on its regional operations. Net income grew 0.6 percent to 17.3 billion shillings ($170.4 million) in the 12 months through December from 17.2 billion shillings a year earlier, Chief Executive Officer James Mwangi told an investor briefing Tuesday…

Egypt Slops Limits on Foreign Currency Deposits for Individuals

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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…

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