News | - Part 77

South Africa rating not expected to change in next 24 months -S&P

JOHANNESBURG (Reuters) – South Africa’s credit rating is unlikely to change at another review in June or in the next 24 months, but an electricity crunch will shave 0.3 percent off this year’s economic growth, Standard & Poor’s said. In its macroeconomic outlook for Africa’s most advanced economy on Monday, S&P forecast growth of over 2 percent this year, which would accelerate in 2016 and beyond. But it warned that wage demands from the public…

Kenyan shilling weakens as traders meet dollar demands

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling weakened slightly on Monday, with banks coming into the market to buy dollars to meet anticipated demand and square their positions.At 0750 GMT, commercial banks quoted the shilling at 91.25/35 to the dollar, compared to Friday’s close of 91.15/25 per dollar.”Guys have come in to take advantage of the lower rates to meet some of their demands,” said Martin Runo, a senior trader at Chase Bank.”Once the shilling started strengthening,…

Nigeria’s banking share index up 7.4 percent

Posted on by The Editorial Team

The Nigeria’s Top-10 banking index surged 7.4 percent at the end of Friday’s trading day, as a result of the two top lenders reported higher profits, Guaranty Trust Bank (GTB) and Zenith Bank recorded an impressive growth of 14.8% year-on-year in gross earnings to N403.3bn from N351.5bn in FY:2013. Likewise, GTB gross earnings advanced 14.8% from N242.7bn in 2013 financial year to N278.5bn in 2014 financial year, 4.3%. Their shares rose by 10.2 percent. The benchmark index –…

MTN to spend R30bn on infrastructure upgrades

Posted on by The Editorial Team

MTN will invest close to R30bn this year to grow its infrastructure in the 23 countries where it operates, in an effort to attract 17.5-million more customers. The bulk of the expenditure has been set aside for SA, where it has suffered declining revenue, and Nigeria. The board had authorised investment spending of R10bn on South African cellphone and fibre-optic networks, said CE Sifiso Dabengwa on Wednesday. That is nearly double the R5.7bn spent upgrading…

JSE delivered a strong performance in 2014

Posted on by The Editorial Team

The Johanneburg Stock Exchange (JSE) delivered a strong performance in 2014, making it more difficult for competitors to take on the local stock exchange, rated the 19th largest in the world. The JSE, as it stands, continues to be a profitable organisation, and in 2014 earnings per share rose 25% to 742.4c. Group earnings before interest and tax increased 22% to R704m. An ordinary dividend of 400c per share and a special dividend of 80c…

Zenith Bank Gross Earnings up 14.8%

Posted on by The Editorial Team

Zenith Bank (“Zenith” or “the Bank”) yesterday released its audited FY:2014 result on the floor of the Nigerian Stock Exchange (NSE), outperforming our expectations. We present the highlights of the result and our FY:2015 estimates. Gross Earnings up 14.8% Y-o-Y; PAT up 4.3% Y-o-Y The wave of the release of banks’ FY:2014 results intensified yesterday, building investors’ momentum as Zenith recorded positive growth in both top and bottom line notwithstanding Central Bank of Nigeria’s (CBN)…

Kenya set for faster growth, says World Bank

Posted on by The Editorial Team

NAIROBI–Low oil prices and loose monetary policy in the U.S. have bolstered Kenya’s economy, East Africa’s largest, helping it grow faster than expected last year and setting it on course for sustained growth in the years ahead, the World Bank said in a report Thursday. The risk for sub-Saharan Africa’s fifth-largest economy is that international economic conditions won’t necessarily remain so favorable, given weak demand for goods in the eurozone, still grappling with slack growth,…

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