The Markets | - Part 246

Dubai’s Emaar plans to float 13 pct Egypt unit on Cairo exchange

By Matt Smith DUBAI (Reuters) – Dubai’s Emaar Properties plans to list a 13 percent stake in its Egyptian unit on Cairo’s stock exchange, the largest listed developer in the United Arab Emirates said on Wednesday. The share sale will comprise of a public offering to retail investors in Egypt, plus a private placement to local and international institutions, according to a filing to the Dubai Financial Market. Emaar did not state when the initial…

South Africa’s rand softens as dollar rises on robust housing data

Posted on by The Editorial Team

Johannesburg, South Africa (Capital Markets in Africa):- South Africa’s rand weakened on Tuesday as the dollar was buoyed by strong U.S. housing data that revived bets of a rate hike in the world’s strongest economy by year-end. At 1502 GMT the rand had eased 0.26 percent to 11.9190 against the dollar, having ambled in the 11.80 region for most of the day before sliding lower as the greenback gained on the positive housing figures. U.S….

Egypt central bank raises EGP6.750bn in T-bonds

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):-Egypt’s central bank auctioned EGP 6.750 billion in treasury bonds on Monday. The EGP 2 billion T-bond issue was covered 1.06 times at an average yield of 11.9%. Meanwhile, EGP 3 billion worth of T-bonds were covered twice at an average yield of 12.6%. The other EGP 1.750 billion treasury bonds were covered 1.2 times.

Egypt central bank sells $37.8m in FX auction

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- The Central Bank of Egypt said it sold $37.8 million to local banks in a foreign currency auction held Tuesday, at a cut-off price of EGP 7.53 per dollar. The banks had offered $40 million. The central bank has recently offered $800 million to banks under the interbank mechanism to meet the demand for the hard currency needed for importing goods ahead of the holy month of Ramadan.

Nigeria’s foreign exchange reserves rise by 1 pct by May 15

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa):- Nigeria’s foreign exchange reserves rose marginally by 1.05 percent month-on-month to $29.80 billion by May 15 from $29.49 billion a month earlier, data from the central bank showed on Tuesday. The forex reserves of Africa’s biggest economy and top crude exporter have been on the decline since last year when the central bank used the reserves to support the ailing naira currency, which has depreciated by 7.5 percent so…

South Africa, Kenya, Nigeria Plan More ETF Cross-Listings

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa):- South Africa, Nigeria and Kenya are planning to cross-list more exchange-traded funds on their stock markets to boost liquidity of the securities, according to the Johannesburg Stock Exchange. “We reached out to East Africa and West Africa,” Tamsin Freemantle, business development manager of the South African bourse, said in an interview May 14 in the Kenyan capital, Nairobi. The JSE is “working closely with those markets to develop this cross…

Zambia’s kwacha firms over 1 pct to month-high vs dollar

Posted on by The Editorial Team

Lusaka, Zambia (Capital Markets in Africa) – Zambia’s kwacha strengthened over one percent to 7.1500 per dollar at 1029 GMT, its firmest level since April 14, buoyed by the return of global demand for copper. Consumption of refined copper in China in the second half of 2015 is likely to rise, with growing demand in the world’s top consumer likely to support global prices. Zambia is Africa’s second-biggest producer of the industrial metal. Source: Reuters Africa…

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