The Markets | - Part 249

Ethiopia eyes bond trading in cautious capital markets opening

Addis ababa, Ethiopia (Capital Markets in Africa) — Ethiopia is seeking to create a secondary market for local currency Treasury bonds, possibly in a year or so, a move seen as a cautious step towards liberalizing one of Africa’s fastest growing economies. Ethiopia has become an increasingly attractive destination for foreign investors although the government tightly controls what sectors they can invest in. Prime Minister Hailemariam Desalegn said last month that Ethiopia was open to opening…

Taming the dollar as regional currencies take a beating

Posted on by The Editorial Team

Nairobi, Kenya (Capital Markets in Africa):- The strengthening of the dollar against other currencies has sent East Africa central banks back to the drawing board, after enjoying two years of stability, according to The East African News. The Newspaper further reported that Central banks are now making plans to protect their shillings from a free fall that has already induced inflationary pressure and increased the cost of servicing debts for governments and corporates. As a…

Egypt bourse to reduce free float required to list on EGX 30

Posted on by The Editorial Team

Cairo (Capital Markets in Africa):- – Egypt’s stock exchange said on Thursday it would reduce the free float required for new companies to list on its benchmark EGX 30, as part of structural changes to the index. Companies previously had to have a 15 percent free float to list on the EGX 30. Under the new rules, which take effect on August 1, firms will be able to join with a minimum 5 percent free float…

Egypt: 20 companies listed on EGX with EGP 5bn capital since May 2014

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- The Egyptian Stock Exchange (EGX) is preparing to welcome, for the second time, an investment conference on financial markets, reports Egypt “Daily News” citing a press release of the institution. Over 20 companies have been listed on the EGX with over EGP 5bn in capital since May 2014, EGX Chairman Mohamed Omran announced. In the statement issued by the Stock market, EGX Chairman Mohamed Omran said this “success” came…

South Africa’s Tongaat posts lower full-year earnings

Posted on by The Editorial Team

Johannesburg (Capital Markets in Africa): – South African sugar maker Tongaat Hulett posted a 16 percent drop in full-year earnings on Monday, weighed down by lower sugar output and prices. Tongaat said diluted headline earnings per share for the year to the end of March totalled 826.1 cents compared with 979 cents a year earlier. Headline earnings are the main profit gauge in South Africa and exclude certain one-off and non-trading items. Source: Reuters Africa Business…

South Africa’s rand slips as Fed remarks boost dollar

Posted on by The Editorial Team

Johannesburg (Capital Markets in Africa):- South Africa’s rand weakened on Monday along with fellow emerging markets’ (EM) currencies as the dollar rallied after the Federal Reserve signalled a rate hike by year-end. By 0700 GMT the rand slipped 0.32 percent to 11.9310 versus the dollar, which marched to a month-high after positive CPI data and strong indications by U.S. Federal Reserve chair Janet Yellen that the bank would raise rates in 2015. The news lifted…

Egyptian pound steady at official auction, weaker on black market

Posted on by The Editorial Team

Cairo (Capital Markets in Africa):– Egypt’s central bank kept the pound steady at 7.53 to the dollar at a foreign exchange auction on Sunday, while the currency weakened on the black market. The central bank has held the official exchange rate steady for more than three months since letting the pound weaken at the beginning of 2015. This weakening and other measures have helped reduce black market trading significantly. In Sunday’s auction, the bank said…

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