The Markets | - Part 250

BRVM Investment Days: West Africa’s financial centre comes closer to the London Stock Exchange

LONDON, United-Kingdom, April 29, 2015/ — On the occasion of the second edition of the BRVM Investment days, the regional stock exchange for the eight countries of the West African Economic and Monetary Union (WAEMU) and many West-African companies have met investors from the London Stock Exchange. The regional stock exchange Bourse Régionale des Valeurs Mobilières (BRVM) welcomes the success of the second edition of its BRVM Investment days, held on April 28 at the…

Egyptian investors turn to courts to abolish tax on capital gains, dividends

Posted on by The Editorial Team

CAIRO (Reuters) – Egyptian investors challenged the government in court on Tuesday over a tax on stock dividends and capital gains, saying it is causing confusion and hampering investment. Traders say the market still doesn’t understand how the tax will be calculated or collected, adding to uncertainty aroused by an indefinite delay to parliamentary elections. The stock market hit a four-month low in early trade. The head of the Egyptian stock exchange complained the tax…

Tanzania revives plans to float its debut USD 700m Eurobond to fund key projects

Posted on by The Editorial Team

Tanzania has revived its plan to float a debut TZS 1.1tn (USD 700m) Eurobond to fund infrastructure projects, especially in the gas sector. This is despite several failed attempts since 2008. The East African reports that the Ministry of Finance and Economic Affairs, during the financial year 2013/14, awarded ratings agency tenders to Fitch, Standard & Poors and Moodys. However, the companies declined the offer on the grounds that they were not ready to work…

Ugandan shilling weaker on central bank liquidity injection

Posted on by The Editorial Team

KAMPALA (Reuters) – The Ugandan shilling eased on Tuesday, undermined by an injection of local currency into the market by the central bank and was seen trading with a bearish bias this week. At 0838 GMT commercial banks quoted the shilling at 3,005/3,015, weaker than Monday’s close of 3,000/3,010.”There was liquidity tightness but the central bank injected shillings which has pushed the unit lower (weaker),” said David Bagambe, trader at Diamond Trust Bank Uganda. The…

Nigeria: DMO comfortably raised US$350

Posted on by The Editorial Team

Nigerian Debt Management Office held its latest monthly auction of FGN bonds on Wednesday and comfortably raised its target of N70bn (US$350m). The total bid of N186bn was the highest since July 2014 and a sharp increase on the previous month’s N116bn. Local institutional buying picked up on the positive momentum generated by the elections. The offshore community also made an appearance: some players may have re-entered the market, having seen the theory of a…

South Africa’s rand recovers as soft U.S. data weighs on dollar

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand strengthened against the dollar on Thursday as soft U.S. housing and jobs data weighed on the dollar, adding uncertainty over the timing of a rate rise from the Federal Reserve. At 1530 GMT, the rand was trading 0.61 percent firmer at 11.9925 to the dollar, compared with an overnight close of 12.0320 in New York. “The U.S. data is very soft, so thatâ€™s supporting the trend of slight bearing…

Templeton’s Mobius says good time to invest in Nigerian stocks

Posted on by The Editorial Team

LONDON (Reuters) – Veteran emerging markets investor, Franklin Templeton’s Mark Mobius said on Thursday that it was a good time to invest in Nigeria, which he sees as one of the most attractive frontier market destinations. “There are significant challenges ahead, but we believe the positives outweigh the negatives and think it’s a good time to invest in Nigeria – if we are patient and selective,” Mobius, who runs the Templeton Emerging Markets Trust said…

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