Economy | - Part 25

Egyptian pound steady at official auction, weaker on black market

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…

AfDB sees Africa’s GDP growth nearing pre-crisis levels

Posted on by The Editorial Team

Abidjan, Ivory Coast (Capital Markets in Africa) – African economies will grow 4.5 percent this year and 5 percent in 2016, approaching levels last seen before the 2007 global financial crisis, as economic prospects improve worldwide, the African Development Bank (AfDB) said. The AfDB estimates that Africa’s gross domestic product expanded by 3.9 percent in 2014 despite sharp falls in international commodity and oil prices, an Ebola epidemic and pockets of political instability and armed conflict….

South Africa’s central bank keeps repo rate steady at 5.75 pct

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Pretoria, South Africa (Capital Markets in Africa): – South Africa’s Reserve Bank left interest rates unchanged as expected on Thursday but warned the deteriorating inflation outlook meant the stance cannot be “maintained indefinitely”. The bank has kept its benchmark rate steady at 5.75 percent since July last year as Africa’s most advanced economy struggles with power shortages being the biggest risk as state utility Eskom fails to cope with demand. But rising electricity and oil prices…

Cameroon cocoa exports up 24 pct y/y in April

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Younde, (Capital Markets in Africa):- Cameroon cocoa exports jumped 24 percent to 181,893 tonnes year-on-year by end-April since the start of the 2014/15 season on Aug. 1, data from the sector’s regulator showed on Tuesday. Statistics from the National Cocoa and Coffee Board (NCCB) showed that Africa’s fourth biggest grower shipped 4,384 tonnes of cocoa beans in April, down from 10,810 tonnes in March. But exports rose slightly, compared with 3,043 tonnes exported during the same…

South Africa’s SacOil exits Nigeria JV on weaker oil prices

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Johannesburg, South Africa (Capital Markets in Africa) :- South Africa’s SacOil Holdings has ended its joint venture with Nigeria’s Nigdel United Oil Company and abandoned its oil licence in that country as softer oil prices forced the firm to cut costs. Global oil prices have dropped by about 40 percent over the last year on oversupply concerns, forcing many companies to avoid risky exploration. Some oil companies are also forming alliances to ride out the…

Nigeria Capital Market: Week Ended 2nd April, 2015

Posted on by The Editorial Team

Domestic Polity Stability Spurs Capital Market Resurgence Following an extended period of political uncertainty and weakening macro-economic indicators which depressed investors’ confidence and beclouded the performance of Africa’s largest economy, the economy seems to be rebounding. The rear outcome of the presidential election which saw the unseating of the incumbent People’s Democratic Party’s Goodluck Jonathan and the historic victory of General Muhammadu Buhari is telling on the future of Nigeria as the African economic power…

IMF says Rwanda economy to expand by 6.5 pct this year

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KIGALI (Reuters) – Rwanda’s economy is expected to grow by 6.5 percent this year from 7.0 percent in 2014, while inflation will remain contained, the International Monetary Fund said on Thursday. Rwanda’s government has said last year’s economic growth was buoyed by robust expansion in farming, services and industrial sectors, rising from 4.6 percent in the previous year. The east African nation’s 2013 growth suffered from cuts in budgetary support by donors, after United Nations…

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