Egypt | - Part 11

EFG-Hermes Hires Exotix Banker to Lead Frontier Market Expansion

CAIRO (Capital Markets in Africa) – EFG-Hermes Holding SAE hired former Exotix Partners LLP banker Ali Khalpey to head its frontier division as it seeks to expand into new markets. The Cairo-based investment bank named Khalpey as chief executive officer of EFG-Hermes Frontier that will focus on securities brokerage, investment banking and research, the lender said in an e-mailed statement on Tuesday. Khalpey previously worked for Exotix Africa LLP, Blackrock Inc., Investec and Renaissance Capital LLC, it said. With growth in…

World’s Biggest Stock Surge After Fed Hike Isn’t Done Yet

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egyptian stocks are shrugging off emerging-market losses to post the world’s biggest gains since the Federal Reserve raised interest rates. The rally may extend into 2017, according to EFG-Hermes Holding. The nation’s Nov. 3 decision to float its currency, effectively cutting its value by half, has unleashed the biggest inflows of foreign investment into the stock market since the 2011 Arab Spring. The pound’s weakness has kept the benchmark EGX 30 Index trading at a discount…

AfDB signs US$ 500 million, 2nd tranche of budget support loan for Egypt

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The African Development Bank, on 19th December 2016, signed a loan of US$ 500 million to finance the Egypt Economic Governance and Energy Support Program Phase II. The loan, which was approved by the Bank’s Board of Executive Directors on 13th December 2016, is the second tranche of a three-year, US$ 1.5 billion programmatic series, covering the fiscal years 2015/16 to 2017/18 (July-June). It builds on the first phase of the…

Egypt 3-month, 9-month bills rises, Ghana 91-day bill yield eases

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Yields on Egypt’s three- and nine-month Treasury bills rose at an auction on Sunday, central bank data showed. Yields on the 91-day bill rose to an average of 18.917 percent from 18.513 percent at the previous action. Yields on the 266-day bill rose to 19.103 percent from 18.814 percent. Whereas, the Bank of Ghana said the yield on its weekly 91-day bill fell to 16.6759 percent at an auction…

Algebra Ventures in Egypt hits $40m mark

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Algebra Ventures has completed a US$40-million first closing. Algebra claims that it’s the largest tech VC fund in Egypt. According to a press release sent to Ventureburn, the fund will invest in up 25 tech startups or “tech-enabled” start-ups. Focus areas include “technology IP, fintech, industry platforms, e-commerce and consumer internet”, Algebra explained. As for funding amounts, Algebra confirmed that investments would mostly be in the range of US$500…

Egypt Market Watch | Dec 15 2016: Egyptian Stock ends in green zone

Posted on by The Editorial Team

Cairo (Capital Markets in Africa) – The Egyptian Exchange finished Thursday’s trading session on a higher note, backed by foreign investors’ purchases. The main index EGX30 edged up 8.9 points or 0.08% to 11,326.03 points. The small and mid-cap EGX70 inched up 0.24% to 451.71 points. The broader index EGX100 ended higher 0.14% to 1,064.36 points and the equal-weighted index increased 5.8 points or 0.32% to 1,819.8 points. Market capitalization added EGP 571.06 billion to…

Egypt’s inflation reaches highest level since 2008, to further increases

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Annual inflation has reached its highest point in eight years, increasing to 20.2 percent in comparison to the figures posted in November 2015. Monthly inflation has also produced a noticeable spike, increasing to 5 percent, according to data published by the Central Agency for Public Mobilization and Statistics on Thursday. November’s annual core inflation rate – which represents long-term price trends, excluding volatile items – surged to 20.73 percent, up from…

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