Egypt | - Part 34

African Stock Market Performance at the end of May, 2015

Lagos, Nigeria (Capital Markets in Africa):- African stock market performance across the region has remained fairly flat (with merely -0.8% average return) for local investors in the month of May 2015. Figures for the Market Performance Month of May saw the Exchanges record high’s of 4.9% and 4.0% in Botswana and Ghana respectively. Several Markets went the other way recording losses ranging from 0.2% to 6.7% lead by the markets of South Africa (depreciated by 4.0%), Kenya (depreciated by 6.4%) and Namibia (down by…

Egypt, AfDB sign two loans and a grant for Sharm el-Sheikh airport development

Posted on by The Editorial Team

Abidjan, Cote D’Ivoire (Capital Markets in Africa):- The African Development Bank (AfDB) and Egypt, on May 29 in Abidjan, signed two loans and a letter of agreement. The two loans are worth US $140 million – US $90 million from the AfDB window and US $50 million loan from the Africa Growing Together Fund (AGTF). The letter of agreement concerned a grant from the Middle Income Countries (MICs) Technical Assistance Fund of UA 1.2 million…

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…

Egyptian pound steady at official auction, weaker on black market

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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…

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

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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…

Moody’s assigns Counterparty Risk Assessments to five Egyptian banks

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Cairo, Egypt (Capital Markets in Africa):- Moody’s Investors Service has today assigned Counterparty Risk Assessments (CR Assessments) to five Egyptian banks. It has assigned CR Assessments of B3(cr) to the government-owned National Bank of Egypt SAE, Banque Du Caire SAE, and Banque Misr SAE; B2(cr) to Commercial International Bank (Egypt) SAE (CIB); and B1(cr) to Bank of Alexandria SAE (Alex Bank). Concurrently Not-Prime (cr) short-term CR Assessments have been assigned to all the banks. This…

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.

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