Forex | - Part 14

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…

Ghana Market Watch | May 21st 2015: Ghanaian benchmark index adds 0.88 percent

Posted on by The Editorial Team

Accra, Ghana (Capital Markets in Africa):- Ghana equity benchmark composite index added 20.28 points to end the day at 2,337.61, representing a year- to- date return of 3.39%. The Financial Index also added 28.15 points to 2,392.51 with a year-to-date return of 6.64%. The market capitalization was recorded at GHS 64,440.64 million (added GHS 110 million from previous market cap). Whereas, the trading activity on the market witnessed lower volumes and turnover compared to the Wednesday’s session. At the close of…

Tiger Brands’ Nigerian arm hit by naira weakness

Posted on by The Editorial Team

Johannesburg, South Africa (Capital Markets in Africa):- – Tiger Brands, South Africa’s biggest consumer foods manufacturer, reported flat first-half earnings on Wednesday, weighed down by its operations in Nigeria. Tiger Brands, which makes cereal, energy drinks, pasta and rice, said diluted headline earnings per share fell by 1 percent to 837 cents in the six months ended March. Headline earnings per share is the main profit gauge in South Africa that strips out certain one-off items. Sales…

Ghana Market Watch | May 20th 2015: Ghana equity market bounces to bullish

Posted on by The Editorial Team

Accra, Ghana (Capital Markets in Africa):- Ghana equity markets bounced back from yesterday’s slide with gains in two banking stocks propelling the indices. The benchmark Composite Index gained 1.16 points to close trading at 2,317.33, representing a year- to- date return of 2.49%. The Financial Index also added 6.78 points to 2,364.36 with a year-to-date return of 5.38%. The market capitalization was recorded at GHS 64,330.06 million (added GHS 6.3 million from previous market cap). At the close of trading, a total…

Botswana Market Watch | May 20th 2015: Botswana stocks on uptrend

Posted on by The Editorial Team

Gaborone, Botswana (Capital Markets in Africa):- The Botswana domestic composite index kept its upward impetus by gaining 46.45 point (0.45 percent) to extended its year to date gains by almost 10% ending with 10,443.37 points. While the foreign composite index remained flat to close at 1,569 points. The equity market capitalization was recorded at BWP 381.325 billion. Looking at market activity, the total volume and total turnover were recorded at 4.091 million and BWP 29.855 million respectively. BIHL GROUP recorded…

Nigeria’s central bank holds interest rate at 13 pct

Posted on by The Editorial Team

Abuja, Nigeria (Capital Markets in Africa):- Nigeria’s central bank held its benchmark interest rate unchanged at 13 percent on Tuesday, stressing the need to preserve foreign exchange reserves that have been depleted in recent months to support a weakening naira. At the last policy meeting before president-elect Muhammadu Buhari takes office in Africa’s largest oil producer on May 29, central bank governor Godwin Emefiele said it was not possible for the regulator to intervene on…

South Africa’s rand softens as dollar rises on robust housing data

Posted on by The Editorial Team

Johannesburg, South Africa (Capital Markets in Africa):- South Africa’s rand weakened on Tuesday as the dollar was buoyed by strong U.S. housing data that revived bets of a rate hike in the world’s strongest economy by year-end. At 1502 GMT the rand had eased 0.26 percent to 11.9190 against the dollar, having ambled in the 11.80 region for most of the day before sliding lower as the greenback gained on the positive housing figures. U.S….

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