Weekly African Footprint: October 31, 2014

Below is a headline summary of our Weekly African Footprint. Please click here for more detailed reports. It includes the following:

Quick summary table displaying the performance of all the African Stock Exchanges and African currencies on a WTD and YTD basis. Summaries of the keys markets and relevant economic and corporate news.

Do not hesitate to contact us should you require further information.


Egypt

•  UAE firm set to produce 300,000 tonnes of wheat in Egypt's Toshka
•  IMF cuts Egypt's growth forecast citing concerns on tourism revenues
•  Egypt stocks tumble 1.44% as OTMT, EFG fall
•  Egypt's M2 money supply up 15.63 pct on year in September

Ghana

•  Ghanas energy sector receives US$4 billion boost
•  Inflation to end 2014 at 17%

Kenya

•  Safaricom to invest Sh30bn in upgrade of infrastructure
•  Price wars, fraud push 14 insurance firms into losses
•  Kenya's East African Portland Cement full-year earnings drop
•  Kenya's Equity Bank nine-month pretax profit jumps 25 pct
•  Kenya scores poorly in ease of doing business ranking
•  Kenya central bank seeks to mop up 8 bln shillings in liquidity
•  Kenya to review growth target after rebasing-central bank chief
•  Kenyan shilling firm, still supported by bond sale
•  Kenya's central bank to leave rates on hold until Q2 2015

Mauritius

•  Mauritius central bank holds repo rate at 4.65 pct
•  Mauritius 15-year bond yield falls to 6.97 pct

Nigeria

•  Zenith Bank records single-digit growth in Q3 profit
•  Alcatel-Lucent, MTN to boost broadband connectivity in Nigeria
•  UBA records 12% growth in earnings
•  Nigeria's Sterling Bank 9-month pretax profit rises 41 pct
•  UBA Partners Firm to Deliver e-Commerce Platform
•  Nigeria's SevenUp Bottling Co. 9-month profit up 16.2 pct
•  Nigeria's Diamond Bank 9-month pretax profit down 7.2 pct
•  Nestle Nigeria profit down slightly, dividend up nearly 7-fold
•  FCMB Secures $300m Facility from DFIs, Others
•  Zenith Bank Posts N274bn, Gross Earnings, N87bn Profit
•  Oando Pays N2.4bn dividend, Grows Profit by 110%
•  FBN Holdings Posts N333.2bn Gross Earnings in 9 Months
•  Oando Renews Moves to List Subsidiary on Nigerian Bourse
•  Nigeria Breweries Reports Unimpressive Q3 2014 Earnings
•  Guinness Nigeria Has Developed Stronger Portfolio, Says Adetu
•  FCMB Records N16.8bn Profit in Nine Months
•  Seplat to Pay Interim Dividend In spite of Profit Decline
•  Nigeria Targets Cocoa Output of 500,000 Tons in 2014-15 Season
•  Nigeria sees cocoa export revenues up 45 pct in 2 years
•  FG Gazettes Removal of VAT on Market Transactions
•  History as NSE Becomes Full Member of WFE
•  Banks Barred from Selling Dollars to BDCs at Interbank Market

Tanzania

•  Viettel to invest $1 bln on 3G telecoms network in Tanzania
•  Tanzania, China sign East Africa investment deals worth $1.7 billion
•  Tanzania talks with Total, BP on hydrocarbon exploration
•  IMF advises Tanzania to keep public debt in check

Zambia

•  Zambian President Sata dies in London aged 77
•  Zambia inflation quickens to 7.9 percent y/y: CSO
•  Zambia Treasury says no change in policy, urges markets to stay calm
•  Zambia may be backing off steeper mine royalty rates

Zimbabwe

•  Delta cuts down Chibuku production
•  Zimbabwe, UK to Mend Economic Ties
•  '2015 budget funding a tall order'
•  Government awaits P4,23m Comesa IA signatures
•  ZSE push for increase in exchange control limits
•  ZSE recovers, but analysts say its temporary
•  UK delegation coming for Zim Asset

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