Market Insight: June 21, 2012

African Currencies as at GMT 15:30

Africa

•  Gabon to pay bond coupon “as soon as possible” after ruling
•  Gabon seeks mining and oil investors by offering tax breaks and limiting state ownership of deposits
•  Mukuru (UK based money transfer service) plans to expand operations into Botswana, Mozambique and Zambia within next year
•  Ethiopia to curb skype and web calls in effort to stop losses on state-run telecoms operator
•  Ghana Central Bank may halt interest rate increases as cedi stabilizes
•  Namibia Central Bank keeps benchmark rate unchanged at 6%

Nigeria

•  ASI +2.03%, $7.6mill. Strong day although on dire volumes so difficult to predict a trend on such thin trading. Banks once again finding buying interest

Kenya

•  NSE20 +86bps, $4.46mill. EABL dominating once again as foreigners on both sides of the trading, obviously we are seeing different theories as to how the new alcohol laws will affect the stock
•  KenolKobil reaches 6-year high after trading resumes on the name after 6-week suspension on a takeover proposal
•  Kenya Petroleum Refineries gets $250mill from Standard Chartered for working capital and to purchase crude cargoes

Botswana

•  DCI +1bp, $206k

Egypt

•  EGX30 +51bps, $39mill

Mauritius

•  Semdex -18bps, $881k

South Africa

•  Top40 +19bps, $1.72bn

Zambia

•  LuSE -23bps, $350k

Zimbabwe

•  Ind +2bps, Mining +66bps, $1.98mill