Weekly African Footprint: August 05, 2016

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

•  Egypt's Global Telecom posts Q2 net profit of $26.5 mln
•  Finance minister: Egypt's external debt to reach $53.4 billion with IMF loan
•  Yields drop at Egypt T-bill auction
•  Egypt non-oil business activity slows for 10th month in July -PMI
•  Egypt's strategic wheat reserves enough to last to mid-Feb –statement
•  Egypt's external debt to reach $53.4 billion with IMF loan
•  Egypt Ministry Seeks Bank Proposals for 2016 Dollar Bond Sale

Ghana

•  Ghana 91-day bill yield rises to 22.8173 percent
•  BoG hails decline in inflation
•  Ghana lawmakers back budget funding bill; breach terms of IMF deal
•  Ghana Pitches Eurobond to Investors Just as Costs Start to Rise
•  Ghana pulls planned $500 million Eurobond issue
•  BoG to finance government’s budget at 5%

Kenya

•  Kenya's KCB Group H1 profit rises, delays rights issue
•  Kenya's inflation jumps to 6.39 pct in July
•  New orders help Kenya's private sector rebound in July –PMI
•  Kenya Bank Profits Drop First Time in 16 Years on Costs
•  Kenya switches to quarterly debt issuance calendar from monthly
•  Kenyan shilling steady, seen trading in tight range

Malawi

•  Malawi's central bank leaves benchmark lending rate unchanged at 27 pct

Mauritius

•  Mauritius Stocks Rise to Four-Month High After Rate Cut
•  Mauritius inflation rate at 1.0 pct year-on-year in July

Nigeria

•  Continental Re announces N2.92 billion profit
•  Skye Bank affirms CBN’s N101b recapitalization
•  Flour Mills of Nigeria plans 40 bln naira share sale
•  Dangote Sugar Refinery Posts N11.1bn Half-year Profit
•  Skye Bank Incurs N40bn Loss on N35bn Impairment Charges
•  Forte Oil restates commitment to N11 billion PBT target
•  Nigeria's Wema Bank plans 20 bln naira bond issue this month
•  Britain Extols Potential of Dangote’s $17bn Investment in Petrochemical Industry
•  Transcorp Stops $1 Billion Nigeria Power Plan on Scarce Gas
•  Dangote Cement outlines plan for profit growth
•  FCMB, Diamond Bank Plan Fresh Capital Raising
•  Fidelity Bank records 7.8% rise in deposit
•  Don't panic, Nigerian governor says, as bank shake-out looms
•  Concerns Mount over $1.3bn Power Sector Loans
•  Nigeria to raise nearly a billion dollars in naira Treasury bills
•  Nigeria tells banks to make extra provisions on FX loans after naira weakens
•  Foreign Airlines Lost N6.4bn to Naira Devaluation

Tanzania

•  Stanbic Bank gets 34bn/- shot in arm
•  CRDB launches custodian services
•  Airtel, NMB partner to boost mobile money services
•  Agricultural financing gets massive boost
•  Tazara snaps losing trek, earns $13.5m profit
•  IMF recommends govt to boost revenue collection
•  Treasury bills undersubscribed on tight liquidity
•  Custodial services closely monitored, says regulator

Zambia

•  KCM bemoans increased tariffs
•  Glencore halts Zambia copper mine output after deaths
•  ‘Treasury bill auction will strengthen Kwacha’

Zimbabwe

•  Delta bets on Chibuku Super, to commission two plants
•  OK Zimbabwe doubles Q1 profit despite weaker sales
•  Old Mutual says TBs have become high risk
•  PPC is “fundamentally strong and profitable,” approves $253mln rights issue
•  Zimplats Q2 profit falls 65pct to $26mln
•  Central Bank diamond subsidiary buys cutting and polishing equipment, targets export market
•  Telecel Zimbabwe bids to expand local footprint
•  CBZ H1 profit falls 13pct, paints gloomy outlook
•  NMB Bank’s foreign shareholders set up vehicle for African assets
•  Zimbabwe's tax authority misses H1 target as economy struggles
•  Zimbabwe Securities Regulator Approves Debt Listing Rules
•  Local tea sector has growth potential