Weekly African Footprint: June 24, 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 Orange offered 4G licence for $400 million in spectrum shake-up
•  BP approves investment in Egypt gas field 15 months after discovery
•  Egypt's Al Ahly Bank raises depositor rates after central bank hike
•  4G licence will not force Telecom Egypt to sell Vodafone stake
•  Egypt's Suez Canal charging VLCCs coming from the Arabian Gulf $155,000
•  Egypt plans to import up to 120 cargos of LNG in 2017

Ghana

•  Dangote Cement increases production capacity
•  Ghana to issue 5-yr 500mln cedi bond in search for cheaper funds
•  Ghana GDP Growth Rate Climbs in First Quarter as Farming Expands
•  Ghana producer inflation edges up to 11.3 pct in May
•  Ghana gets GHC811m from 5-year bond at 24.5% yield
•  Mining pays GHC463.12 billion in corporate tax

Kenya

•  Uchumi shutdown imminent as law to save it came late
•  NIC of Kenya to Acquire Assets of Collapsed Lender Imperial
•  Liquidation looms with NIC set to take over Imperial Bank
•  Fusion Capital tests market with Sh2.3bn Reits offer
•  IMF Says Kenya May Pay Debt Market Price for Wide Fiscal Gap
•  Kenya says has enough forex reserves to weather any Brexit fallout
•  Kenya Bourse Eyes Listings Rush as Commercial Lending Rates Soar
•  Kenya signs pipeline deal with Ethiopia

Malawi

•  IMF extends Malawi loan programme, adds $80mln for drought measures
•  Malawi's inflation rises to 21.5 percent y/y in May

Mauritius

•  Mauritius Eyes Nigeria, Other Africa Markets to Grow Tourism
•  Mauritius trade deficit narrows 4 pct in April
•  Mauritius 3-year Treasury note yield rises to 3.62 pct

Nigeria

•  ETI Shareholders Approve $48.2m Divident Pau-out
•  CAP Plc Records Improved Results, Pays N1.645bn Dividend
•  Lafarge Africa concludes N60bn bond issuance
•  CBN okays Wema Bank as FXPD
•  Nigeria's naira set to devalue as market trading begins
•  FG to raise foreign borrowing to 40%
•  Nigeria's naira extends losses after currency peg removed
•  Nigeria stocks near 8-mth high on investor interest after FX float
•  NSE Index Hits New High as Bulls Return to Stock Market
•  Naira Gains as Nigeria's Central Bank Boosts Dollar Supplies
•  Nigeria distributable revenues rose to 305 bln naira in May
•  Fitch Downgrades Nigeria to 'B+', with Stable Outlook

Tanzania

•  " Dar bank eyes expansion after EA monetary union
•  " CRDB Tembo Card transactions up 20 pc
•  " Tanzania Central Bank 'Must' Defend Currency, President Says
•  " BoT to maintain inflation close to 5pc target
•  " Tazara wins deal to transport Malawi fuel

Zambia

•  Zambia must create 1.2 million new jobs in urban areas by 2025
•  Zambia shuts down newspaper in tax dispute
•  Zambia's copper production to double to 1.5 million tonnes next year

Zimbabwe

•  Old Mutual to construct informal traders' mall
•  RTG revenue grows 13pc
•  Ecobank targets small depositors
•  Tongaat seeks to boost ethanol production
•  Lafarge Zimbabwe shareholders approve indigenisation plan
•  Zimbabwe's coal firm Hwange plans to cut 1,000 jobs
•  Zimpapers in $2,6mln capex
•  Zimre Holdings records $2,2m profit
•  RioZim forecasts gold boom
•  Non-life insurers' Q1 earnings fall 40pct, business volumes decline - IPEC
•  Zimbabwe exports 19 percent down in first five months - Zimstat
•  Imports decline 12pc in 5 months to May
•  Zimbabwe state diamond miner produces 500,000 carats since March launch
•  Zim finalises arrears clearance strategy
•  Zim in $1,1bn trade decifit
•  IMF engages State, stakeholders
•  Zimbabwe to import 250,000 tonnes of maize from Mexico

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