Weekly African Footprint: March 31, 2017

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

•  BP makes third gas discovery in Egypt's North Damietta Concession
•  Telecom Egypt's CEO to step down
•  Egypt attracts $3.1 bln foreign investment in domestic debt since flotation - deputy finmin
•  Egypt's GASC to continue purchasing imported wheat during local season
•  Average yields fall on Egyptian three and nine-month T-bills
•  Egypt's 5-year bond yield inches up, 10-year down at auction
•  Egypt to halve arrears with oil companies in coming weeks
•  Egypt lowers customs exchange rate to 16.5 pounds/dlr in April
•  Egypt's 2017/18 budget targets 4.6 percent growth
•  Egypt studies raising food subsidies by 29 pct

Ghana

•  Cedi depreciation in March was 5% – BoG report
•  Public debt of GH122 billion for end of 2016 could still increase
•  Ghana Cuts Benchmark Rate as Inflation Slows and Cedi Gains
•  Ghana's $1.8 bln loan for 2016-17 cocoa "is all gone" – Cocobod
•  Ghana Appoints AfDB's Ernest Addison as Central Bank Governor

Kenya

•  Housing Finance profit 24pc down on reduced sales
•  Safaricom cuts 50 per cent of fees paid by Lipa na M-Pesa merchants
•  HF borrows Sh1.5bn to repay corporate bond in October
•  Airtel trims down call rates to take on rivals
•  Kenyan brewer EABL says medium-term bond oversubscribed
•  Equity, HFC get Sh10bn from European bank for SME lending
•  Safaricom cuts ‘Lipa na M-Pesa’ payment service fees by half
•  Total Kenya’s net profit up 38per cent on higher margins, lower forex loss
•  Kenya central bank holds main lending rate at 10.0 pct
•  Kenyan inflation to ease towards target band in 6 months
•  Top price of Kenya's best coffee falls at latest sale
•  Kenya’s forex reserves hit five-month high on dollar inflows
•  Kenyan shilling seen easing on end month demand
•  Kenya finance minister expects steady growth ahead of election

Nigeria

•  Nigeria's AMCON recovers 682bln naira of bad debt in six years
•  Dangote, Others Plunked $6bn in Lekki Free Zone in 2016
•  UBA African Subsidiaries Contribute 32% to Group’s Revenue
•  Access Bank shareholders approve 40k final dividend
•  FCMB grew profit by 109% in 2016
•  Stanbic IBTC Bank says has $24 mln exposure to Etisalat Nigeria
•  Nigeria's 2016 capital spending hits record $3.3 bln - finance minister
•  Pressure grows on Nigeria's central bank governor
•  Nigeria likely to pass 2017 budget before May - lawmaker
•  Nigeria, India trade hits $643.3bn in one year
•  Nigeria central bank to sell dollars to exchange bureaus at 362 naira
•  Nigeria stock market deals fell 22 pct last month amid naira crisis
•  Nigeria's stock exchange gets green light for public listing
•  Dump multiple exchange rates, forex curbs, IMF tells FG
•  FG extends 2016 capital budget implementation to May 5
•  Nigeria’s economy gradually recovering, says Buhari
•  Nigeria raises $500 mln via 15-year Eurobond with 7.5 pct yield

Tanzania

•  Shareholders to earn less as TPCC revenue drops
•  Mobile firm unveils M-Pesa app geared to simplify transactions
•  Shilling exhibits firmness in three weeks
•  BoT cuts banks’ minimum reserve ratio to 8pc
•  Work on interest rate migration still underway
•  China sees Tanzania as potential country for investment
•  French Embassy partnering trade via forum
•  Tanzania orders audit of mining companies' earnings over taxes

Zambia

•  IMF holds talks with Zambia over possible aid programme

Zimbabwe

•  Padenga FY profit up 23pct
•  Agribank recovers to post $5mln FY profit
•  Barclays in talks to sell Zimbabwe bank to Malawi's First Merchant Bank
•  Zimplow halves FY loss to $2,5 million, says above average rains to boost 2017 earnings
•  Falgold in a fix
•  NSSA makes offer to Nicoz minorities
•  Stanbic profit falls 11pct to $21mln
•  ZSE lifts Zeco Holdings suspension
•  Foreign firms eye ZimAlloys
•  Econet rights issue undersubscribed, Masiyiwa pumps in $100mln
•  Dairibord sinks to $4mln operating loss
•  We are ready to reform says Chinamasa as Zimbabwe and Zambia woo investors for $4bln power plant
•  South Africa’s Sanlam acquires 40pct shareholding in Zimnat

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