Weekly African Footprint: May 26, 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's 4G wireless frequencies ready for use – minister
•  Egypt procures 2.33 mln tonnes of local wheat since start of harvest
•  Yields rise on Egypt's three-month and nine-month T-bills
•  In surprise move, Egypt central bank hikes key interest rates
•  Egypt budget deficit down to 8 pct of GDP in first nine months of 2016-17
•  Egypt raises $3 billion in bumper Eurobond sale
•  Egypt Saw Uptick in Foreign Demand for Debt After Rate Rise


•  Ghana’s debt to GDP ratio drops from 74% to 63% under Nana Akufo Addo
•  Ghana to request extension of IMF programme to Dec 2018
•  Ghana to Seek Improved Terms for IMF Bailout Program
•  Producer price inflation drops to 4.8%
•  Trade surplus doubles to US$1.2bn in April
•  BoG sets GH¢200m capital for banks


•  Britam launches building Sh3.3bn apartment units
•  CAK okays sale of Centum’s 26.43pc stake in Kenya Wine
•  Kenya Airways' budget carrier plans international flights
•  Safaricom sets up Sh200m lab for testing new products
•  Kenya's Equity Group Q1 2017 pretax profit down 5 pct 6.9 bln shillings
•  Kenya Airways' full-year pretax loss narrows 60.9 pct
•  More flour crisis as maize harvest forecast to fall 11 per cent
•  Kenya makes u-turn on sugar imports
•  Kenya Said to Consider Eurobond Sale to Repay Existing Debt
•  Kenya's current account deficit widens to 7.7 pct in February
•  Kenya shilling steady due to subdued dollar demand
•  Kenyan shilling broadly stable against the dollar


•  S&P assigns UBA ‘B’ rating, stable outlook
•  UBA Plans to Issue $500 Million Eurobond
•  Nigeria to process all tourist, business visas in two days
•  Nigeria overnight rate falls sharply as liquidity crunch eases
•  Union Dispute With Exxon Threatens Nigeria's Oil Output
•  World Bank: Nigeria Faces Fragile Economic Recovery in 2017
•  SEC moves to ease process of issuing new shares
•  Nigeria Cocoa Purchases Slow on Low Bean Weight, Buyers Say
•  Nigeria hopes for oil upturn after economy shrinks again
•  Nigeria central bank keeps benchmark interest rate at 14 pct: governor
•  FG’s borrowing excessive — CBN
•  Nigerian budget minister says latest GDP data very encouraging
•  Nigeria seeks lawmakers' approval for $1.3 bln loan for development bank
•  Banks reduce lending to economy by N115bn in Q1
•  Nigeria's Senate passes long-awaited oil governance bill
•  External reserve falls to $30.5bn as Naira appreciates to N376/$


•  TBL dominates market share at DSE
•  Tanzanian President Fires Mines Minister After Minerals Audit
•  Barrick flags potential impact from Tanzania export ban


•  Zambia, First Quantum seen resolving $1.4 billion dispute in June
•  Zambian Breweries in $30m growth drive
•  World Bank approves $600 million in loans for Zambia over 3 years
•  Zambia's consumer inflation slows to 6.5 percent y/y in May


•  Tongaat Hulett recovers to $96mln operating profit
•  DPC pays $3mln to AfrAsia creditors
•  Zimbabwe's OK grocery chain posts 800 percent rise in full-year profit
•  Miner Vast Resources says share disposal held up by RBZ approval delay
•  Proplastics gross profit up 24pct in Q1, turnover down
•  Lower costs boost Dairibord profitability
•  Delta injects $1,3m into sorghum farming
•  ZSE market weekly turnover up threefold to $6,9mln
•  Zimbabwe could seize idle mining claims
•  Zimbabwe mineral exports up 27pct to $857 million
•  CZI defends import restrictions
•  ‘Economy to grow by 1,3% on agric uplift’
•  Zimbabwe splashes $3mln on napkin imports in Q1

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