Weekly African Footprint: March 14 , 2014
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 EFG seeks more investment banking revenue from abroad
• Telecom Egypt posts net profit of EGP 2.96bn in 2013
• Egypt’s Medinet Nasr posts net profit of EGP 187
• Telecom Egypt expects mobile licence in March or April
• Egypt's Orascom TMT after-tax profit tumbles 70 pct in 2013
• UAE’s Arabtec agrees USD 40bn housing project with Egypt army
• Egyptian urban annual inflation slows to 9.8 pct
• Egypt to permit cement companies to use coal for energy
• Huge housing deal may signal Gulf investment push into Egypt
• Egypt's finance minister sees GDP growing slower than expected
• Arab countries to send oil product aid to Egypt to Sept
• Egypt covers 50% of foreign investors’ repatriation backlog
Ghana
• SIC Ghana Returns to Profit as Shares Reach Nine-Month High
• Ecobank board removes CEO following months of turmoil
• Ghana main cocoa buyer secures cheaper credit line for purchases
• Timber: Ghana loses GHS 50m
• Ghana to start gas processing from Jubilee field in Q3
• Inflation shoots up to 14%, the highest in 3 years
• 2013 tax revenue target eludes gov’t
Kenya
• CIC Insurance plans Malawi expansion, sets bonus issue
• Kenyan shilling steady, shares edge up on earnings hopes
• Kenya to push ahead with Eurobond, unsure of yield
• Kenya invites Ethiopian firms to raise funds through Nairobi bourse
• Kenya likely to start marketing Eurobond later this month: IMF
Nigeria
• Access Bank partners group on oil sector development
• Unilever, Lafarge Wapco’s directors to decide dividends
• FBN money market fund hits NGN 20bn
• Japaul Oil CEO Plans to Raise $500 Million for African Expansion
• Investors await guidance from Zenith, GT Bank FY’13 earnings
• Dangote Becomes First Manufacturer of 52.5 Cement Grade in Afric
• Shell reopens Nembe Creek Trunkline in Nigeria
• Zenith posts NGN 95bn profit, pays NGN 55bn dividend
• Dangote’s proposed refinery sees progress as India’s EIL wins $139m contract
• FBN to Design Non-collateral Loan Product
• Shell says Nigerian oil theft costs billions
Tanzania
• Tanzania’s inflation unchanged at 6% in February
• DSE Chief Defends Liberal Stock Market
Zambia
• Bank of Zambia spends USD 178m reserve money to salvage kwacha
Zimbabwe
• African Consolidated Resources seeks USD 70m
• Zimplow volumes decline, reports small profit
• Nicoz Diamond posts 21% increase in gross premium written
• Meikles in gold mining joint venture
• Nicoz Diamond eyes revenue alignment
• Lifestyle defaults on payouts
• TSL expects tobacco boon
• Fidelity after-tax profit declines
• Mining can attract USD 12bn FDI
• Companies declare dividends despite tough environment
• BAZ to act on non-performing loans
• Zimbabwe Seeks Help From China to Develop Platinum Refinery
• ZSE reviews listing requirements
• China's Sinosteel plans $780 mln Zimbabwe gas-fired plant