Weekly African Footprint: October 24, 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

•  Egyptian developer SODIC to invest $336 mln in 2015, sees property boom
•  Egypt's stocks close in the red after brief Sunday morning rally
•  Egypt's natural gas exports down 86% y-o-y in August
•  Egypt planning minister calls for legal review, "economic revolution"
•  Egypt targets budget deficit of 8% by 5 years: Finance minister
•  Egypt's bourse sees sharpest rise in weeks as foreigners buy back into blue chips
•  Egypt needs billions to upgrade telecom infrastructure-minister
•  Egypt's main index ends week of gains in red
•  Egypt regulator pins bond market hopes on central bank

Ghana

•  First National Bank now GN Bank
•  Ghana Power Supply Improves After Blackouts Cut Water Flow
•  IMF to concentrate on scrutinizing Ghana's GDP figures
•  Fall in cocoa, gold prices affecting economy Minister
•  Ghana Sees About $800 Million Assistance From IMF by January
•  Cocoa producing communities get GH¢2m investments
•  Ghana to pump 190,000 bpd at Jubilee, TEN fields by 2016

Kenya

•  EABL to shut glass making unit for three-month repairs
•  EABL job cuts reduce staff costs by nearly Sh1bn
•  Safaricom, Airtel start hiring yuMobile staff ahead of buyout
•  Uchumis Uganda, Tanzania units sink deeper into losses
•  EABL earns Sh50m from sale of stake in Sen Tech
•  Uchumi secures additional Sh600m KCB loan
•  Kenya Power Makes Record Sh6.5 Billion Net Profit After New High Tariffs
•  KenGen slashes dividend pay as profit dips 46pc
•  AccessKenya exits home Internet market
•  Kenya shilling little changed, expected to weaken on monthly dollar demand
•  Kenya in Talks With Banks to Cut Mortgage Rates to Spur Housing

Mauritius

•  Mauritius' trade deficit widens 21 pct in August

Nigeria

•  Access Bank Bags ISO Certification
•  Dangote Seeks Foreign Investments, Says Africa Has Enough Resources
•  Unity Bank lists supplementary shares, records N950m over-subscription
•  NSE Index Declines by 5.5% as Market Follows Global Trend
•  Falling oil prices pose challenges for Nigeria
•  Nigeria finmin sees 2015 GDP growth at 6.75 percent
•  Nigeria sees higher 2015 growth, oil price a risk
•  Nigeria wealth fund chief says investment plans unaffected by weak oil
•  Naira Rebounds From 7-Month Low on Nigerian Intervention
•  FG to Facilitate Trade in Nigerian Ports

Tanzania

•  IMF Gives Nod to Dar's Plans to Revise GDP Data
•  BoT Counts Capital Liberalisation Gains
•  Tanzania plans global bond market debut in 2015/16

Zambia

•  Zambia Unsustainable Tax Plan Seen by Chamber as Closing Mines
•  Zambia plans to export 850,000 tonnes of maize to neighbours
•  Zambia, Sweden Record K600 Million Trade

Zimbabwe

•  Innscor eyes good returns for shareholders
•  Econet Global buys Telecel East Africa operations
•  Freda Rebecca gold output up 23 percent
•  Econet upgrades contact centre
•  Zimbabwe Stock Exchange closes weak on heavyweight losses
•  Govt inefficiencies block investment
•  Zimbabwe: Egypt Keen to Partner Zim On More Projects
•  Zimbabwe, IMF In Talks
•  Commodity prices decline to affect Zim growth rates