Weekly African Footprint: February 17, 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.

Botswana

•  Standard Chartered Botswana chief executive resigns
•  Botswana tries again to privatise national airline
•  Botswana inflation quickens to 3.1 percent y/y in January

Egypt

•  Italy's Eni to start production in Egypt by end of year
•  Egypt central bank leaves key interest rates unchanged as pound strengthens
•  Egyptians ditch imports and buy local as pound sinks
•  Egypt aims to increase wheat production to 10 mln tones
•  Egypt's urban inflation jumps to 28.1 pct in January
•  Egypt's GASC says seeking at least 30,000 tonnes soyoil in tender
•  Egypt making good progress in IMF programme, Lagarde says
•  Egyptian inflation hits highest level in more than a decade
•  Egypt cabinet re-shuffle to include ministers of investment, agriculture
•  As pound strengthens, Egypt adjusts customs exchange rate to 16 per dlr
•  Egyptian food company Juhayna to reduce investment in 2017

Ghana

•  New shareholder of CAL Bank to continue growth agenda
•  Tullow adopts 3-phase plan to convert FPSO
•  Tullow defers payment of dividends to shareholders
•  New mining activities boost gold production
•  Financial stocks lead market revival
•  Ghana's fiscal deficit deteriorated to an estimated 9% of GDP in 2016 – IMF
•  Ghana's Cocobod to seek smaller loan for 2017/18 cocoa purchases
•  Inflation rate drops to 13.3%
•  IMF may consider extending Ghana aid deal, says its Ghana country head
•  Ghana seeks additional reserves to support currency

Kenya

•  Kenya Re’s outlook drops to negative over tight capital
•  Insurer Sanlam Kenya shares jump 61pc after retracting profit warning
•  Kenya Power expects no drought-related rationing, minimal price hike
•  Kenya raises tax revenue forecast; economists surprised
•  Treasury to submit budget plan amid debt anxiety
•  World's Biggest Tea Exporter Seeks to Double Sales to Russia
•  Remittances to Kenya rise 3.9 pct year-on-year in October

Malawi

•  Malawi's January inflation slows to 18.2 percent y/y

Mauritius

•  Mauritius Sun Ltd reduces pretax loss in H1
•  Mauritius sugar producer Alteo H1 pretax profit jumps 116 pct
•  New Mauritius Hotels Q1 pre-tax profit up 0.7 pct

Nigeria

•  Access Bank to Divest from Stanbic IBTC Pension Managers
•  Africa's richest man Dangote plans rice mill in Nigeria to tap growing demand
•  Fitch downgrades FirstBank, GTB, Zenith, Diamond to negative
•  First Bank unveils three-year strategic plan
•  United Capital Grows Profit by 133%, Recommends N3bn Dividend
•  Nigeria recovers $177 million stolen state funds: ministry
•  Nigerian economy projected to have shrunk 1.54 pct in 2016 - ministry
•  Nigeria Plans to Generate $16.4 Billion Through Asset Sales
•  Nigeria’s January Inflation Seen to Remain Flat
•  Shell and ENI ask Nigerian court to lift forfeiture on oilfield: documents
•  Nigeria Loses Up to $100 Billion in Revenue as Attacks Cut Oil
•  Nigeria January inflation rises for 12th month running to 18.72 pct
•  Nigeria not sure yet how much to borrow from World Bank: minister
•  Nigeria's central bank gave key industries $2.83 bln Dec-Jan to boost economic recovery
•  Nigeria raises 160 bln naira bonds at yields below inflation

Tanzania

•  Equity Bank opens doors in Zanzibar
•  High liquidity sends t-bills to oversubscription
•  Tanzania's mobile phone subscribers up 0.9 pct in 2016
•  Gemstones worth 9bn/- sold at this year’s auction
•  DSE turnover weakens by 85 pct
•  Tanzania Power Issues Casts Shadow on $12 Billion Debt Plan

Zambia

•  Underfunding blocking tourism

Zimbabwe

•  EcoCash reduces MasterCard withdrawals by 20%
•  Econet records 28% growth in revenue for the 3 months to September
•  SeedCo in drive to dominate East Africa
•  PG Industries bailout confirmed as Dewei says to pay scheme members
•  Unki platinum output up 12pct in FY16
•  Afdis profit up 10pct in H1
•  Govt moves on capital outflows
•  Zambia, Zimbabwe pick French firm to shore up Kariba Dam's wall
•  RBZ to proritise forex allocation
•  Zimbabwe’s rice consumption up 300pct, grain millers say
•  NRZ, Hwange Colliery treating workers like slaves – Parliament hears
•  Strong dollar threatens Zim exports
•  Satellite TV Is Fueling Zimbabwe's Cash Shortage: Central Bank
•  Zimbabwe banks still facing serious shortages of cash
•  Zimbabwe consumer prices fall 0.65 percent y/y in January
•  Zimbabwe Millers Want 40% Import Tariff on Corn, Corn Meal
•  Banking sector profitability jumps to $181,1m
•  Foreign investors interested in Zim steel industry: Bimha