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Stock Market / Finance in Africa

  • Zambia dismisses Moody's economic assessment

    ZAMBIA, 2015/09/29 Zambia has dismissed an assessment by international rating agency, Moody's Investors Service, which downgraded the country's rating, its Ministry of Finance said in a Monday statement. Last Friday, the international rating agency downgraded Zambia's issuer rating to B2 from B1 while the outlook on the rating agency downgraded Zambia issuer rating to B2 from B1 while the outlook on the rating was changed to stable from negative. According to a statement released by the rating agency, the key driver for the downgrade was its expectation of a sustained deterioration in fiscal and deficit metrics that were unlikely to reverse over the course of the 3-5 year rating horizon given the challenges stemming from a lower increase environment amid an extended period of weak commodity prices, constrained copper production, and domestic electricity shortages constraining business activities.

  • Microfinance institutions (MFIs) urged to extend more support to small businesses

    RWANDA, 2015/09/26 Microfinance institutions (MFIs) have been challenged to design products that meet the needs of customers, particularly the small-and-medium enterprises (SMEs) market segment. Prof. Alison Brown, a researcher at Cardiff University in the UK, made the call during the release of research findings on Rwanda’s microfinance sector in Kigali on Monday. He as well urged MFIs to improve skills of their personnel, inclunding create market-oriented products to attract additional customers. The study was conducted by Cardiff University in collaboration with the Association of Microfinance Institutions in Rwanda (AMIR) and funded by UK’s DfID.

  • Zambia: One Pound Above K16,000 As Kwacha Deteriorates Further

    ZAMBIA, 2015/09/26 One British Pound is presently selling at K16. 29 (K16, 297) old currency as the Zambia Kwacha continues crashing maybe due to poor rainfall or whatever excuse the PF government has this time. The USA Dollar is steadily cruising into breaking the K11:00 (K11, 000) line per single Dollar due to lack of leadership in Zambia.

  • Egyptian pound stable at dollar sale and exchange bureaus

    AFRICA, 2015/09/20 The Egyptian pound was held steady by the central bank at a dollar sale on Sunday, as it sold $37.8 million at a cut-off price of 7.7301 pounds per dollar, and was as well stable on the parallel market. The official cut-off price remained unchanged from Thursday’s dollar sale and one trader said the dollar changed hands at 8.03 pounds in the parallel market, unchanged from Thursday.

  • Lagarde at the Conclusion of Visit to Liberia

    LIBERIA, 2015/09/12 Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today in Monrovia at the conclusion of her visit to Liberia: “My visit to Liberia has been extremely fruitful and informative, and I am grateful for the warm hospitality I received from everyone I met. I wish to thank President Ellen Johnson Sirleaf and the Liberian authorities, inclunding members of the Liberian Legislature, for our constructive and substantive discussions. I as well had the honor to address a broad cross-section of the Liberian community, inclunding students and members of civil society, and to meet with women leaders and representatives of the private sector. I was heartened to visit the Young Women Christian Association, which has demonstrated a deep commitment to supporting Liberia’s most vulnerable citizens at a time of crisis.

  • Shanghai stocks slump, but Asian bourses bounce

    CHINA, 2015/08/25 Shanghai stocks tumbled on Tuesday, extending their steepest four-day rout in almost 20 years next worries about China's faltering economy sent world markets reeling, but other Asian stocks bounced back from heavy early losses. A slump in Chinese shares sparked panic across world markets on Monday, wiping some $2.7 trillion off world equities as markets from London to Buenos Aires were caught up in the plunge. The dollar hit a seven-month low against the yen in New York -- prompting a warning from Japan -- while US oil finished below $40 a barrel for the initial time in six years. Most Asian bourses cast off heavy early falls Tuesday as sentiment improved, with Hong Kong up 0.72 % in afternoon trading while Sydney added 1.96 % and Seoul climbed 0.96 %.

  • Ethiopia: FfD3 - Ends Adopting the "Addis Ababa Action Agenda

    ETHIOPIA, 2015/07/29 United Nations member states from 193 who attended the third Finance for Development Conference(FFD3) held from 13 to 16 July 2015 in Addis Abeba have concluded their conference by adopting the :Addis Abeba Action Schedule" that will provide a foundation for implementing the post 2015 world sustainable development schedule. The schedule is set to renovate world finance practices and generate investments for tackling a range of economic, social and environmental challenges and is expected to be adopted by close to 150 world leaders in September this year during the UN annual conference in New York and the climate agreement to be adopted in December in Paris.

  • Inflation in Mozambique will be below government target in 2015 – Standard Bank

    MOZAMBIQUE, 2015/07/26 Mozambique is expected this year to register an average annual inflation rate “well below” the estimate of 5.1 % from the Mozambican authorities, according to projections from the local branch of Standard Bank in its July economic bulletin, sent to Macauhub in Maputo. The bank said that the economic impact of the devaluation of the metical against the dollar, leading to a depreciation of around 27 % within one year, would not affect the estimate from the Government of Mozambique. Commenting on the decision of the Monetary Policy Committee of the Bank of Mozambique to keep benchmark interest rates unchanged, and even before the devaluation of the metical, Standard Bank believes this “shows that the monetary authorities believe inflation remains within the established targets.”

  • Addis Tax Initiative Launch

    ETHIOPIA, 2015/07/16 The 3rd International Financing for Development Conference yesterday launched Addis Tax Initiative with a view to helping nations across the world particularly developing nations raise tax substantially. The Initiative is a technical cooperation that aims to help developing nations increase their tax revenues so that they can implement their development schedule and achieve sustainable development goals. At the launching event, Minister of Finance and Economic Development of Ethiopia Sufian Ahmed said that this initiative aimed at assisting developing nations in upgrading their tax collection, strengthening the capacity of their tax collecting institutions and providing data to prevent appropriate issues like tax avoidance through a world partnership. "This initiative helps developing nations like Ethiopia, in the shape of getting technical support needed to bolster capacity, and data exchange needed to prevent tax avoidance and levy knowledge based taxation."

  • Angola Stock Exchange increases trading of government bonds

    ANGOLA, 2015/07/12 The Angola Deficit and Securities Exchange (Bodiva) last June traded over 22 billion kwanzas (US$178 million) representing 161,300 treasury bonds, Bodiva said Thursday in Luanda. The transactions were recorded by banks Banco Fomento Angola (BFA), Banco Millennium Angola (BMA) and Banco Angolano de Investmento (BAI), with 84.6 %, 9.50 % and 5.85 %, market shares, respectively. Bodiva as well said that the initial transactions on the Treasury Securities Registration Market (MRTT) took place on 20 May, a month in which trade totalled over US$47 million.
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