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Stock Market / Finance in Africa

  • Investors' Confidence in Egyptian Economy Increased

    EGYPT, 2014/11/09 The investors' confidence in the Egyptian economy has improved by 1.8 % during the completed week, said Investment bank Beltone Financial. In a statement, the bank said that the development in the investors' confidence is attributed to the remarks of the International Monetary Fund, World Bank and United States which praised the Egyptian reforms and starting mega projects in light of the energy deficit problems in the country. The index of the investors' confidence in the Egyptian economy went up to reach 75.6 points during the week of coverage from 74.3 points a week before, with an increase of 1.3 points.
  • Minister of Finance and Coordinating Minister of Economy, Dr Ngozi Okonjo-Iweala

    NIGERIA, 2014/11/01 For Nigeria's economy to retain its current stability, the excess crude account which has been depleted to the tune of $4.1billion needs to be jerked up to $5billion, Minister of Finance and Coordinating Minister of Economy, Dr Ngozi Okonjo-Iweala said Monday in Abuja. Despite “some cash fluctuations in the system,” Okonjo-Iwela assured members of the Nigerian Senate committees on Finance and National Planning that Nigeria is not broke.
  • Trading at the West African Bourse rises 28/10

    AFRICA, 2014/10/31 The transaction price was set at 379.03 million CFA francs against 880.33 million CFA francs recorded on Friday. Trading at the West African regional stock exchange, BRVM, ended Monday on a rise with the BRVM index 10 inching up from 255.16 to 256.16 points, representing an increase of 0.39%. Also, the Composite BRVM index gained 0.14% to 241.77 points, against 241.43 points recorded at the previous trading session. Market capitalisation of shares added up to 5,876.14 billion CFA francs, while that of the bond market reached 1,197.68 billion CFA francs. Ecobank Transnational Incorporated (ETI Togo) remains the majority active in volume with 785.070 shares exchanged, while the majority active in price is Sonatel (Senegal) with 238.09 million CFA francs of transactions.
  • South Africa issues Africa’s first dollar-denominated sukuk

    SOUTH AFRICA, 2014/10/10 South Africa has debuted sub-Saharan Africa’s initial dollar-denominated Islamic bond. As of the week of 25 September, the initial $500m bond offering is additional than four times oversubscribed on international capital markets. The country was beaten to market by Senegal, which issued $208m worth of local CFA-denominated currency notes in June. The two issuances have preceded offerings by additional established markets in predominantly Muslim North African nations. South Africa’s sukuk, priced at 3.19 % over a 5.75 year span, were sold at the lowest borrowing cost for dollar-denominated bonds since 1994, according to Bloomberg.
  • Economy Nigeria: Capital market regulator insist on December deadline for recapitalisation

    NIGERIA, 2014/09/17 Nigeria’s apex capital market regulatory agency, Securities and Exchange Commission (SEC), said Monday that the deadline for recapitalisation of capital market operators remains 31 December 2014. “The Commission has not changed the recapitalisation deadline given to respective capital market operators.The December 31, 2014 deadline is still on course”.Director-General of SEC, Ms. Arunma Oteh, told journalists. Speaking in a little while next the Capital Market Committee (CMC) third quarter conference in Lagos, the SEC boss as well reinstated the regulatory body zero tolerance for market infraction. She expressed delight that a lot of operators were responding and taking various options available to recapitalise.
  • Trading at the West African Bourse rises

    AFRICA, 2014/09/03 Trading at the West African regional stock exchange, BRVM, ended Monday on the rise with the BRVM Index 10 inching up from 260.70 to 261.09 points, representing a rise of 0.15% . As well, the Composite BRVM Index gained 0.17% to 246.93 points against 246.52 points recorded at before. The transaction price was set at 766.19 million CFA francs against 440.90 million CFA francs recorded last Friday. Market capitalisation of shares added up to 5,995.50 billion CFA francs while that of the bond market reached 1,265.97 billion CFA francs.
  • Egypt’s foreign reserves in August remained close

    EGYPT, 2014/09/01 Egypt’s foreign reserves in August remained close to their July level of $16.736 billion, the country’s central bank governor Hisham Ramez told Reuters on Sunday. “The foreign reserves are stable at the same level as the month of July almost,” Ramez said over the phone, without giving a new figure.
  • Trading at the West African regional stock exchang

    WEST AFRICA, 2014/08/21 Trading at the West African regional stock exchange, BRVM, ended Monday on the decline with the BRVM index 10 falling from 259.01 points to 257.65 points, representing a decrease of 0.53%. Also, the Composite BRVM index slid 0.37% to hit 243.32 points, against 244.22 recorded the previous day. Total transaction value was 352.87 million CFA francs, against 739.96 million CFA francs recorded Thursday.
  • For the fifth consecutive month, Nigeria’s inflation has recorded a major increase,

    NIGERIA, 2014/08/21 For the fifth consecutive month, Nigeria’s inflation has recorded a major increase, from 0.1% in March this year to 8.3%, particularly on the food prices component at the end of July, according to new figure released by the National Bureau of Statistics (NBS). The Private BusinessDay newspaper, quoting the NBS, reported on Tuesday that the jack up in inflation rate was the fifth consecutive month of the year-on-year increases in the headline index. According to the NBS, “The faster pace of price increases recorded in the headline index were as a result of an increase in multiple divisions that contribute to the headline index”.
  • Algeria’s stock exchange eyes new listings

    ALGIERS, 2014/08/19 Plans to offer a 20% stake in eight of Algeria’s national-owned firms – inclunding prominent financial institutions and one of the country’s three mobile phone network operators – are expected to take a key step forward later this year, representing a significant shot in the arm to the stock exchange. The partial privatisation of government-backed companies forms part of a national drive to boost investment and listings at the Bourse d’Alger, which has remained under-developed since its launch in 1998. The exchange’s management is targeting 45 new listings over the next five years, as it looks to increase the bourse’s market capitalisation to $10bn.