Weekly African Footprint: December 06 , 2013

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 to pay $1.5 bln arrears to foreign oil firms
•  Tycoon Naguib Sawiris to invest $1 bln in Egypt in Q1 2014
•  Central bank unexpectedly cuts rates to boost economy

Ghana

•  Fortiz announces completion of Merchant Bank Ghana acquisition
•  Inflation goes up in last quarter of the year—BoG
•  ECG targets 15% system losses by 2018
•  Inflation target for 2013 will be missed—BoG
•  Netherlands provides 7 million Euros to Ghana
•  Ghana’s Parliament approves $15.5b spending plan for 2014
•  S&P revised Ghana’s credit outlook to negative from stable

Kenya

•  Talks on how Essar would exit refinery postponed
•  NMG unveils e-paper app in partnership with Safaricom
•  Kenya's Safaricom buys extra capacity in undersea cable
•  Kenyan inflation falls to 7.36%, points to rate hold
•  Kenya remittances on course for record in 2013
•  Top price of best Kenyan coffee rises at auction
•  Capital markets set for major reforms

Nigeria

•  The Banker magazine, a publication of Financial Times of London, has named Zenith Bank Plc, the
•  The value of retail trading in bonds on the Nigerian bourse has soared by 2, 400 per cent 10 months
•  Nigeria plans a huge jump in domestic sugar production over the next six years to cut dependence on imports
•  The decline in Nigeria’s crude oil revenue this year may negatively affect the budget framework for 2014, a report has stated.

Tanzania

•  Statoil, ExxonMobil makes big gas find off Tanzania

Zambia

•  Zambia’s central bank leaves benchmark interest rate unchanged at 9.75%
•  Japan, Zambia trade volume triples

Zimbabwe

•  Dawn Properties earnings decline
•  Arda to revive tea plantations
•  AKZL capitalization approved
•  Puma Energy seals Redan deal
•  RBZ deposit lifts Meikles
•  Anglo American to inject US$100m in Unki Mine
•  Consumer basket rises marginally
•  Government mulls new mining policy by 2014
•  Mining firms bank 3% of revenue
•  Demand for mortgage finance surges