Weekly African Footprint: July 11, 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

• Sawiris-Beltone refuse offered 9.49 percent stake in EFG Hermes
• Egypt raises taxes on cigarettes and alcohol
• Tempers fray, prices rise as Egypt cuts fuel subsidies
• Egypt says wheat stocks increase to six months
• Egypt annual consumer inflation steady in June

Ghana

• Zenith Hygiene Systems begins operations in Ghana
• Dangote Cement to increase production
• GHACEM reacts to cement shortage
• Dangote invests US$35m in cement production
• Amenfiman Rural Bank posts 79% growth in profit
• CAL Bank signs US$28.5m deal with Proparco
• Goldfields pays US$10.3m dividend to gov’t
• GSE records gains in 2013
• Cedi fails to sustain recovery
•   June inflation rises to 15 percent
• Cedi hopes rest on Eurobond, Cocoa loans

Kenya

• French giant loses battle for Portland Cement boardroom
• Britam ordered to retain at least 85 Real staff
• Scangroup to buy big stake
• Centamin Q2 gold production rises sequentially
• KenGen expects to conclude rights issue by year-end
• International Monetary Fund delegation in Kenya to chart next financing course
• Kenyan stocks fall during political rally, shilling flat
• Kenya central bank holds main rate, sets new rate for banks
• Kenya's shilling flat, rates seen on hold
• Kenya woos United States investors
• IMF says credit to Kenyan manufacturers picking up, to support growth
• Kenyan shilling steady against the dollar, seen firming
• Kenyan assets edge up after IMF's upbeat view on the economy

Malawi

• Malawi cuts lending rate by 250 basis points to 22.5 pct

Mauritius

• Mauritius inflation rate dips to 3.3 pct in year to June

Nigeria

• Ecobank Moves to Boost Efficiency
• Sterling Bank Supports Lagos State Agency
• Unilever Holds Africa Investment Conference in Lagos.
• Access Bank Focuses on Cost Reduction
• Nigeria's Wema Bank secures $70mln to boost trade and lending
• UBA Introduces Twitter Transaction Notification Service
• Assembly Approves Amaechi’s Request for $280m World Bank, AfDB Loan
• ARM to launch Nigeria's first infrastructure fund with $250mln
• Shareholders Approve Creation of Lafarge Africa
• Nigeria's Oando converts $218.9 mln loan to Canadian unit to equity
• FirstBank Empowers Non-governmental Organisations
• Capital Bancorp Floats Trading Platform for Equities, Bonds
• CBN Extends Parallel Implementation of Basel II
• MARKET INDICATOR: Low Dollar Supply Weakens Naira
• CBN Extends Deadline on New Capital Requirement for BDCs
• Nigeria Loses $2 Billion Yearly to Gas Flaring
• Stocks Close Higher as Bulls Consolidate Control

Tanzania

• Tanzania inflation eases to 6.4 pct in year to June: statistics office

Zimbabwe

• Meikles postpones platinum mining plans
• African Sun seeks 12pc increase in seats
• ZMDC to revive gold mines
• NSSA’s new bank to focus on housing
• Freda gold output down 10 percent
• ZSE record 20 percent turnover fall
• Platinum miners decry 15pc export levy
• Trade deficit declines
• Zim’s SMP satisfactory — IMF
• Mobile telecoms sector records 400% growth