Weekly African Footprint: June 07 , 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

•  Shareholders in EOCI to meet June 19 to discuss OCI NV bid
•  Saudi and Egypt sign USD 1.6bn deal to link power grids
•  Cairo Airport loses millions due to workers strike

Ghana

•  Ghana fuel subsidy cut is quick fix in long deficit fight—analysts

Kenya

•  Kenya tea firms post mixed full year earnings
•  Centum’s earnings after tax rise 110%
•  UAP Insurance buys 60% stake in Tanzanian firm
•  Jubilee sets eyes on new markets
•  KES 2bn project to increase coffee yield five-fold
•  Kenya central bank offers to mop up 6.5bn shillings via repos
•  Firms call for reforms in the mining sector
•  KES 2bn project to increase coffee yield five-fold
•  Kenyan shilling steady, vulnerable to offshore dollar demand
•  Energy sector regulations under review

Maurtius

•  Mauritius to re-open 3-year treasury bond

Nigeria

•  S&P upgrades Access Bank’s credit rating
•  World Bank, ADB commit USD 2bn to Nigeria’s Agric sector
•  Nigeria’s total debt to rise to USD 55.4bn by end—2015
•  Dollar supply drops to USD 2.2bn in May
•  Nigeria to set up cocoa regulatory agency to boost production
•  Low investment in crude oil production may halt Nigeria’s growth
•  NSE market capitalization hits 2008 peak

Tanzania

•  Tanzania signs USD 414m power plant deal with Japan’s Sumitomo Corp
•  IMF urges Tanzania to adopt rate-setting as a policy tool
•  Tanzania inflation slows to 8.3% in year to May

Zambia

•  Vedanta’s KCM halts plan to cut 2,000 jobs in Zambia
•  KCM owes ZRA KR 136m
•  Zambia hikes benchmark interest rate to 9.5%
•  Kwacha continues nose diving

Zimbabwe

•  Econet profits plunge
•  RioZim turns the corner
•  Mashonaland Holdings record rise in profit
•  TA to buy back shares
•  Govt pledges to act on NewZim Steel
•  Econet’s Liquid Telecom buys Rwandatel
•  Delta awaits nod on BEE plan
•  AFRE Corporation rebrands
•  Meikles goes into mining
•  Telecel spreads wings
•  FBCH convenes EGM on merger
•  Zimbabwe partiers reject poll deadline