Weekly African Footprint: March 07 , 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

•  Egyptian tycoon Sawiris to buy into German travel group FTI
•  Talaat Moustafa posts 7.2% increase in 2013 net profit
•  Egypt watchdog allows investment funds to manage insurers’ cash
•  Egypt lifts ban on brokerage firms trading foreign stocks
•  Egypt tries harder to stop energy firm exodus

Ghana

•  Gov't moves to improve economic data
•  Ghana loses USD 70m in oil and gas sector
•  Ghana’s foreign investor confidence soars – SG Chairman

Kenya

•  KenGen to raise KES 30bn for expansion : CEO
•  Safaricom, Airtel seek to buy Kenyan rival Essar's Yu
•  Kenya's Pan Africa Insurance posts 82 pct rise in full-year profit
•  Majority shareholder ups offer to buy rest of Kenya's Rea Vipingo
•  KCB holds Sh4.2bn from shareholders to meet loan rules
•  Bamburi Cement's year profit down 23 pct
•  Kenya central bank holds key lending rate at 8.5%
•  Kenya’s market overhaul eyes Islamic finance framework
•  Kenya central bank says in market to mop up 9 bln shillings

Nigeria

•  Lafarge invests Euro 1bn in cement production
•  Ecobank Investors Pull Interim Board as Governance Plan Approved
•  Transcorp records N18.8b turnover
•  FCMB, 13 Other Lenders Pool $1bn to Finance 450MW Azura-Edo IPP
•  Dangote to Build $600m Cement Factory in Kenya
•  Glencore interested in buying Shell assets in Nigeria
•  Fitch affirms Zenith, FBN Holding, 8 others’ ratings
•  Transcorp’s pretax profits soar by 128.13 percent on lower costs, improved efficiency
•  ETI Board Meets Next Week to Plan Strategy
•  AFDB approves USD 30m loan for rehabilitation of Oku Lboku Paper Mill
•  Nigeria to accept bids for 10 power plants on March 7
•  CBN to liquidate 83 microfinance banks
•  Foreign investors reduce exposure to Nigeria risk
•  Nigeria to sell 90 bln naira in 3-, 10-year bonds

Tanzania

•  Tanzania gold earnings fall in 2013: central bank
•  Tanzania raises petrol, cuts diesel, kerosene prices

Zambia

•  Zambia central bank raises benchmark rate by 50bps to 10.25%
•  Bank of Zambia acts to save the falling Kwacha
•  Zambia signs a $41 million dollars loan from china repayable in 20 years

Zimbabwe

•  Cairns seeks USD 8m for recapitalisation
•  Zimswitch, Steward Bank break impasse
•  Art Holdings turnover drops
•  Olivine seeks USD 32m funding
•  African Sun to reduce debt
•  CABS to lend USD 100m for mortgage financing
•  Mwana share price rises
•  Nicoz Diamond invests US$1,2m in Mozambique
•  Larfage aims for sales growth
•  Innscor bakery sales drop 10%
•  Turkey investors keen on Zimbabwe
•  India, Zimbabwe sign MoU
•  Banks start opening yen, yuan accounts
•  Zimbabwe needs trade reforms: World Bank
•  Zimbabwe says its only reserves are $500,000 in gold coins
•  EU launches $28m agriculture projects in Zimbabwe