Weekly African Footprint: May 16 , 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

• Egypt's Global Telecom posts Q1 net profit of $43 mln
• CIB reports 22% rise in 1st quarter profit
• Egypt reaches deal with Norway's Hoegh on LNG import terminal
• Egypt to cut energy subsidies to spur growth
• Egypt sells $1.289 bln in 1-year dollar-denominated T-bills
• Egypt tourist numbers tumble again in March as turmoil drives visitors away

Ghana

• WAPCO considers expansion amid supply shortfalls
• Stanbic Bank, Metropolitan Bank to launch new products
• Currency fall deepens Ghana's cocoa smuggling troubles
• IMF says Ghana must take more steps to fix economy
• Ghana aims to tackle fiscal crisis on its own without IMF progamme

Kenya

• Kenya's Safaricom profit jumps, sees higher free cash flow
• Kenya's bourse to sell up to 38 pct stake in IPO
• Kenya May Reschedule Payment of $600 Million Syndicated Loan
• Kenya extends syndicated loan, giving it time to resolve Eurobond delay

Malawi

• Malawi’s maize output seen up 8% y/o/y

Mauritius

• Mauritius’ Sun Resorts says Q1 pretax plunges
• Mauritius Commercial Bank nine-month pretax profit up 3.4 pct
• Mauritius sugar firm Omnicane says Q1 loss widens

Nigeria

• Sterling Bank seeks improved support for SMEs
• Seplat’s market value rises by NGN 6.8bn to NGN 377bn
• Consolidated Breweries invests NGN 15bn to boost operations
• Heineken announce merger for NB, Consolidated Breweries
• NNPC,Transcorp Oil Block Deal Excite Shareholders
• Total Nigeria says Q1 profit down 7.56 pct
• Oil services company Caverton set for $197 mln Nigeria listing
• Ashaka Q1 2014 profits surge 74.04% on lower costs
• Julius Berger to raise N7.5bn in new capital
• Nigeria Diamond Bank to raise between $200 mln-$250 mln in equity
• Diamond Bank issues USD 200m Eurobond
• Consolidated Breweries’ shareholders approve NGN 917m dividend

Zambia

• Zambia to raise annual maize output to 4 mln tonnes
• Zambia infrastructure projects pile pressure on Kwacha

Zimbabwe

• Fresh capital sees NewZim Steel resume operations
• EcoCash to drive Econet’s revenue
• Interest income boosts Delta’s profitability
• Irvine’s invests USD 6m into stockfeed plant
• Astra in drive to grow paint exports
• Government records surplus in Q1
• Zim deflation thaws