Weekly African Footprint: May 24 , 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's EFG Hermes says Q1 net profit jumps 27 pct
•  New Egypt central bank ruling a blow for local money market funds
•  IMF raises Egypt 2013 CPI forecast to 10.9 pct, highest since 2010
•  IMF says Egypt budget gap worrying, urges Yemen to finalise economic programme
•  Egypt tourist arrivals rise, not back to pre-revolt levels
•  Egyptian factories, hit by subsidy cuts, highlight Cairo's fiscal dilemma
•  Egypt appoints new head of national oil company

Ghana

•  Ivory Coast’s oil wont impact Ghana’s—Tullow Oil
•  Citibank, Barclays likely to lead Ghana's Eurobond plans
•  Ghana hopes to shield economy from African oil curse
•  Ghana cocoa purchases hit 679,088 T by May 9: Cocoon data
•  Ghana central bank raises prime rate to 16 pct
•  Ghana producer price inflation falls to 10.2 pct in April
•  Ghana Plans to Sell $1 Billion in Eurobonds in July

Kenya

•  National Bank of Kenya's Q1 pretax profit edges up 3 pct
•  Kenyan lender I&M looks to list shares by June
•  Bourse wants certificates automated
•  Kenyan shilling weakens on energy sector dollar orders
•  Kenya top grade tea prices inch higher at sale
•  Kenya to decide next week on future of Mombasa refinery
•  More credit data sharing seen lowering rates for Kenyan firms
•  Flat Kenyan shilling vulnerable to end-month demand for dollars
•  Kenya economy to grow by 6 pct in 2013: Planning Minister
•  Striking Kenyan truckers block east Africa's main trade route
•  Kenya’s Economy May Expand at Fastest Rate in Six Years in 2013

Malawi

•  Malawi inflation slows to 35.8 percent y/y in April: NSO

Maurtius

•  Mauritius 182-day T-bills unchanged at 2.3%
•  Mauritius tourism revenue drops 12.4 pct yr/yr in Q1
•  Mauritius central bank governor awarded third term

Nigeria

•  • First Bank targets 10% loan growth this year: CEO
UBA Capital posts N890m in Q1
•  Unilever Invests N5.8 Billion to Enhance Future Performance
•  Dangote Sugar: Consolidating via New Acquisition
•  Fidelity Bank Shareholders Approve N6bn Dividends
•  GTB, Zenith Bank, 11 Others Raise $1.2bn for Etisalat
•  Oando records success in rights issue, raises N55.2bn
•  Dangote Set to Invest $600m in Sugarcane Production in Three States
•  Nigeria's NNPC and Exxon unit to tap bond market by 2016
•  FG recovers over NGN 100bn unremitted taxes as House probes NNPC subsidies, 23 banks
•  Nigeria naira firms after central bank meets FX demand at auction
•  Nigeria says switching to foreign debt to lower costs
•  Nigeria to divest 3 nationalised banks by Q3 2014
•  Banks’ Non-performing Loans Drop to 3.8%

Tanzania

•  Tanzania growth to average 7% over 2013-2015: World Bank
•  Tanzanian gas pipeline plan sparks riot -government officials
•  JP Morgan "likely" to add Tanzania to emerging markets bond index

Zambia

•  CEC to conclude financing hydro project
•  Mining sector to grow to over USD 1bn
•  Kwacha to hold steadily

Zimbabwe

•  FBC deal close
•  NicozDiamond shareholders okay buyback
•  Seed Co profits take a tumble
•  Turnall’s first quarter revenue slump
•  Banking sector failing to fund agriculture—Bankers’ Association
•  Government to compel listing of banks
•  Cotton producer price up
•  Zimbabwe Stock Exchange Plans IPO as Index Rallies 38%
•  Tobacco sales gross US$470m