Weekly African Footprint: May 30 , 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 has limited scope for boosting purchases of local wheat Text
• Al-Sisi wins election by landslide Text
• Egypt needs anti-dumping duties if energy subsidies cut—steel firm Text
• Egypt approves new 10% capital gains tax on stock market profits Text
• Egypt central bank keeps interest rates on hold Text

Ghana

• Stanbic Income Fund Trust assets increase by 26% Text
• AngloGold Ashanti to lay off thousands of Ghana workers—unions Text
• GCB posts GHC 317.1m profit Text
• Tullow Oil picks Vallourec for TEN project Text
• GCB prepares to charge VAT on non-core financial services Text
• Tullow Oil pays over USD 300m to govt Text
• Ghana Oil Company’s dividend goes up Text
• Ghana cancels 7 year domestic bond issue due to high yields Text
• Cocoa to rescue cedi Text
• Ghana joins two others to establish Africa gas company Text
• Ghana says 3-year bond oversubscribed, yield at 24.44% Text

Kenya

• Equity Bank of Kenya’s mobile service set for July launch Text
• Kenya’s ABC Bank raises USD 12m via bond Text
• Stanchart Kenya’s pretax profit jumps 21% in first quarter Text
• CBK allays fears over tumbling shilling Text
• Kenya top tea prices creep up at auction Text

 Nigeria

• Instrucrure Bank records 95% debt recovery Text
• Sterling Bank targets 25% loan growth Text
• Revenue boost for Caverton as Total extend contract Text
• Wema Bank explains return to profitability Text
• FG targets USD 558.45m GDP by 2018 Text
• CSCS grows profit before tax by 56% to NGN 4.8bn Text
• FG moves to boos gas supply to domestic market Text
• Pensions Assets hit NGN 4.3tn Text
• NAHCO FTZ to attract USD 500m investment Text

Zambia

• Zanaco launches ‘trailer loans’ Text
• Finance Bank trades bonds with SA client on Badex Text
• Copper output to hit 1.5m tones Text
• Construction to spur insurance sector Text
• Kwacha to continue downward trend Text
• May inflation steady at 7.8% y/y—CSO Text
• Zambian kwacha eases on President Sata illness rumor Text
• Kazungula Bridge project set for June Text
• Govt collects K1.8bn in mineral royalty Text

Zimbabwe

• FML eyes SMEs market Text
• ART total revenue falls 8% Text
• Metallon eyes listing on ZSE Text
• Turnall projects turnover to grow 16% Text
• Tongaat eyes increase in sugar cane supply Text
• Dairibord unveils new product line Text
• RioZim in talks for USD 45m facility Text
• BNC targets increase in nickel production Text
• Pearl Properties revenue down Text
• ABC Holdings seeks to dispose Atlas Mara stake Text
• Airzim set to resume international flights Text
• Edgars records loss Text
• Nicoz diamond records 6% growth Text
• New gold plant for Freda Text
• Seed Co to invest USD 6m in research Text
• Zimpost revenue slumps 15% Text
• Banks yet to meet capital threshold Text
• Zim to resume EU beef exports Text
• Winter wheat output expected to decline Text
• State may still ban raw platinum exports Text
• FDI follows path of least resistance Text
• EU might advance Zim USD 318m Text
• Zimbabwe plans 100% ‘local control’ of minerals, land Text