Weekly African Footprint: June 16, 2017

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 will not bring back fungus ban vows grain authority
•  Egypt needs to improve rule of law, freedoms to attract investors - Germany
•  Egypt central bank says removes foreign currency transfer limit
•  Ezz Steel could raise steel rebar output if tariffs continue
•  Egypt's current account deficit narrows by 38 pct in third quarter -c.bank

Ghana

•  Banking sector aiding GSE rebound - GSE CEO
•  Ghana Leader Favors Constitutional Change to Boost Finances
•  Inflation to increase to 13.3% in May 2017
•  Cedi’s woes hamper Stock Exchange’s performance
•  Ghana to buy shares in Cadbury, Nestle and other international food companies
•  IMF Says Ghana at Risk of Debt Distress as Bond Planned
•  Consumer Price Inflation for May records a decline

Kenya

•  KCB Group offers to take over National Bank of Kenya
•  Kenya's Centum Investment pretax profit drops 18 pct
•  Kenya Airways gets first set of licences for direct US flights
•  Kenya Power starts rollout of Sh13bn cables network
•  Co-op leads listed banks in credit growth with 15pc jump

Malawi

•  Malawi's inflation slows to 12.3 percent in May

Mauritius

•  Foreign investment into Mauritius down 32 percent in Q1

Nigeria

•  Transcorp Hotels Completes Renovation of Transcorp Hilton Abuja Executive Floors
•  $500m Eurobond oversubscribed by 240% – UBA
•  CAP Plc Shareholders Approve N1.54 Billion Dividend
•  UAC to boost capital with N15.4bn rights issue
•  FG-listed bonds hit N6.82tn in first quarter
•  Nigeria's presidency to sign 2017 budget into law next week
•  Nigeria Bank Divide Widens as Cash Shortage Chokes Small Lenders
•  Nigerian acting president signs 2017 spending plan into law
•  Rights issue spurs resurgence of primary market activities
•  Nigeria plans 133 bln naira treasury bill sale next wee

Tanzania

•  Tanzanian Government Accuses Acacia of Mining Gold Illegally
•  Tanzania signs $154 mln contract with Chinese firm to expand main port
•  Acacia Mining disputes Tanzania audit as shares sink
•  Tanzania central bank announces new capital rules, orders banks to cut bad loans
•  Barrick's Thornton Meets Tanzania Leader in Acacia Tax Feud

Zambia

•  IMF may grant Zambia $1.3 billion funding package

Zimbabwe

•  Agribank PAT 300pct ahead of budget
•  Brainworks to list on JSE, IPO set for July
•  Econet leverages on broadband and Ecocash to protect topline
•  Altfin creditors to recover only 25pct of money owed
•  ZSE bull run boosts First Mutual net income
•  Zimtrade, SAZ Sign 2nd MOU
•  AECF to Channel $10m Towards Solar Projects
•  SA’s Alexander Forbes acquires African Actuarial Consultants
•  Zimbabwe bans grain imports after higher maize output
•  IPEC in maiden $50mln bond issue
•  Govt says wage bill now at 65pct of expenditure after freeze on hiring
•  Securities commission to introduce online trading
•  Inflation rises to 0.75pct in May