Weekly African Footprint: November 04, 2016

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 central bank will offer $120 million in regular auction
•  Egypt stock exchange head says longer suspension of capital gains tax will spur more investment
•  Egypt's pound hits five-week high on black market as businesses cease buying
•  Egyptian central bank floats pound

Ghana

•  Tullow Oil issues financing update
•  BoG to announce economic capital before minimum capital
•  Election blues trouble investors as fiscal deficit increases by 89%
•  Average interest on deposits decrease to 12.2%

Kenya

•  Tullow oil says to restart Kenyan exploration and appraisal next month
•  Kenya's Equity Bank Group 9-month pretax profit up 18 pct
•  Kenya Airways pilots' union withdraws strike notice
•  Safaricom's net profit jumps to Sh23 billion
•  Kenya Power pre-tax profit slips 1.4 pct in year to June 2016
•  Bitter outcome for KQ directors after Awori exit
•  Kenya's 2016 GDP growth seen at 5.9 pct, agriculture aids: World Bk
•  Kenyan shilling under pressure, seen weakening further
•  Kenya's inflation edges up to 6.47 percent yr/yr in Oct
•  Kenya tea production likely to jump 3.5 pct in 2017
•  Kenya private-sector activity drops to four-month low, PMI shows
•  Kenya to raise 2016/17 local borrowing, cut budget deficit

Mauritius

•  Mauritian Q3 business confidence index down, hurt by global

Nigeria

•  Nigeria's Arik Air to buy mostly Boeing planes to double its fleet
•  Oando Posts 26% Growth in Turnover, Reduces Loss to N35.9bn
•  Fidelity Bank’s Profit Before Tax Down 28% in Nine Months
•  Access Bank to Repay 2017 Eurobond from $300m Debt Raised
•  WAPIC Insurance Records Profit of N1.5bn in Nine Months
•  FBN Holdings Maintains Stability
•  Nigeria spent only half its budget through September, ministry says
•  External Reserves Falls to $23.948 Billion
•  African Development Bank gives $600 mln to support Nigeria's budget
•  EU Commits €712m Grant to Nigeria’s Power Sector
•  Nigerian Senate rejects Buhari's plan to borrow $30 billion abroad
•  Nigeria’s Manufacturing Index Declines in October
•  Nigeria signs agreements to add more than 500 megawatts to national grid

Tanzania

•  TBL embarks on solar power to brew beer
•  CRDB, TBL shine at Dar bourse
•  Tanzania has Africa’s lowest mobile data cost
•  Treasury bonds undersubscribed as liquidity crunch hits hard
•  Tanzania sees economy expanding at 7.5 pct in 2017
•  Tourism seen booming in Zanzibar
•  Money supply declines by 4.7 per cent in August

Zambia

•  IMF sees Zambia's 2016 economic growth steady at 3 percent

Zimbabwe

•  CBZ insurance to spread its wings into Sadc
•  Econet H1 profit down 37 percent
•  Old Mutual trades at a premium on ZSE, return of the implied rate?
•  Steward Bank consolidates profitability with tilt to transactional banking
•  Afdis targets 30pct growth in ciders
•  PPC says H1 earnings to fall 90pct
•  Tongaat Hulett bails out Tokwe-Mukosi project
•  Afreximbank releases $150m to stabilise nostros
•  Zim govt gazettes new procurement law
•  Bond notes panic, excessive govt borrowing fuel cash crisis – Moody’s
•  Mugabe decrees regulations paving way for bond notes
•  Tobacco Growers Up 9 Percent
•  Zimbabwe lurches back into crisis as economy deteriorates, IMF rep says
•  ZSE grows fastest in October as bond notes loom
•  Foreigners ditch Zimbabwe equities in record numbers over currency move