Weekly African Footprint: October 07, 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

•  Barclays sells Egyptian business to Morocco's Attijariwafa Bank
•  Egypt Stocks Surge on Bets Devaluation Will Drive Growth Rebound
•  Egypt's net foreign reserves rise to $19.591 bln at end-Sept
•  Chinese company to spend $20 billion developing second phase of Egypt's new capital
•  Egypt's non-oil business activity slowdown stretches to one year –PMI
•  Saudi-based Apicorp arranges $100 mln Islamic financing for Egypt's EGPC
•  Egypt stocks up on strategic commodities ahead of devaluation

Ghana

•  Access Bank Plans to Sell 19% Stake in Ghana Unit in IPO
•  Ghana sets 2016-17 season farmgate cocoa price at $1,914/T
•  Ghana Cedi Falls as Government Wage Bill Exceeds Projections
•  Ghana inflation should fall to 13.5 pct by end 2016: IMF
•  Cocoa Beans to Bring Ghana Foreign-Exchange Market to Life
•  IMF cautions gov't against complacency despite progress in debt to GDP ratio
•  Economy to grow slowest in 22 years

Kenya

•  Hilton to open 43-floor hotel in Upper Hill
•  Toyota targets more Kenya contracts after signing deal
•  Rebound in tourism helps Kenyan economy grow faster in Q2
•  Kenya Avoids Brexit Moment as Markets Disregard Doomsayers
•  Kenya close to deal with Afreximbank
•  Kenya private sector activity expands steadily in September
•  Banks ordered to stop charging borrowers new transaction fees
•  Kenya T-bill yields slide after lending rate cap, floor seen at 7 pct
•  IMF Urges Kenyan Fiscal Restraint as Agreed in Loan Deal

Mauritius

•  Mauritius cuts 2016 growth forecast; agriculture, manufacturing seen slowing
•  Mauritius inflation rate 0.9 pct yr-on-yr in Sept - stats office

Nigeria

•  General Electric to invest $150 mln in Nigeria
•  FirstRand Considers Nigerian Acquisitions as Valuations Ease
•  GSK Nigeria Completes Divestment of Drinks Bottling Business
•  Shareholders of PZ Cussons Approve N1.99 Billion Dividend
•  Nigeria spends $2.4 billion to drag country out of recession-Buhari
•  Interbank lending rates to remain high as CBN auctions N136b T-Bills
•  Nigeria central bank prioritises price stability, luring investors for growth
•  CBN targets foreign investors for economic growth
•  Nigeria plans to raise 105 bln naira with local bond issue next week
•  Nigeria's Buhari sends 2017 draft budget framework for Senate approval
•  Nigeria Sees 2016 GDP Expanding While IMF Forecasts 1.7% Slump
•  Nigeria lowers 2016 forecast, expects economy to shrink 1.3 pct
•  Nigeria’s Five Largest Banks Record Drop in Market Share
•  Nigeria's parliament asks Buhari to explain strategy to fight recession
•  Chamber counters EU on further devaluation of naira

Tanzania

•  NMB promises support to boost industrial economy
•  Twiga Bancorp makes 869m/- profit in Q1
•  Italian firms in search of local partners for major investments
•  Tanzania, Congo sign deal for joint petroleum exploration in Lake Tanganyika
•  Tanzania gets $1.6 bln World Bank package to fund economic revival
•  Tanzania Plans to Commission Natural Gas Plant by 2025
•  Tanzania Sees 7.2% Growth as Spending Spree Offsets Commodities

Zambia

•  Copper output to rebound’
•  Treasury Bills oversubscribed
•  Zambia Keeps Corn Export Ban as State Seeks to Build Reserves

Zimbabwe

•  Edgars H1 profit drops 90pct to $109k
•  Getbucks H1 profit falls 33pct
•  Hwange Colliery reports $28mln H1 loss
•  ZB Financial Holdings, key fertilizer firms off US sanctions list
•  Dairibord eyes foreign markets
•  Agrifoods seeks $5mln from shareholders to resume operations
•  Delta expects no changes as parent firm SABMiller is taken over
•  Border Timbers’ loss widens after fire, $16mln asset write-down
•  Stock Prices Remain Unchanging
•  Zimbabwe losing $1 billion a year to corruption – report
•  Zimbabwe economy slides back into recession – IMF
•  ZSE sheds $500k in September, turnover up 90pct
•  Zimbabwe to change black empowerment law to reassure investors
•  Kariba expansion 60pct complete, Hwange set to start next year – Mugabe