Africa Finance Daily

Stock market drops by 4.83%, investors exchange 8454 units of NewGold ETF
BusinessDay
The Nigerian stock market lost 4.83 percent week-on-week (WoW) as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) which opened last week at 21963.87 depreciated by 1060.92 points to close last Friday at 20902.95. Five of the NSE sectorial …

Mauritius Central Bank May Reduce Benchmark Lending Rate
Bloomberg
“We believe there is room for a 0.5 percent cut given heightened concerns around domestic growth and global growth uncertainties,” Ridle Markus, Africa strategist at Absa Bank Ltd. (ABSP), said in an e-mailed response to questions on June 6.

Country, France Ink Sh8.3 Billion Energy Project
AllAfrica.com
Nairobi — Kenyan and French governments have sealed a Sh8.3 billion loan deal to upgrade Kenya’s power transmission lines in order to eliminate blackouts in the country. Finance Minister Robinson Githae told journalists in Nairobi that the …

Naira Slide Threatens Forex Reserves Accretion
THISDAY Live
Nigeria’s forex reserves stood at $37.700 billion as at June 4, data from the Central Bank of Nigeria’s (CBN) website showed at the weekend. The forex reserves had maintained an upward trend throughout last month as it gained a total of $961million to …

‘Economy needs retail banking to grow’
The Nation
As you know, the administration in the Central Bank of Nigeria (CBN) has done so much in terms of sanitising the industry. With the sale of most of the toxic assets of banks to the Asset Management Corporation of Nigeria (AMCON) and enforcement of the …

Vodacom’s Africa Inertia Hampers Chase to Narrow MTN Gap
BusinessWeek
Under Vodafone’s control, Vodacom’s previous major acquisition soured with the company last week disposing of part of its $700 million Gateway Communications asset within four years. Bharti Airtel in 2010 bought the African assets of Zain, …

Telecoms Vodafone, MTN Fill Banking Breach in Africa
AdAge.com
No Bank Account? No Problem. Consumers in Kenya, Uganda, Middle East and India Rely on Mobile Money Imagine if, in order to pay the kids’ school fees, you had to give a fistful of dollars to a bus driver who was heading in the general direction of your …

Kenya shilling edges down, KQ weighs on shares
Reuters Africa
* FX traders say shilling’s rally intact * Kenya Airways shares fall after cash call * Bond volumes tumble (Adds market close, stocks) By Duncan Miriri and Beatrice Gachenge NAIROBI, June 8 (Reuters) – The Kenyan shilling inched down on Friday against …

CBN hires consultants to review finance houses’rules
The Nation Newspaper
By Collins Nweze 4 minutes ago The Central Bank of Nigeria (CBN) has employed consultants to review the guidelines for finance companies, The Nation has learnt. The consultants are also expected to develop a road- map for the apex bank’s reform and …

Treasury bills set to regain their appeal
The Nation Newspaper
By Our Reporter 1 hour ago Higher yields on Nigerian Treasury bills could lure back foreign investors who had turned their backs on the market in recent weeks. Offshore investors, according to Reuters, are seen returning to Nigeria’s debt market in the …

Fed Govt wants $3.4b African Diaspora institute sited in Nigeria
The Nation Newspaper
By Victor Oluwasegun and Dele Anofi 1 minute ago The Federal Government has said it is willing to have the proposed African Remittance Institute of the World Bank sited in Nigeria. A total $3.4billionn has been earmarked for the project.

Less than two million Nigerians have life insurance
The Nation
What other investment channels are life operators investing in? One aspect of our business is investment of funds, for we need to invest our funds, so that at the time of claims we will have money to pay. Of course, we have been faced with issues of …

Investors move funds to bonds as equities shiver
The Nation
By Taofik Salako and Tonia Osundolire 15 minutes ago Investors appeared to be readjusting their portfolios in favour of fixed-income securities as sustained recession at the Nigerian equity market brought the benchmark return to the verge of negative.

Havells India looks for acquisitions in China, Africa
Economic Times
NEW DELHI: Electrical goods maker Havells India is mulling over acquisitions in China and Africa that may entail an investment of up to $200 million (about Rs 1100 crore) to strengthen its overseas operations. The company is also expanding presence in …

Four stocks fall, drag Ghana Stock Exchange Index down
Spyghana.com
The GSE-Composite Index (GSE-CI), the benchmark measure of performance of the Ghana Stock Exchange, slipped 1.47 points to 1018.84 points from 1020.31 points on Friday with a year-to-date return of 5.14 per cent. The GSE-Financial Stocks Index …