Africa Finance Daily

Asset manager, bourse launch Nigeria Islamic index
Reuters
LAGOS, July 30 (Reuters) – Islamic wealth manager Lotus Capital and Nigeria’s bourse (NSE) on Monday launched a debut index of Nigerian Stock Exchange-listed companies that comply with centuries-old Islamic investment principles. The NSE Lotus …

Kenyan shares dip on profit taking, shilling steady
Reuters
Shares in Kenya’s largest bank by assets, KCB, and its largest bank by depositors, Equity Bank, shed more than 1 percent to 24 shillings and 22.25 shillings respectively. The two banks had seen their shares rise before they reported their first half …

Kenyan Shilling Gains Third Day as Central Bank Curbs Supply
Bloomberg
The Central Bank of Kenya accepted about 9 billion shillings ($108 million) of repurchase agreements and term- auction deposits today, compared with 3 billion shillings accepted July 27, according to data compiled by Bloomberg. “The shilling has been …

Ghana growth to slow
Independent Online
Locals also blame the currency weakness on trade with China, as many traders are accumulating actual paper cash in dollars due to the lack of effective transfer channels for the yuan in Ghana. The central bank has raised interest rates by 250 basis …

Nigeria Naira Pares First Monthly Advance in Three as Oil Falls
Bloomberg
Nigerian benchmark Bonny Light crude, which has risen 8.4 percent this month, fell 0.3 percent today. The Central Bank of Nigeria, which uses twice-a-week foreign exchange auctions to stabalize the currency, sold $517 million last week, the most in three.

Diamond Trust of Kenya First-Half Profit Jumps 29% on Loans
Businessweek
Diamond Trust Bank Kenya Ltd. (DTKL), the Kenyan lender that’s raising 1.8 billion shillings ($21 million) in a rights offer, said first-half profit jumped 29 percent as earnings from loans surged. Net income climbed to 1.7 billion shillings in the six …

TEXT-Fitch: Nigerian Banks continue to face challenges despite AMCON support
Reuters
July 30 – Fitch Ratings says in a newly-published special report that the recent rapid credit growth in the Nigerian banking sector may give rise to weakened asset quality and higher impairment charges if left unchecked. “There was a marked improvement …

Invest AD launches UCITS funds to meet investor appetite for Africa and …
AME Info
Abu Dhabi asset manager Invest A.D. has launched two UCITS-compliant funds, which invest in Africa and the Arabian Gulf, to meet growing global demand for high-quality investment products to tap frontier market growth. The Invest A.D. Emerging Africa …

S.Africa rand steadies after rally, bonds pull back
Reuters Africa
The Reserve Bank unexpectedly reduced rates by 50 basis points to 5.0 percent earlier this month, citing concerns about the effect of a global downturn on Africa’s largest economy. But further interest rate cuts should not be taken as a given and …

World Bank approves $125m funding to expand regional trade in Central Africa
Ghana Business News
The World Bank’s Board of Executive Directors has approved $125 million to finance transport and trade improvements in the Central African Republic (CAR), a statement from the Bank July 26, 2012 announced. The funds, according to the lender, will …

CBN faces huge challenge in financial inclusion drive – W/Bank
BusinessDay
Nigeria’s financial sector regulators, such as the Central Bank of Nigeria (CBN) and Nigerian Deposit Insurance Corporation (NDIC), have an uphill task in improving financial inclusion in the country. This is evident in the recently released World Bank …

US Bank Provides $1.5 Billion for Nigeria-Bound Investors
AllAfrica.com
The Export-Import (EXIM) Bank of the United States has provided the sum of $1.5 billion as loans for American businesses interested in investing in Nigeria. However, only about $300m has been utilised from the beginning of 2012. The Project Director of …

NEXIM Disburses N550 Million to Movie Industry
AllAfrica.com
Lagos — Nigerian Import Export Bank (NEXIM) has financed the burgeoning Nigerian entertainment industry since 2010 with over N550 million, its Managing Director/CEO Mr. Roberts Orya has said. He said this at a press briefing in Lagos on its financing …

Africa – ‘Harness FDI for Development’
AllAfrica.com
Africa is sitting on the cusp of increasing investment, but needs to take advantage of this to drive a more sustainable developmental path for the continent, says South African Trade and Industry Minister Rob Davies. Davies was speaking at the launch …