The Editorial Team |

Nigeria Capital Market: Week Ended 24th April, 2015

Nigerian Stock Market Weekly Summary and Outlook The market continued to trade sideways this week as investors treaded more cautiously. The NSE ASI shed 1.5% W-o-W settling at 34,485.72 at the close of trade on Friday. Nevertheless, MtD return closed positive at 8.6% although YtD was negative at 0.5%. Following the course of the benchmark index, aggregate market capitalization declined N779.1bn W-o-W and closed at N11.7tn. Market activity was mixed with the aggregate volume of…

European investors support Vantage Capital with $75m

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Vantage Capital, Africa’s leading mezzanine debt provider, today announced that the DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (“DEG”) and four other European investors are contributing a total of approximately $60m to Vantage’s third fund. DEG’s commitment to Fund III is $20m. In addition the DEG is providing $15m to a co-investment with Vantage in Surfline Communications, the leading 4G LTE network operator in Ghana. Vantage invested $15m in Surfline from its second fund late…

Zambia’s 2015 fiscal deficit to exceed 4.6 pct of GDP: official

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LUSAKA (Reuters) – Zambia’s fiscal deficit will exceed the targeted 4.6 percent of gross domestic product in 2015 due to weaker copper prices and changes to the mining tax regime, a senior Treasury official said on Friday. Mike Masiye, the director of budget in the ministry of finance, said copper prices had collapsed to around $6,000 per tonne from about $6,780 when the budget was formulated. Africa’s second-largest copper producer would also lose revenue after…

Egypt’s central bank keeps benchmark rates unchanged

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CAIRO (Reuters) – Egypt’s central bank kept its benchmark interest rates unchanged at a monetary policy committee meeting on Thursday. The overnight deposit rate remains 8.75 percent and the overnight lending rate is steady at 9.75, the bank said in a statement.

AFIG Funds invest in Primrose Properties Ghana Ltd

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Advanced Finance and Investment Group (“AFIG Funds”), manager of the Atlantic Coast Regional Fund (“ACRF”) is pleased to announce that it has completed an investment in Primrose Properties Ghana (“PPG”), a leading real estate development company based in Accra, Ghana. Primrose is focused on the development of commercial and residential properties and has developed a solid track record in Ghana’s growing real estate market. The ACRF investment will allow PPG to fund an attractive pipeline…

Nigeria: 2015 Budget Snapshot

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The Nigerian Federal House of Representative on Thursday passed the sum of N4.5tn budget for the 2015 fiscal year with an increase of N135.4bn over initial proposal submitted in November 2014. In addition, the House has adopted an oil benchmark of US$53.0, daily oil production of 2.3mbpd, exchange rate of N190.00/US$1.00 and fiscal deficit/GDP ratio of 1.1%. Surprisingly, no provision for fuel subsidy was made in the approved 2015 Appropriation Act. A further review of…

Côte d’Ivoire and IDB arm signed deal to setup sukuk

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Nialé KABA, minister to the prime minister in charge of economy and finance of the Republic of Côte d’Ivoire, Khaled Al-Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), private sector arm of the Islamic Development Bank Group (IDB), signed an agreement to setup a sukuk program in an aggregate principal amount of CFA 300.0 billion. This program will be implemented during 2015-2020 for financing developmental projects and will be executed…

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