The Editorial Team

IFC Partners with CITIC Construction to Develop Affordable Housing in Africa

Nairobi, Kenya (Capital Markets in Africa) —IFC, a member of the World Bank Group, and Chinese multinational construction and engineering company, CITIC Construction Co., Ltd today launched a $300 million investment platform, CITICC (Africa) Holding Limited, to develop affordable housing in Sub-Saharan Africa. The platform will partner with local housing developers and provide long-term capital to develop 30,000 homes over next five years. IFC estimates that each housing unit will create five fulltime jobs – resulting…

Governor of Congo mining hub Katanga warns against tax hikes

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LUBUMBASHI, DRC (Capital Markets in Africa): – The powerful governor of Democratic Republic of Congo’s Katanga province warned on Wednesday against significant tax hikes in a proposed new mining code amid a recent decline in copper prices. The southeastern province accounts for nearly all of the vast central African state’s copper production, which surpassed 1 million tonnes for the first time in 2014. Congo vies with Zambia to be the continent’s top producer of the metal. A…

Egypt bourse to reduce free float required to list on EGX 30

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Cairo (Capital Markets in Africa):- – Egypt’s stock exchange said on Thursday it would reduce the free float required for new companies to list on its benchmark EGX 30, as part of structural changes to the index. Companies previously had to have a 15 percent free float to list on the EGX 30. Under the new rules, which take effect on August 1, firms will be able to join with a minimum 5 percent free float…

Nigeria agriculture minister wins African Development Bank presidency

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Abidjan (Capital Markets in Africa) – Nigeria’s Agriculture Minister Akinwumi Adesina won an election on Thursday to be the new president of the African Development Bank (AfDB). After six rounds of voting that saw seven rivals from across the continent defeated, Adesina secured around 60 percent of the vote in an election held in Ivory Coast, where the AfDB is based. Adesina will take over from outgoing bank president Donald Kaberuka of Rwanda on Sept. 1…

Kenya Market Watch | May 28th 2015: Kenyan equities marginally gained today

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Nairobi, Kenya (Capital Markets in Africa):- The Nairobi Securities Exchange (NSE20) index extended it bearish and shed off 29.85 point to 4,805.89 points but Nairobi All Share Index gain 0.15 points to close at 161.46. However, the FTSE NSE 25 and FTSE NSE 15 indices fell by 0.64 points and 0.58 points to close the day at 217.85 and 217.43 points respectively. The market capitalization gained almost KES 2.2 billion (cumulative lost of over KES 82.8…

Nigeria Market Watch | May 28th 2015: Nigerian Equities Market today reversed the 2-day bullish trend

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Lagos, Nigeria (Capital Markets in Africa):- The Nigerian Equities Market today reversed the 2-day bullish trend as the All Share Index (ASI) shed 0.1% to close the week at 34,310.37 points. Likewise, market capitalization declined N44.2bn to settle at N11.7tn. Today’s decline was largely driven by depreciation in ZENITH (-2.6%), NIGERIAN BREWERIES (-1.3%) and FORTE OIL (-4.9%). Activity level measured by total volume and value traded improved as volume appreciated 129.6% to 711.2m units while value increased…

Morocco Market Watch | May 28th 2015: Moroccan equity up by MAD 942mn today

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Casablanca, Morocco (Capital Markets in Africa):- Morocco’s benchmark stock index (MASI Index) return to positive today, by gaining 0.21 percent to close at 9,608.63 points (-0.12 percent year-to-date performance) with total market capitalization at MAD 483.835 billion (increased by MAD 942 million compared to previous trading sessions) and market activities measured as total traded value was recorded at MAD 45.516 million (a decrease of 83 percent relative to previous trading sessions market turnover). Likewise, Moroccan most…

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