The Markets | - Part 240

Egypt bourse to show strong performance, says Merrill Lynch

Cairo, Egypt (Capital Markets in Africa) — Egypt’s stock market is likely to show strong improvement in the near term, said BofA Merrill Lynch in its emerging markets report. The Egyptian Exchange has suffered steep declines in recent months, but the bullish performance in May partially pared such losses, especially after concerns about the local currency abated and the capital gains tax was delayed for two years, according to the report. Merrill Lynch also said…

Emaar Misr says 15% of IPO available for individuals, 85% for institutions

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- Emaar Misr for Development, the Egypt-based subsidiary of UAE’s Emaar Properties, said Sunday around 90 million of its shares, representing 15% of its planned initial public offering will be offered for individuals, while nearly 51 million shares, or 85% of total floated shares, will be available for institutions. Subscription application for the individual tranche will have a minimum of 100 shares and maximum of 10 million shares. 25% of…

Fitch Ratings Assigns Egypt ‘B’ rating for the new US$1.5bn 2025 Bond

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- Fitch Ratings has assigned Egypt’s US$1.5bn global bond maturing 11 June 2025 a ‘B’ rating. The bonds have a coupon rate of 5.875%. The proceeds will be used for the general budgetary purposes of the government. According to Fitch, the rating is in line with Egypt’s Long-term foreign currency Issuer Default Rating (IDR) of ‘B’ with a Stable Outlook and would be sensitive to changes in Egypt’s Long-term foreign…

Central Bank of Egypt sells $37.8m in FX auction and autions EGP7bn in T-bills

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- The Central Bank of Egypt said it sold $37.8 million to banks in a foreign currency auction held Sunday. The bank had offered $40 million. Cut-off price amounted to EGP 7.53 per dollar, the central bank added. The dollar exchange rate steadied at 7.53 against the Egyptian pound for the first time on 4 February. Futhermore, the Central Bank of Egypt said it will hold a public auction Sunday…

Zimbabwe dollar to be taken out of circulation

Posted on by The Editorial Team

Harare, Zimbabwe (Capital Markets in Africa) — Zimbabwe’s government has announced it will officially discard the Zimbabwean dollar, formalizing a multi-currency system introduced in 2009 to help stem inflation and stabilize the economy. The central bank will offer $5 for every 175 quadrillion, or 175,000 trillion, Zimbabwean dollars, Governor John Mangudya said in an e-mailed statement from the capital, Harare. While it marks the official dropping of the currency, transactions in the southern African nation…

Stanbic IBTC Will Raise N20b Via Rights Issue

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa) — Stanbic IBTC has announced it has obtained approval to commence rights issue. They will be offering 800,000,000 Ordinary Shares of 50 kobo each at N25.50 per share. The basis for allotment of the rights will be 2 new ordinary shares for every 25 ordinary shares held. The Qualification Date for this Right Issue is today, 10 June 2015. Stanbic IBTC only recently celebrated the listing of its N15.4illion…

Kenya’s central bank raises benchmark rate from 8.5pc to 10pc

Posted on by The Editorial Team

Nairobi, Kenya (Capital Markets in Africa) — Central Bank of Kenya’s Monetary Policy Committee has decided to raise the benchmark lending rate from 8.5 per cent to 10 per cent, the first increase since 2011. The decision, made at a meeting of the MPC called a month earlier than scheduled, is meant to address inflation fears and shore up the battered Kenya shilling better than the CBK’s interventions in the market. A statement signed by…

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