Weekly African Footprint: April 21, 2017

Below is a headline summary of our Weekly African Footprint. Please click here for more detailed reports. It includes the following:

Quick summary table displaying the performance of all the African Stock Exchanges and African currencies on a WTD and YTD basis. Summaries of the keys markets and relevant economic and corporate news.

Do not hesitate to contact us should you require further information.

Egypt

•  IMF lowers 2016-17 growth forecast for Egypt to 3.5 percent
•  Egypt to raise maximum issuance of dollar bonds to up to $7 bln

Ghana

•  IMF deal to end in April 2018 – Finance Minister
•  IMF backs Ghana’s domestic borrowing drive to check ballooning debts
•  Weak banks require urgent recapitalisation

Kenya

•  Housing Finance eyes growth in MasterCard deal
•  KCB begins job cuts to counter technology and Kenya rate cap
•  March coffee sales hit Sh12 billion at the exchange
•  Kenya’s top tea importers take up 88pc of Feb sales
•  Kenya's economy grows by 5.8 percent in 2016
•  IMF cuts Kenya growth outlook on persistent drought
•  World Bank in fresh warning as Kenya’s debt hits Sh3.8 trn
•  Kenyan shilling stable, draws support from charity inflows

Malawi

•  Malawi's inflation slows to 15.8 percent in March

Mauritius

•  Mauritius trade deficit widens 15.6 pct y/y in February

Nigeria

•  Ecobank shares fall after African lender reports full-year loss
•  Forte Oil Grows Profit by 98% to N1.9bn in First Quarter
•  Nigeria needs reforms to hedge against future FX crisis -World Bank Africa economist
•  Unilever Nigeria’s Profit Hits N2.8bn in First Quarter
•  Pension fund investment in infrastructure rises to N2.22bn
•  Nigeria needs reforms to hedge against future FX crisis -World Bank Africa economist
•  Nigerian finance minister says country needs to tap its non-oil revenues

Tanzania

•  NMB profit after tax grows 2.4 pc
•  CRDB’s Burundi posts 2.4bn/- net profit
•  Vodacom Tanzania extends IPO deadline to woo more local investors
•  NMB opens business centre in Kahama
•  Acacia mining reports production drop in Q1
•  IMF projects 2.5pc fiscal deficit this year
•  High investors demand greets five year treasury bonds auction

Zambia

•  Zambia Seeks IMF Deal of as Much as $1.6 Billion This Month

Zimbabwe

•  Hwange Colliery gets 5mtpa long-term coal supply deals
•  Pick n Pay earnings from Zimbabwe associate up 75pct
•  Caledonia gold production up 18pct in Q1
•  Zimbabwe Inflation Up
•  Tobacco sales up 42%
•  Cash crunch chokes industrial performance
•  Inflation within manageable levels: Economists
•  Zimbabwe tax agency beats first quarter revenue target
•  Mugabe's Ruling Party Fractures as Zimbabwean Opposition Unites