Weekly African Footprint: July 18 , 2014

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

• Abraaj Investment Management makes bid approach to Egypt's Bisco Misr
• Egypt to cooperate with World Bank to increase economic competitiveness
• Investment minister promotes Egyptian economy to Asian diplomats
• Egypt raises interest rates days after subsidy cuts
• Egypt food subsidy reforms to slash wheat imports

Ghana

• BoG wants control over payment systems
• Terkper to present mid-year review of 2014 budget
• Ghana cuts fuel subsidy in policy U-turn to reduce spending
• High imports pushing inflation up
• Gov’t revises key macroeconomic targets

Kenya

• National Bank risks crisis after cash call delay
• East African Cables' pretax profit edges up in first half
• Kenya's Housing Finance says H1 profit up 18 pct
• Microsoft signs deal for Lumia Apps purchase on Safaricom
• Higher sales lift Kenya's ARM Cement's first half profit
• Kenya's Britam raises $68 mln via corporate bond
• Kenya's Housing Finance to raise new capital by 2016
• Poor Narok wheat yields set stage for rise in bread prices
• Highest price of top Kenya tea grade rises at auction
• Kenyan top grade coffee price flat at latest auction
• Higher Food Prices Push Inflation to 8.2% in June
• Kenya H1 raw sugar output rises 20 pct on improved cane supply

Mauritius

• Mauritius Leaves Key Rate Steady as Policy Seen Held Until 2015

Nigeria

• UBA Maintains Steady Loan Growth
• Dangote Group Generates 262 megawatts of Electricity
• Seplat’s Market Capitalisation Rises N67bn in Three Months
• Ecobank Group Gets Capital Markets Authority Nod to Open Investment Bank in Kenya
• Airtel Targets 18% Nigeria Growth as Regulators Appeased
• Nigeria's Wema Bank says first-half profit up 266 pct
• Strategically Important Banks Gross Loans Hit N7.1 Trillion
• NSE boosts access to information, capital
• Nigerian naira firms marginally on Total, Addax dollar sales
• Nigeria's government forecasts economic growth of 6.19 pct in 2014
• Higher food prices push inflation to 8.2% in June
• Nigeria raises 100 bln naira in bonds, yields fall

Tanzania

• Australian Oil Explorer Set to Take Tanzanian Stake
• DSE mulls introducing mobile, internet services to investors
• IMF approves new policy support deal for Tanzania

Zambia

• USD 1 billion agro bond awaited
• Zambian FX measures temporary - central bank
• Zambia central bank says sold more than $532 mln to ease kwacha volatility

Zimbabwe

• BNC to save $9m a year
• Caledonia Mining Corp’s gold production up
• SA experts roped into Econet inquiry
• Four firms face suspension as ZSE gets tough on defaulters
• Econet subscribers pass 9 million mark
• African Sun Continues Debt Restructuring
• Diamond production at Rio Tinto up 20%
• Manufacturing sector hit hard by strong dollar
• ZSE fees marginally drop
• Zimbabwe Wants U.S. to Lift Ivory-Import Ban Immediately
• ZSE income rises 13pc in F13
• June inflation in marginal increase
• Zim’s trade deficit narrows to $1,76bn
• Efforts to attract FDI intensify