Author: Marketforces Africa

The Central Bank of Egypt (CBE) kept its interest rate unchanged at a record high of 27.25% in November 2024, for the eighth consecutive month, reflecting global and domestic economic conditions.

The South African Reserve Bank (SARB) slashed its key interest rate by 25 basis points to 7.75% in line with analysts’ estimates.

Kuda Wins Inclusive Financial Product Award at 2024 Financial Inclusion Awards In recognition of its efforts in improving affordable access to financial services, Kuda Microfinance Bank received the Inclusive Financial Product Award at the Financial Inclusion Awards 2024, which was held during the Central Bank of Nigeria’s (CBN) International Financial Inclusion Conference from November 12 to 13 at the Landmark Event Centre in Lagos, Nigeria. The Financial Inclusion Awards, a highlight of The International Financial Inclusion Conference 2024, celebrates exceptional contributions towards achieving the goals outlined in Nigeria’s National Financial Inclusion Strategy 3.0. The awards recognise organisations and individuals across…

Haldane McCall lists 3.12bn shares on Nigerian Exchange A real estate and hospitality company, Haldane McCall Plc, on Wednesday, listed 3.12 billion ordinary shares of 50k each at N3.84 per share on the Main Board of the Nigerian Exchange Ltd. (NGX) by Introduction. The company was admitted to the daily official list of NGX during a Closing Gong ceremony and presentation of its Facts Behind the Listings by the company’s Group Managing Director, Dr Edward Akinlade. Following the listing, the share price of the firm appreciated by 10 per cent. Akinlade said that the listing provides a platform for sustainable…

Investors who bought 364-day tenored Treasury bills at the Central Bank of Nigeria’s (CBN) primary market auction received a 50 basis point increase in the spot rate.

Liquidity: Interbank Rates Rise Sharply on FX, Bond Auction Debits Reversing its downward trend, interbank rates rose sharply over liquidity constraints in the financial system, caused by huge outflows. The liquidity shortfall at N330 billion deficit lifted the short-term benchmark interest rates by more than 600 basis points apiece. This left many small lenders in negative positions as analysts predict a rush to the CBN window to borrow funds. The market experienced debits relating to payments for the Debt Management Office’s (DMO) monthly bond auction. Likewise, the payment for FX auction sales to authorised dealer banks drained liquidity balance in…

The naira, Nigeria’s local currency, fell further against the dominant US dollar across foreign exchange markets in the absence of sufficient forex market intervention.

Champion Breweries Plans to Raise Additional Capital Champion Breweries Plc has announced a plan to hold an extraordinary general meeting of shareholders on December 4 at Oriental Hotels. The board of directors would be seeking shareholder approval to raise additional capital of up to N15 billion at the emergency meeting. In a regulatory filing submitted on the Nigerian Exchange, the beer-producing company said it will be seeking shareholders’ approval to undertake a capital raising exercise. The board seeks shareholders’ approval to issue up to 1,579,058,099 ordinary shares in the Nigerian and/or international capital markets. According to the company, the capital…

Fitch Affirms Bharti Airtel at ‘BBB-‘ With Stable Outlook Fitch Ratings has affirmed India-based Bharti Airtel Limited’s (Bharti) Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating at ‘BBB-‘ with a stable outlook. The stable outlook reflects Fitch’s expectation that Bharti’s EBITDA net leverage will improve amid strong earnings growth and a decline in capex. The rating note stated that Bharti’s rating is supported by its strong market position in the consolidating Indian mobile market. Bharti’s foreign-currency ratings cannot exceed India’s Country Ceiling (BBB-), which reflects the transfer and convertibility risks on foreign-currency obligations. “We would probably upgrade Bharti’s…

MTN Group Hosts High-level Delegation from Uganda MTN Group welcomed a high-level delegation from Uganda, led by Mr. James Makula, Chairperson of the National Start-up Technical Working Group, to its headquarters on Tuesday, 19 November 2024. The visit reflected MTN’s deep commitment to supporting the priorities of nation states by fostering partnerships that drive innovation, entrepreneurship, and regional collaboration. As part of a benchmarking mission to South Africa, the engagement focused on knowledge exchange and exploring strategies to leverage technology for socio-economic progress. Discussions centred on advancing Uganda’s National Start-up Policy and enhancing cross-border trade opportunities within the African Continental…