- Nigeria exchange rate at the NAFEX window continued to remain stable against the dollar to close at 386 NGN/1 USD during intraday trading on Monday, October 26. Also, the naira maintained its stability against the dollar, closing at 463 NGN/1 USD at the parallel market on Monday, October 26, 2020.
- The Nigerian National Petroleum Corporation (NNPC) stated that between 70% and 80% of domestic fuel demand is being met through products importation due to the underperformance of the refineries.
- Access Bank Nigeria Plc. is offering 50 BN NGN (131.57 MM USD) interest free facilities to support Nigerians and grants to support communities, the youths, and micro, small and medium-sized businesses.
- The Central Bank of Uganda has kept the key policy rate unchanged at 7%, a stance described by analysts as "cautious and guarded" amid a looming increase in inflation following the easing of lockdown restrictions.
- Uganda export receipts have amounted to 47 MM USD in September 2020, representing 29.5% increase compared to 321.41 MM USD recorded in August 2019. The performance of the economy indicates that sentiments about doing business in Uganda turned out positive for the first time since February 2020.
- Fitch expectes Zambia to default on its government debt in the coming months, having become locked in a row with its creditors over delaying some of its bond payments. Zambia finance ministry issued a statement repeating a request for a number of its debt payments to be deferred until April 2021.
- Earnings by tea farmers in the East of Rift Valley comprising Murang’a, Embu, Meru and Kirinyaga counties continue to outperform those of their counterparts in western Kenya. Farmers in these eastern counties earned 3 BN KES (306 MM USD), representing 64.3% of the total compared to 18.5 BN KES (170 MM USD) that the western region earned in 2019/2020.
- The Kenya National Bureau of Statistics has partnered with the Central Bank of Kenya to conduct the 2020 Foreign Investment Survey, which seeks to obtain transactional and stocks data of enterprise capital, trade, services, employment, and perception of the business environment.
- President Emmerson Mnangagwa has commended the regional SADC grouping and the African Union (AU) for their unequivocal support of Zimbabwe in the fight against sanctions imposed by the West. The president was speaking after Zimbabwe and the region marked the October 25 SADC anti-sanctions day.
- A senior opposition commander of the National Salvation Front (NAS) in Upper Nile region has declared that he is no longer loyal to General Thomas Cirilo Swaka, days after two senior members of the group resigned from NAS.
- A report released at the fourth edition of Absa Africa Financial Markets Index 2020, shows a significant drop in Kenya’s capacity to attract local and foreign investment, placing it at the seventh position from last year’s third.
- In spite of headwinds, the Nigerian Stock Market (NGSE) ended positively at its last trading session for the week. The All Share Index gained by 11% to close at 28,344.04 points, as against a neutral position recorded on Thursday. Its Year-to-Date (YTD) returns currently stands at +6.77%.
Note: Weekly values are calculated on Friday of each week.
- Despite the economic headwinds of the last 12 months, FoodCo Nigeria Limited, has doubled its branch network in two years making it the fastest growing company in the category. The company just opened its latest store in Ajah Lagos, Nigeria commercial hub.
- Facebook has partnered with Roke Telkom, Ugandan public service provider for voice and data communications service to expand its Express Wi-Fi service to offer high-speed internet connections to millions of Ugandans at a lower cost. Facebook also expanded across many African countries including Tanzania, Kenya and most recently Uganda.
- Crown Paints is set to raise 8 MM KES (6.55 MM USD) through a rights issue, bringing back a form of funding companies that has been absent among Nairobi Securities Exchange-listed firms in recent years. The company plans to sell a total of 71.1 million shares to existing shareholders, pricing the offer at 10 KES per share. This represents a 76.4% discount to its share price of 42.5 KES on the Nairobi bourse as of Thursday.
- Zamtel has been awarded the Best Data Service Provider in Zambia at the 2020 Zambia Ecommerce Awards held on Saturday. Zamtel beat off competition to emerge as the country’s most preferred data service producer for individual, retail and wholesale customers.
- The pharmaceutical giant, Cipla, posted 33% y-o-y decrease in its consolidated net profit in Q1-2020 as the firm’s operational performance was hit by the covid-19 disruption and high base for sales last year.
- SAIF Partners, which has close to 2 BN USD in assets under management, has been renamed as Elevation Capital. Along with the change in brand identity, Elevation Capital also announced that it has raised 400 MM USD as a part of its India-focussed ‘Fund VII’, through which it looks to make 25-30 investments, over the next 2-3 years.
- 4G Capital Group Limited, a market leader in technology-driven financial inclusion, Citi, U.S. International Development Finance Corporation (DFC) and the Ford Foundation have collaborated to expand financial inclusion through the provision of working capital to support the growth of micro-enterprises in Kenya.