- Treasury CS Ukur Yatani signed a grant agreement with Trade Mark East Africa at his office in the National Treasury Building. The CS also signed 31 BN KES (11.99 MM USD) deal which will facilitate trade and unlock the economic growth of Kenya, Uganda, Rwanda, Burundi, and DRC.
- Investors in Tanzania have shifted their interest from external to internal borrowing in an increasing appetite for Treasury securities. Recent data from the Bank of Tanzania (BoT) shows that the stock of domestic debt was 315 TR TZS (6.55 BN USD) in September 2020, compared to 152.5 BN TZS (65.27 MM USD) in August 2020.
- The Central Bank of Uganda (BOU) noted that easing of lockdown put in place as a measure to prevent the spread of covid-19 has led to economic growth recovery which was supported by the easing of lockdown, a feeble improvement in both foreign and domestic demand as well as the stability of the exchange rate.
- Tanzania edged out the US as Kenya leading tourism top source market in September buoyed by its lesser Covid-19 lockdown measures. Rising virus cases have hampered arrivals from the world’s biggest economy after many countries, including Kenya, categorized US travelers as Covid-19 high-risk.
- Education Cabinet Secretary George Magoha announced that all schools will reopen on January 4, as Kenya continues taking cautious steps in its return to normalcy amid the Covid-19 pandemic.
- The Nigerian government announced that it would open the floodgate of petrol imports and provide the foreign exchange required for the purpose to marketers in the hope of making the distribution of fuel competitive.
- French companies are ready to participate in the third South Africa Investment Conference (SAIC) and the country’s economic recovery amid the Covid-19 pandemic, the French Embassy in South Africa has noted in a statement. President Cyril Ramaphosa is hosting the third SAIC on November 17 and 18.
- In Namibia, the Ministry of Mines and Energy confirmed that fuel pump prices for November 2020 will remain unchanged The ministry will strive to continue softening the burden on consumers and, at the same time, keep the fuel pump prices stable to ensure the sustainability of the National Energy Fund.
- Russia plans to build a naval base on Sudan’s Red Sea coast to supply the fleet and expand its global footprint according to a draft agreement signed with Sudan. The Sudanese base will offer a valuable additional location for Russian Navy warships to stop and resupply, as well as perform maintenance.
- Some African and European nations are pressing Ethiopian Prime Minister Abiy Ahmed behind the scenes to allow mediation of a war in a northern region. Hundreds have died, 25,000 refugees have fled to Sudan.
- Equity trading on the Nigerian Stock Exchange recorded a gain of 1 TR NGN (5.5 BN USD) last week following investors’ buying pressures in response to macroeconomic policy changes, the outcome of American election and discovery of COVID-19 vaccine.
- Kenya Equity Group's acquisition of Congo's Banqué Commerciale du Congo will help it grow its balance sheet to 1 TR KES (9 BN USD) by the end of 2020 and diversify into a regional bank. The deal between Equity's operation in the Democratic Republic of Congo and BCDC was completed in August and has accelerated the bank's goal of having 40% of its balance sheet outside of Kenya.
Note: Weekly values are calculated on Friday of each week.
- Naivas Supermarket will open two more stores next week as it continues its expansion in the competitive retail market. The first outlet to be opened in the week starting November 23 will be at the Lifestyle Mall in Nairobi’s central business district while the second store will be situated in Rongai town.
- Egypt-based ride-hailing service provider SWVL will unveil long-distance trips outside Nairobi next week. The firm will launch the service in partnership with select matatu saccos, allowing commuters to book and pay for upcountry trips to destinations such as Naivasha, Nakuru, Molo, Eldoret, Narok, Kericho and Kisii, among others, through the Swvl app.
- Shanta Gold plans to invest 5 BN KES (161 MM USD) in pre-production capital expenditure in its gold mining activity in western Kenya. The firm expects to have a productive life of nine years should it be confirmed to be economically viable.
- Centum Real Estate has floated 4 BN KES (36.63 MM USD) housing bond to finance projects that would deliver more than 1,400 units to the market. Following regulatory approval by the Capital Markets Authority, the firm, a subsidiary of listed Centum Investment Company, opened the paper on November 13 and closes on December 2.
- The Group Executive Director of Dangote Cement, Michel Pucheros, announced that Dangote Cement, Africa’s leading cement producer with nearly 6Mta (Million Metric Tonnes Annually) capacity across Africa, has exported 7 clinker vessels to date to other African countries.
- Africa’s richest man, Aliko Dangote, is once again delaying plans to list Nigeria’s second most capitalized company on the London Stock Exchange, rather choosing other options like boosting exports and the Nigerian company’s foreign-exchange reserves in a report credited to Bloomberg.
- Motor vehicle dealer Isuzu East Africa has raised its market share to 1% in the nine months ended September as its sales held up relatively better compared to its rivals registering 3,067-unit sales out of 7,637 the industry’s total sales.