- The International Chamber of Commerce (ICC) and Africa investor (Ai) have launched an e-trade initiative to enable the digitization of five million SMEs in Africa. The campaign wants to accelerate the digitization and intra African and global market access for millions of African SMEs, in support of the African Continental Free Trade Area (AfCFTA).
- Kenyan banks’ credit ratings are in danger of a possible downgrade due to their high appetite for lending to a government staggering on the brink of a debt distress. Global rating agency Moody’s Investor Service said Kenyan lenders are heavily exposed to the government through substantial investment in treasury bills and bonds thereby linking their credit profiles to that of the Government of Kenya which now is rated B2 Negative.
- In Kenya, apartments in Westlands and Parklands had the best performance recording an average rental yield of 1% in 2020, 2.1% points higher than the 4.0% market average. Kilimani was the second-best performing node with average rental yields of 4.8% compared to market average of 4.0%.
- South Africa inflation rate increased to 3% in October compared to 3% in September. The increase was mainly driven by food and non-alcoholic beverages. However, food prices are not expected to increase rapidly over the short- to medium term, mainly due to excellent agricultural production.
- Uganda economy is projected to contract by negative 0.3% in 2020, in line with global contraction of negative 4.4%, according to the International Monetary Fund (IMF). Noting that Bank of Uganda (BoU) attributed the contraction to the drop in Foreign Direct Investment, remittances and exports.
- Minister of finance's debt-driven budget journey has been soiled by Moody's Rating last week, which deems Namibia long-term borrowing facilities as quite risky. Moody's Rating downgraded the long-term issuer and senior unsecured ratings of the Government of Namibia to Ba3.
- In Nigeria, the federal government has registered five million farmers and their farms for fertilizer subsidy through the Presidential Fertiliser Initiative (PFI). The Minister of Agriculture and Rural Development, Sabo Nanono, disclosed it at a meeting with stakeholders on fertilizer subsidy for farmers, in Abuja.
- Zambian inflation quickened for the third straight month in November to a four-year high propelled by food and non-food items. Consumer prices increased 4% compared to November 2019 and 16% compared to October 2020.
- Ethiopian Prime Minister Abiy Ahmed is scheduled to visit Kenya for two days from Wednesday, his first foreign trip since he announced the completion of military operations in the Tigray region of Ethiopia. An Ethio-Kenya Special Status Agreement has enabled the two East African countries to maintain strong ties they have had for decades.
- More than 800 peacekeepers from India, including a sole woman officer, serving in the United Nations peacekeeping mission in South Sudan, have been awarded medals for their commendable work in the successful tour of duty in the country.
- Equity has been ranked as the second topmost valuable brand in Kenya, according to Brand Finance, an organization that specializes in brand valuation across all sectors. Each year, Brand Finance undertakes the world's largest study on brand valuation, ranking over 5000 of the world's biggest brands across all sectors and geographies.
- Nigeria stock market dips 38 BN NGN (99.67 MM USD) amid blue chips loss. Specifically, the market capitalization shed 21% to close at 18.327 TR NGN (48.07 BN USD) from 18.365 TR NGN (48.17 BN USD) achieved on Friday. Also, the All-Share Index which opened at 35,137.99 lost 73.63 points to close at 35,064.36.
Note: Weekly values are calculated on Friday of each week.
- IBM announced its support for African agricultural startups. The support will be through the Digital4Agriculture Initiative (D4Ag), which aims to foster African startups in the agricultural sector and strengthen the long-term living conditions of local small farmers by increasing productivity and quality.
- The Board of Directors of ABC Transport Plc has secured the approval of its shareholders to raise additional capital amounted to 4 BN NGN (3.64 MM USD) through a rights issue from existing shareholders.
- Pan-African financial institution, United Bank for Africa (UBA) Plc, carted two highly coveted laurels at the BusinessDay’s Bank and other Financial Institutions Awards (BAFI) winning the Bank of the Year and the International Bank of the Year at the glamorous event held over the weekend.
- The market capitalization of Dangote Cement Plc increased by 13% from 2.73 TR NGN (7.11 BN USD) at the open of trade on the 2nd of November 2020, to 3.49 TR NGN (9.09 BN USD) at the close of trade on the 30th of November.
- The Group Managing Director of Flour Mills Nigeria Plc (FMN), Paul Miyonmide Gbededo, purchased a total of 7,486,719 additional shares of the company, worth 29 MM NGN (545,522 USD).
- ValuAlliance Value Fund (Value Fund), formerly called the SIM Capital Alliance Value Fund, has declared the distribution to unit holders, the sum of 10.00 NGN/unit for the financial year ended June 30, 2020.
- Abbey Mortgage Bank Plc has projected a Profit after Tax (PAT) of 13 MM NGN (156,731 USD) in its Q1-2021. According to the earnings forecast issued by the bank, it projected the 134.7% Q-o-Q increase from a loss of 173.49 MM NGN (452,208 USD) recorded in its most audited financial statement for Q3-2020.
- I&M Group shareholders have approved the acquisition of 90% of Orient Bank Limited, Uganda. The deal is set to add to I&M's regional banking operations comprising Kenya, Rwanda, Tanzania and Mauritius.