Atta Africa Financial Update

Executive summary
An improved flexible FOREX policy has driven the Nigerian Stock Exchange market capitalisation above the US$51 billion mark.

The market capitalisation of the NSE on Friday, crossed N10 trillion mark for the first time in 2016. This was as a result of the Central Bank of Nigeria’s recent announcement on flexible foreign exchange window.

The growth was strongly boosted by price appreciation recorded by some highly capitalised stocks such as Nigerian Breweries, Dangote Cement, GT Bank, Guinness, Lafarge Africa and Zenith Bank.

Nigerian stocks ended the three-day rally on Friday after Britain’s shock vote to exit the European Union.


Rwanda’s government to set up mega sugar factory

  • Prime Minister Anastase Murekezi has told Kirehe residents in Eastern Province that government will soon establish a sugar factory that will produce 100,000 tonnes of sugar every year which is over ten times the capacity of Kabuye sugar plant
  • Speaking during the community work-Umuganda on Saturday, the Prime Minister said factories will require cultivation of sugar cane on about 10,000 hectares to supply it

Ghana’s gas master plan gets cabinet approval

  • Ghana’s gas master plan has received the country’s cabinet greenlight
  • The masterplan is expected to guide the country’s gas industry from 2016 to 2040
  • GOIL is considered as number 1 petroleum and gas filling station of Ghana as well as commercial quantities of offshore oil reserves in the country that were discovered in the 1970s