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Kenya rate hold supports shilling, interbank rates dip

The Kenyan shilling was steady on Thursday a day after the central bank kept its main interest rate unchanged for a fourth month, and traders said the local currency could strengthen further.

Seychelles inflation steady at 5.8% in March

Consumer prices in Seychelles rose 0.2 percent in March from the previous month leaving the year-on-year inflation rate unchanged at 5.8 percent, official data has shown.

Tanzania raises fuel prices on higher import costs

Tanzania's energy regulator has raised the prices of petrol, diesel and kerosene in east Africa's second-biggest economy, citing higher international oil prices.

More Africa market news

International telcos eye Libya as elections near

International firms are keen to enter Libya's telecommunications sector, one of the major business opportunities created by last year's uprisings in the Arab world. But they will only find out how they can do so after the war-torn country's first free elections in June.

Ivorian farmgate cocoa prices stable to lower

Mid-crop cocoa farmgate prices in Ivory Coast's main growing regions were stable to lower as beans were of poor quality and buying activity remaining light, farmers and buyers said on Tuesday.

Kibo acquires energy assets in Tanzania

Kibo Mining Plc has acquired controlling interests in two portfolios of strategic energy assets in Tanzania.

Kenyan shilling stable, eyes on rate decision

The Kenyan shilling was flat against the dollar on Wednesday for the third day in a row ahead of a central bank policy decision later in the session, with the currency expected to come under pressure if rates are cut.

Dangote Cement plans London listing: FT

Africa's richest man Aliko Dangote plans to list his $11 billion cement business, Dangote Cement, on the London Stock Exchange next year, the Financial Times reported in Monday.

Uganda leaves rates on hold after two cuts

Uganda's central bank left its key lending rate unchanged at 21 percent on Monday, saying that while inflation was declining risks to the outlook remained from food prices and a weak currency.

Kenya shilling flat; market wary ahead of central bank meet

The Kenyan shilling held steady against the dollar on Tuesday, with an outside chance of an interest rate cut at Wednesday's central bank meeting keeping market activity subdued.

Africa is where it's at for retail

For global retailers looking to secure long term growth and diversify their source of income, setting up an African strategy is key.

Dangote Cement plans London listing: FT

Africa's richest man Aliko Dangote plans to list his $11 billion cement business, Dangote Cement, on the London Stock Exchange next year, the Financial Times reported in Monday.

Nigeria's Diamond Bank falls 3 percent on full year loss

Nigeria's Diamond Bank fell 3.36 percent on Monday after posting a pre-tax loss of 16.26 billion naira ($103 mln) for the full year 2011, compared with a 4.72 billion naira profit in 2010.

Uganda leaves rates on hold after two cuts

Uganda's central bank left its key lending rate unchanged at 21 percent on Monday, saying that while inflation was declining risks to the outlook remained from food prices and a weak currency.

Mwana Africa to raise $35m

AIM-listed Mwana Africa plc, the pan-African multi-commodity resources company, is to raise approximately US$35 million, it said on Monday.

Altron's Unisys Africa acquisition approved

Allied Electronics Corporation has been informed by the Competition Tribunal of SA that the acquisition by its subsidiary Bytes Technology Group of 100% of Unisys Africa, from Unisys Corporation and a local empowerment company CyberKnowledge Systems Investments, has been unconditionally approved.

Egypt's Sewedy 2011 net profit drops 34 pct

Egypt's El Sewedy Electric, the Arab world's biggest listed cable maker, posted a 34 percent drop in its consolidated net profit for 2011, a year of political uprisings that disrupted economies in the region.

IMF loan highlights murky world of African oil

The International Monetary Fund had bad timing this week in approving the latest tranche of a loan to oil-rich Angola, coinciding as it did with the issuance of a French arrest warrant for the son of Equatorial Guinea's President Teodoro Obiang Nguema.

Bank of Zambia sets initial policy rate at 9.0%

The central bank of Zambia, the Bank of Zambia (BoZ), set the initial policy rate at 9.0%, which will be effective from April 2.

Diamond output surges at Rio's Zimbabwe unit

Diamond output at Rio Tinto's Zimbabwe unit more than doubled to 324,000 carats last year, the local minority shareholder in the venture said on Friday.

Anglo to start New Largo mine construction next year

Anglo American will start constructing a coal mine at New Largo next year to supply a new power plant being built by South Africa's state utility Eskom, the head of its coal division Norman Mbazima said on Thursday.

IMF approves final US$133m disbursement to Angola

The executive board of the International Monetary Fund on Wednesday approved a final disbursement equivalent to Special Drawing Rights 85.89 million (about US$133 million) after completion of the sixth and final review under the stand-by arrangement for Angola.

Lack of adequate laws could delay Kenya oil flow

Kenya, which announced with fanfare this week it had struck oil, risks similar delays in producing crude oil that neighbouring Uganda has faced due to lack of a regulatory framework for the sector, according to oil firms exploring in the country.

Protea to open 11 new hotels in Africa

The Protea Hospitality Group says it's forging ahead with expansion plans in Africa this year, with the first Protea Hotel soon to be built in a yet-to-be-disclosed location and 10 other properties in the pipeline for Nigeria, Uganda and Zambia.

Uganda likely to auction four oil blocks in 2013

Uganda is likely to auction four blocks to oil explorers early next year, Elly Karuhanga, chairman of the Uganda Chamber of Mines and Petroleum, told an energy conference on Wednesday.

Malian mines continue to operate

Randgold Resources chief executive Mark Bristow said on Wednesday that the Bamako airport has reopened and the borders were opened for all traffic yesterday.

Zambia inflation quickens, 2011 GDP estimate ticks up

Zambia's inflation quickened year-on-year in March, pushed up by higher food prices, while the economy grew slightly more in 2011 than earlier estimated, the Central Statistics Office said on Thursday.

IMF sees Rwanda economy growing 8 pct, inflation steady

Rwanda's strong economic growth is expected to continue in a range of between 7.5 to 8 percent in the next two years, the International Monetary Fund (IMF) said.

Sudan Heglig oilfield output not hurt by fighting

Fighting involving South Sudanese forces near Sudan's Heglig oilfield has not affected the field's 60,000 barrels per day output, its Chinese-led operator has said.