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Uncertainty still looms for Nigerian banks 20 Jul 2012 | 10:50 pm
Shedding over N4 trillion of toxic debt to the state-run AMCON starting in 2010 was the first step in a cycle for Nigerian banks which has now come full circle in that still subdued impairment charge...
Cote d’Ivoire debt reduction boosts bond; structural concerns linger 3 Jul 2012 | 10:12 am
Following a four-month civil war and three missed coupon payments the Cote d’Ivoire ‘32 eurobond, which traded as low as 34 cents on the dollar last year but YTD remains, among hard currency sovereign...
Lack of liquidity may keep a lid on Vietnamese equities 11 Jun 2012 | 05:06 am
Though providing a theoretical fillip to local assets, which most fund managers still deem undervalued across a host of metrics, a recent string of both fiscal and monetary accommodation in Vietnam ma...
Tanzania brewer offers a tasty respite from troubled macro 15 May 2012 | 06:38 am
An admittedly lofty price target for Tanzania Breweries comes in spite of a restrictive cost of capital estimated using a somewhat convoluted approach that borrows concepts from valuation wonk and pro...
Structural inflation in Tanzania evidenced by sticky core inflation, though FDI could cushion currency 4 May 2012 | 11:56 am
While headline inflation in Tanzania fell to 19 percent y/y in March (from 19.4 in February) on moderating food (25.7 versus 26.7), housing (17.4 versus 19.5) and transport (9.7 versus 10.9) metrics, ...
Kenya: Can real yields offset otherwise negative FX fundamentals? 24 Apr 2012 | 03:06 am
While we were not necessarily surprised by the Central Bank of Kenya (CBK) decision last week to keep its policy rate unchanged at 18 percent given the current and forward looking dynamics (short-end ...
Falling rates do not overcome opacity of Vietnamese NPLs 19 Apr 2012 | 08:11 am
Despite myriad reassuring market signals, namely improved dong sentiment (evidenced by the absence of premium on unofficial USD/VND and an expected continued surplus of over USD2bn in the country’s ba...
Saudi equities: still fundamentally cheap? 9 Apr 2012 | 11:26 am
“Sell the news” could theoretically apply to the sudden rash of Saudi equity related articles of late highlighting bullish managers such as Mark Mobius and John Burbank (to that end we’ve been bulls f...
Look for Angola investment growth to outpace that of savings in coming years 5 Apr 2012 | 04:42 am
The IMF Executive Board’s lack of revelations in concluding its USD1.3bn Stand-By Agreement (SBA) this week with Angola (initiated in November 2009) was not surprising and moreover the expected final ...
EGX correction may be a function of crowded out private sector borrowing, portfolio flow contraction 21 Mar 2012 | 04:32 am
Though still up by over 40 percent YTD, Egypt’s benchmark equity index looks ripe for a near-term correction—a thesis we’ve put forth in recent weeks primarily on the back of the country’s wobbly and ...
