Treasury yields show no respite

October 2, 2023, Uncategorized

In August, inflation continued to decelerate, falling to an 18-month low of 6.7%, having already dropped to 7.3% in July from a peak of 8% in May. Given elevated global oil prices, second-round effects of fiscal measures and recent noise around global food prices, we think it is too early to celebrate.   By end […]

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Equity Bank Group Investor Roadshow in Nairobi and Kinshasha

September 14, 2023, Uncategorized

We recently attended an investor roadshow organised by Equity Bank in Nairobi and Kinshasa. In contrast to Lagos, despite electricity shortages in Kinshasha, there was no sound of diesel generators, and hospitality was far better. The mining sector remains the dominant driver of the Democratic Republic of Congo’s (DRC) GDP growth with a positive trickle-down […]

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The African cement market offers some growth spots for investors despite excess capacity and competition

September 13, 2023, Uncategorized

Africa had c448.6mtpa of installed capacity in 2022, but with only c246.8mt of demand, excess capacity was 45%, and utilisation rate was c54.4%, on our numbers. The incumbents – Dangote Cement, Holcim Group and Heidelberg accounted for 39.6% of installed capacity. Chinese firms – Huaxin and West China Cement have made investments since 2020.   […]

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