East Africa News
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East African Breweries Ltd., Kenya’s best-performing stock over the past month, is poised to end a 29 percent rally that valued the nation’s biggest company at double that of the benchmark index, according to Contrarian Investing Kenya Ltd. and technical indicators.
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KenolKobil Ltd., Kenya’s worst- performing stock, gained the most in more than eight months on speculation a 20 percent decline in East Africa’s largest fuel retailer this year is overdone.
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Tanzania may sell as much as $2 billion of Eurobonds after obtaining its first sovereign credit rating by the end of September, Deputy Finance Minister Janet Mbene said.
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Crude from outside the Organization of Petroleum Exporting Countries will increase by 990,000 barrels a day annually to 2018 as U.S. tight oil output continues to boom, according to the International Energy Agency.
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The largest-ever expansion of Middle Eastern oil-refining is poised to curb the region’s imports of gasoline, reducing dependence on shipments from India and Singapore and sapping margins for European and Asian processors.
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Tullow Oil Plc, the U.K. explorer that found Kenya’s first oil, plans to find more partners in Ghana’s TEN project, the Chief Executive Officer said.
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Kenya Commercial Bank Ltd., the country’s biggest lender by market value and assets, said first- quarter profit climbed 25 percent as income from loans increased and costs were little changed.
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Djibouti is in talks with India, China, Brazil, Russia and Arab investors to finance infrastructure projects worth $5.9 billion, the head of the country’s ports authority said.
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Kenya’s shilling headed for the biggest drop in two months as speculators increased demand for dollars on expectations that the central bank will cut its benchmark interest rate.
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Sub-Saharan African nations outside South Africa are selling $7 billion of debt this year, more than in the past five years combined, as yields more than double those of Treasuries lure investors repelled in the past by violence and corruption.
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