IMF’s Africa head calls for urgent overhaul of continent’s debt: IMF Africa chief Abebe Selassie is urging the continent’s creditors to reform their handling of its debt as more countries inch towards default. “We need a much more efficient sovereign debt framework … We need to be sure that resources are going to support countries rather than being used to service unsustainable debts,” Selassie told the Financial Times. He called for a “Gleneagles-like moment” to help pull African nations out of the debt cycle — referring to the 2005 G8 summit where a sweeping debt relief package was agreed for indebted African countries.

EGX30

17,671

+5.6% (YTD: +21.1%)

USD (CBE)

Buy 30.84

Sell 30.94

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,164

+1.2% (YTD: +6.5%)

ADX

9,646

+0.2% (YTD: -5.5%)

DFM

3,514

+0.6% (YTD: +5.3%)

S&P 500

4,151

+0.3% (YTD: +8.1%)

FTSE 100

7,880

+0.1% (YTD: +5.7%)

Euro Stoxx 50

4,368

-0.5% (YTD: +15.1%)

Brent crude

USD 84.76

-1.8%

Natural gas (Nymex)

USD 2.29

+0.4%

Gold

USD 2,006.80

-0.0%

BTC

USD 29,512

-2.8% (YTD: +78.3%)

THE CLOSING BELL-

The EGX30 rose 5.6% at Thursday’s close on turnover of EGP 1.7 bn (on par with the trailing 90-day average). Local investors were net sellers. The index is up 21.1% YTD.

In the green: CIB (+14.5%), Oriental Weavers (+6.9%) and Telecom Egypt (+4.0%). CIB shares popped thanks to a single, last-minute trade at the closing bell that looks to us like someone botched the execution of a buy order.

In the red: Orascom Construction (-1.8%), Rameda Pharma (-1.4%) and CIRA Education (-1.3%).

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