A lot is taking place in the African market today! According to Reuters, “the following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets…”
EVENTS:
KENYA
Standard Chartered Bank Kenya to release its full year 2011 earnings results.
BOTSWANA
Bank of Botswana to auction its 14-day certificate Treasury bill.
GLOBAL MARKETS
Asian stocks rose to their highest in a week, while the dollar hovered below an 11-month high against the yen on Tuesday, supported by recent signs of improvement in the U.S. economy, ahead of a policy decision by the Federal Reserve.
WORLD OIL PRICES
Brent crude rebounded towards $126 on Tuesday as investors awaited comments from the U.S. central bank after the outlook improved for the world’s largest economy amid simmering tension between the West and Iran that could threaten oil supply.
SAUDI AFRICA FUND
Prominent African private equity firm Kingdom Zephyr is in talks with investors on the future of its $490 million fund after the departure of its rainmaker forced the closure of its South African office, according to sources familiar with the matter.
SOUTH AFRICA MARKETS
South African stocks edged lower on Monday, snapping three straight days of gains as worries about softer demand in commodity-consuming giant China hit resource firms such as Kumba Iron Ore.
Also, the rand steadied against the dollar on Monday, with investors preferring to take small profits within a two-week trading range pending fresh direction from data due later in the week.
NIGERIA MARKETS
The Nigerian naira weakened against the U.S dollar on the interbank market on Monday, on strong demand by some banks filling their customers’ needs for dollars, as dollar liquidity gradually dries up in the market, traders said.
NIGERIA FUEL IMPORTS
Nigeria’s fuel regulator said on Monday it has issued gasoline import contracts for the second quarter, the first tender result since a public outcry forced the government to back down on plans to scrap consumer petrol subsidies in January.
KENYA MARKETS
The Kenyan shilling firmed to more than a one-year high on Monday, and traders said the unit could gain further after the Treasury said it preferred a stable exchange rate to pegging the shilling to the dollar, while stocks broke a 14-day rally. The shilling closed at 82.15/35 against the dollar, a level last reached on Feb 28, 2011, and 0.6 percent firmer than Friday’s close of 82.60/80. The Nairobi Securities Exchange’s main NSE-20 Share Index fell marginally by 0.05 percent to 3,399.97 points.
KENYA ECONOMY
Kenya’s economy is likely to grow 5 percent in 2012 while its monetary policy will help cut inflation to below 10 percent and eventually pave the way for interest rate cuts, the International Monetary Fund said on Monday.
Also, acting finance minister said on Monday that he was more concerned about maintaining exchange rate stability rather than pegging the shilling to a certain level to the dollar.
KENYA AIRWAYS RIGHTS ISSUE
Kenya Airways has priced its $250 million cash call at 14 shillings ($0.17) per share, a 32 percent discount to the shares’ average price over the last three months, it said on Monday.
SEYCHELLES ECONOMY
Seychelles’ economy is expected to grow by 2.8 percent this year, from an estimated 4.9 percent in 2011, hurt by a slowdown in tourism due to the euro zone debt crisis in its main market, the International Monetary Fund said.
ETHIOPIA INFLATION
Ethiopia’s year-on-year rate of inflation rose in February to 36.3 percent from 32 percent a month ago, official data showed on Monday.
GHANA MARKETS
Ghana’s cedi extended its depreciation against the dollar on Monday after losing 0.53 percent week-on-week last Friday on high corporate demand for the greenback, traders said.
IVORY COAST COCOA
Ivory Coast’s 2011/12 mid crop output will fall slightly below the average production over the past five years due to dry weather, which is also likely to harm quality, international exporters said on Monday.
IVORY COAST POLITICS
Ivory Coast’s ex-rebel chief Guillaume Soro was elected head of the West African state’s new parliament on Monday, four days after resigning as prime minister.
SENEGAL POLITICS
Asked what might happen if Senegalese President Abdoulaye Wade is declared winner of the West African country’s elections, student Nando da Silva mouths the sound of an explosion: “Boom!” The clamour for change and renewal in one of Africa’s most stable states is colliding headlong with Wade’s disputed bid for a third term, setting up a ballot-box battle many see as a test for electoral democracy in the world’s poorest continent.
GUINEA DEBT RELIEF
Guinea has taken the necessary measures to qualify for debt cancellation as soon as possible, the International Monetary Fund said on Monday, further underscoring renewed donor confidence in a country that has emerged from military rule.
MOZAMBIQUE RATE
Mozambique’s central bank cut its key lending rate by 125 basis points to boost lending to the private sector and help the economy reach a 7.5 percent growth forecast for this year, the bank said in a statement on Monday.
MALAWI CURRENCY
Malawi will introduce a new 1,000 kwacha note in July to combat rising inflation that has eroded the value of the currency, Reserve Bank of Malawi Governor Perks Ligoya said on Monday.
Source: Reuters
