Enterprise Television- African Business Summary Today Feb, 9
The following company statements, listed economic indicators, debt and currency market moves which may affect African markets today.
Nigeria’s president today denied that government Proposals to share out land to end a movement of violence over grazing rights amounted to “colonization” of fertile areas by his own ethnic group.
Joint transaction co-ordinators said, Ghana sold 1.99 billion cedi’s ($448 million) worth of a fresh five-year domestic bond today and the major commodity exporter will pay a yield of 16.5%.
SOUTH AFRICA MARKETS
South Africa’s rand edged firmer but stayed above the crucial 12.00 mark against the dollar as the continuing stalemate over President Jacob Zuma’s future capped demand.
Traders said, Kenya’s shilling gained ground staying within a 20-month high against the dollar, helped by inflows from agricultural exports coupled with low importer demand.
Government said, Kenya’s income from tourism jumped 20% last year, as the sector continued to recover from a series of attacks on the country a few years ago that had discouraged foreign visitors.
The channel, Citizen TV, said The last of three television stations shut down by the Kenyan government last week resumed transmission today.
Asian stocks fell on Friday, with Chinese shares slipping to multi-month lows after Wall Street stock fell again in the face of rapidly-rising bond yields, while perceived havens such as the yen and Swiss franc were in demand.
WORLD OIL PRICES
Oil prices fell for a sixth day today after Iran announced plans to boost production and U.S. crude output hit record highs, adding to concerns about a sharp rise in global supplies.
Ghana’s cedi and Kenyan shilling are expected to stable next week on the back of export and investor inflows while the Tanzanian shilling is expected to remain under pressure.
The statistics office said today,that Tanzania’s inflation rate remained unchanged at 4.0% in January.
GAMBIA’S COMMON WEALTH
The tiny West African former British colony’s foreign ministry said Gambia has rejoined the Commonwealth, five years after its now exiled former authoritarian leader withdrew his country, calling it a “neo-colonial institution”.
The United Nations said, a military offensive launched last month by Congolese troops against Ugandan militants in eastern Democratic Republic of Congo is likely to force nearly 370,000 people from their homes.
The statistics agency said on its website, Ethiopia’s year-on-year inflation rate edged down to 13.4% in January.
The attorney general’s office said, Ethiopia will release 746 more prisoners, including a journalist and a senior opposition official who were jailed for conspiracy to commit terrorist acts.
it said on today, International financing organisation, The Global Fund, has approved a $515 million in new grants for Mozambique to fight AIDS, tuberculosis and malaria.
The Ugandan shilling traded unchanged against the dollar helped by tight local currency liquidity.