African Markets Highlights for Today Feb. 7

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Business Highlights

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets today Wednesday Feb, 7.

ZIMBABWE ECONOMY 

In Zimbabwe, the central bank has reviewed the budget plans to fix the economy and focus on development after much collapse left behind by the former leader of the country Robert Mugabe.

The central bank governor John Mangudya says the presentation of the budget will take place soon to unveil new monetary policy

RWANDA’S BUDGET

Rwanda as well promised to encourage growth, investment and upgrade the gross domestic products as the finance minister presents revised budget to lawmakers

SOUTH AFRICA MARKETS

South Africa’s rand firmed against the dollar on Tuesday as the market positioned for the possible removal from office of President Jacob Zuma, while share prices hit a four-monthlow as the global stocks rout intensified.

 

GLOBAL MARKETS

Asian share markets were trying to find their footing as calm and confidence returned to Wall Street where major indices bounced into the black after days of deep losses.

WORLD OIL PRICES

Oil prices rose amid a share market recovery and supported by a report that U.S. crude inventories fell last week. Meanwhile, analysts warn that rising U.S. output and a seasonal demand drop could soon weigh on crude.

EMERGING MARKETS

For the top emerging markets, let’s begin with Africa’s most populous country:

NIGERIA STOCKS

Traders say Nigerian stocks dropped to a one-week low, its second day of losses as demand for Stocks dropped ahead of an earnings season due to begin in three week.

KENYA MARKETS

Traders say the Kenyan shilling strengthened to a 15-month high against the dollar due to increased dollar supply from offshore investors buying government bonds and subdued demand from oil importers and manufacturers.

Fears grow among Kenyan investors as economic analysts raise concern that trade might be affected after the opposition politician Raila Odinga was charged with treason. His symbolic presidential “swearing in” led to protests across the street, paralysing business activities as a civilian was killed.

GHANA COCOA

Ghana’s troubled Cocoa Processing Company (CPC)is in talks with creditors to restructure its $20.5 million debt due to be paid after 5 years.

WEST AFRICA COCOA

Cargill’s Africa director says that West Africa is meeting an ever larger share of the world’s booming demand for chocolate, as other cocoa-growing regions in the Americas and Southeast Asia see crops stagnate and farmers move into other areas.

BISSAU ECONOMIC SANCTION

West African regional bloc ECOWAS hit 20 Guinea-Bissau politicians and businessmen with sanctions, including trave bans and asset freezes, accusing them of undermining efforts to resolve a prolonged political  crisis.

UGANDA MARKETS

The Ugandan shilling was trading stable, amid thin appetite from both commercial banks and merchandise importers.

UGANDA REFUGEES

Uganda prime minister’s office said the government investigating allegations that its officials defrauded donors by inflating refugee numbers and diverting food aid

SOUTH SUDAN

Hundreds of protesters massed outside the U.S. embassy and U.N. headquarters in South Sudan’s capital, chanting slogans against an arms embargo imposed by Washington, before some attacked journalists at the scene.

CONGO-BELGIUM BUSINESS RELATIONS

Belgium’s foreign ministry said that the Democratic  Republic of Congo has ordered Belgium to close a consulate and cut flights by Brussels Airline, in a further deterioration of relations between Belgium and its former colony.

ZIMBABWE MINING

Zimbabwe’s new Minister of Mines and Mining Development Winston Chitando said the nation has the potential to be a leading producer of lithium, which has so far attracted more interest than any other of its minerals.

ZAMBIA RAILWAYS

South African freight firm, Calabash Freight has promised to start using the Tanzania-Zambia Railway Authority (TAZARA) line under an agreement aimed at maximising the line’s usage.

MALAWI FAMINE

Agriculture Minister Joseph Mwanamvekha has announced the ban of maize exports and is considering re-stocking its national grain reserves after crop-eating armyworms and a famine left the country’s staple grain crop damaged.