Enterprise Television- African Markets Summary Today March, 6
For the top emerging markets news
The following company announcements, scheduled economic indicators, debt and currency market moves which may affect African markets today.
The International Monetary Fund says: Nigeria was slowly exiting recession but remains vulnerable because its growth is tied to oil prices and improved revenues are restricted to the energy and agriculture sectors.
Presidency spokesman say: Nigeria ordered an audit of domestic airline Dana Air after one of its planes overshot a runway in the city of Port Harcourt last month, the latest in a series of incidents.
SOUTH AFRICA’S MARKETS
South African rand weakened along with other emerging markets as investors dumped risky assets after a key free trade advocate in the White House resigned, fanning fears U.S. President Donald Trump will trigger a trade war.
U.S. Secretary of State Rex Tillerson flew to Ethiopia at the start of his first diplomatic trip to Africa on Wednesday, seeking to bolster security alliances on a continent increasingly turning to China for aid and trade.
Traders says: The Kenyan shilling was stable against the dollar due to slow market activity.
IMF says: Kenya has asked the International Monetary Fund (IMF) to extend its $1.5 billion standby credit facility that is expiring this month for a further six months.
KENYA /FRANCE BUSINESS
A Kenyan official say: French companies will invest $10 billion in Kenya in roads, energy, manufacturing and other sectors without giving a time frame, after a visit by more than 60 French executives.
The Ugandan shilling weakened on Tuesday on the back of higher demand for hard currency from commercial banks and importers across various sectors.
The Ghana Stock Exchange says: it had suspended trading in shares of Agricultural Development Bank (ADB) ADB.GH on Wednesday after its shareholders pledged stakes totalling 51% to another lender.
The statistics office says: Seychelles inflation edged up to 4.88% in the year to February from 4.5% in the previous month.
The statistics agency says: Ethiopia’s year-on-year inflation rate jumped to 15.6% in February from 13.4% in previous month.
The central bank says: The weighted average yield on Mauritius’ 10-year Treasury bond rose to 5.58% at auction on Wednesday from 4.47% at the previous sale in November.
The government and the country’s mining companies says: Democratic Republic of Congo President Joseph Kabila will soon sign into law a new mining code. The code has been vigorously opposed by the miners.
The national credit council says: Congo Republic’s economic growth will recover to 4% in 2018, compared with 2 percent contraction in 2017.
CONGO/ ANGOLA REFUGEES
The U.N. refugee agency (UNHCR) is deeply concerned about rekindled tension in the violent Kasai region of the Democratic Republic of Congo and criticized the Angolan government for forcing some 500 refugees to return.
IVORY COAST’S MARKETS
Finance Minister Adama Kone say: Ivory Coast will hold a roadshow in London for what would be the West African nation’s fourth Eurobond in five years.
The finance minister say: Namibia’s economy contracted in 2017 by 0.4% but is expected to recover and expand by 1.2% in 2018, and double that in 2019, as a return of government spending boosts activity.