AFRICAN BUSINESS REVIEW FOR TODAY FEB,8

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Enterprise Television- AFRICAN BUSINESS REVIEW FOR TODAY FEB,8

The following business statements, scheduled economic displays of debt and currency market moves perhaps affect African markets today

 NIGERIA ECONOMY

MTN Nigeria discussed plans to list on the Lagos stock exchange at a board meeting today and aims to launch the IPO this year.

Traders said, Nigerian bond earns more across maturities on Wednesday while shares fell as global risk-off sentiment spread to local assets.

Finance Minister Kemi Adeosun said, Nigeria plans to redeem 762.5 billion naira ($2.5 billion) worth of treasury bills from the proceeds of a planned $2.5 billion Eurobond, to lower borrowing costs for the government.

Nigeria’s push to keep its citizens stocked with fuel is  drawing close to a million tonnes a month of gasoline from  Europe – including now on a rare Suezmax vessel booked by Vitol.

The Nigerian army on Wednesday said it will arrange troops to improve security in central states where a spate of public violence has prompted criticism of President Muhammadu Buhari.

GLOBAL MARKETS

Asian shares flirted with six-week lows today as U.S. bond yields crept up towards four-year highs as investors worried that low borrowing costs enjoyed by companies for  many years may be threatened by the risk of rising inflation.

WORLD OIL PRICES

Oil prices reduced today taking Brent crude to a 2018 low, as rising U.S. output undermined OPEC efforts to tighten markets, although a North Sea pipeline outage and record Chinese imports offered support.

SOUTH AFRICA MARKETS

South Africa’s rand declined in unstable trade as markets awaited the result of discussions between the presiding African National Congress (ANC) leader Cyril Ramaphosa and President Jacob Zuma over a transition of power.

KENYA MARKETS

Trader said, the shilling supported to smash a 20-month high against the dollar supported by lacklustre importer request during increased dollar supply from investors purchasing government debt,

Africa focused on oil and gas producer Tullow Oil   swung back into profit in 2017 after three years in the red, and outlined plans to begin production in Kenya by as early as

UGANDA MARKETS

The Ugandan shilling was stable and was forecast to comfort due to dollar demand from energy and manufacturing companies.

 RWANDA BUDGET

Rwanda’s government said, it plans to sell treasury bonds to raise extra cash for its fiscal 2017/18 budget, part of which it will spend on expanding the national airline RwandAir.

The statistics agency said on it website, Ethiopia’s year-on- year inflation rate edged down to 13.4% in January.The statistics office said, Mauritius’ year-on-year inflation   rate jumped to 6.2% in January from 4.2% in the previous month.

IVORY COAST EUROBOND

Finance Minister Adama Kone said, Ivory Coast expects to issue a Eurobond – its fourth in five years – after first patter the regional debt market to raise funds to finance its 2018 budget.

IVORY COAST EUROBOND

The Central Bank Governor John Mangudya said Zimbabwe is  negotiating a $1.5 billion guarantee with Afreximbank to ensure foreign investors’ funds are secure.

CONGO ECONOMY

Democratic Republic of Congo’s Central raised its calculation for 2018 economic growth to 5.2% from 5% last month, as the economy benefits from higher prices for key exports plus copper.

The Minister of Mines for Democratic Republic of Congo Martin Kabwelulu,  say whether President Joseph Kabila had signed a new mining code into law that the industry opposes because it will increase royalties and taxes.

 

 

 

Source- Reuters