African Market Review Today February 13

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Enterprise Television- African Market Review Today Feb. 13

The following company statements, listed economic displays of debt and currency market moves which may affect African markets today.

BUSINESS REVIEW

For the top emerging markets news.

NIGERIA’S ECOMOMY

Nigerian stocks shed 1.5% on Monday in late trades to drop to one month low as shareholders sold off stock  from the relatively liquid banking sector.

Nigeria’s central bank said on Monday it had injected $210 million into the interbank foreign exchange market, part of an effort to improve liquidity and alleviate the dollar shortages of the past few years.

UGANDA’S EXCHANGE

The central bank sets its standard lending rate at about 0800 GMT. The bank held the rate at 9.5% in December.

SOUTH AFRICA ECONOMY

South Africa’s rand slipped against the dollar in early Asian trade today.

The African National Congress party executive committee had  decided to “recall” or remove President Jacob Zuma as head of state.

KENYA’S ECONOMY

The Kenyan shilling KES= edged up against the dollar on Monday, remaining close to its highest level in more than 19 months, mainly due to portfolio flows and reduced political risk.

Fitch Ratings has assigned Kenya’s upcoming senior unsecured USD-denominated notes to an expected rating of ‘B+(EXP)’.

ZAMBIA’S CRUDE OIL

The energy regulator says Zambian fuel prices will rise from midnight due to rising in international oil prices and the depreciation of the kwacha.

ANGOLA’S FOREIGN EXCHANGE

Angola’s central bank said, it was the sole responsibility of commercial banks to sell foreign currency to the public and that it would sell forex only to large importers of needed goods.

 

Source- Reuters