African Markets Reviews Today March, 12

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Enterprise Television- African Markets Reviews Today March, 12

The following company announcements, scheduled economic indicators, debt and currency market moves which may affect African markets today.

EMERGING MARKETS

For the top emerging markets news,

NIGERIA’S ECONOMY

Nigeria’s central bank says: it had injected $355.43 million into the interbank foreign exchange market, as part of its efforts to boost liquidity and alleviate dollar shortages.

Finance ministry says: Nigeria’s President Muhammadu Buhari has approved an increase in excise duties on tobacco and alcoholic beverages.

The Central Bank of Nigeria says: Nigeria’s foreign exchange reserves rose to $46 billion as at the close of business on March 9 2018.

SOUTH AFRICA’S MARKETS

South Africa’s rand firmed  after U.S. jobs data pointed to slower wage growth, which could temper expectations that the Federal Reserve will raise its forecast for how many times it hikes interest rates this year.

KENYA’S MARKETS

Traders says: The Kenyan shilling edged up against the dollar, helped by low demand and conversions from horticulture earnings.

GHANA’S MARKETS

The Bank of Ghana says: The yield on its weekly 91-day bill dipped to 13.34% at an auction, from 13.37% at the last sale.

IVORY COAST AGRICULTURE

Ivory Coast’s Coffee and Cocoa Council (CCC) will suspend programmes for the 2018-19 season that boost cocoa output, aiming to reduce production in the face of global oversupply.

BOTSWANA’S MINING

The Minerals Minister say: Botswana has paid Norilsk Nickel$45 million to settle a dispute after its state-run mining company pulled out of buying a stake in a South African mine from the Russian firm.

DEMOCRATIC REPUBLIC OF CONGO MINING

The presidency say: Democratic Republic of Congo President Joseph Kabila signed into law, a new mining code that raises royalties and taxes on operators.