African Markets – Factors to watch on Feb 25
SOUTH AFRICA MARKETS
South Africa’s rand slipped sharply after Finance Minister
Pravin Gordhan cut his 2016 growth forecast on Wednesday to
0.9 percent, down from a previous forecast of 1.7 percent,
citing a recent drought.
NIGERIA MARKETS
Nigeria’s naira firmed sharply on the parallel market on
Wednesday as retail traders, having anticipated a cut in its
official rate and stocked up on dollars, bought the local
currency back after the government said it would not
devalue.
Also, Nigeria plans to raise 329.93 billion naira in
treasury bills with maturities range between 3-month and
1-year at an auction on March 2, the central bank said on
Wednesday.
NIGERIA TELECOMS
South African mobile phone operator MTN Group
withdrew its lawsuit against Nigeria’s regulator over a $3.9
billion fine and paid $250 million towards a possible
settlement.
NIGERIA PETROLEUM
Nigeria is on the verge of another round of gasoline
shortages as the precipitous decline in oil prices leaves
one of Africa’s largest crude producers with fewer options
for importing fuel.
NAIROBI, Feb 25 (Reuters) – The following company announcements, scheduled economic
Indicators, debt and currency market moves and political events may affect African markets on Thursday.
KENYA – The central bank to auction 91-day Treasury bills
Worth 4 billion shillings.
GLOBAL MARKETS
Asian shares slipped on Thursday as a fragile recovery in
Volatile crude oil unraveled, reviving anxiety about the
Health of the global economy, and Chinese shares
Skidded.
WORLD OIL PRICES
Crude prices dipped on Thursday as strong U.S. gasoline
Demand failed to counter downward pressure from global
Over production that has left storage facilities swelling
with unsold oil.
SOUTH AFRICA MARKETS
South Africa’s rand slipped sharply after Finance Minister
Pravin Gordhan cut his 2016 growth forecast on Wednesday to
0.9 percent, down from a previous forecast of 1.7 percent,
Citing a recent drought.
NIGERIA MARKETS
Nigeria’s naira firmed sharply on the parallel market on
Wednesday as retail traders, having anticipated a cut in its
Official rate and stocked up on dollars, bought the local
Currency back after the government said it would not
Devalue.
Also, Nigeria plans to raise 329.93 billion naira in
Treasury bills with maturities range between 3-month and
1-year at an auction on March 2, the central bank said on
Wednesday.
NIGERIA TELECOMS
South African mobile phone operator MTN Group
Withdrew its lawsuit against Nigeria’s regulator over a $3.9
Billion fine and paid $250 million towards a possible
Settlement.
NIGERIA PETROLEUM
Nigeria is on the verge of another round of gasoline
Shortages as the precipitous decline in oil prices leaves
One of Africa’s largest crude producers with fewer options
For importing fuel.
KENYA MARKETS
Kenya’s shilling was steady on Wednesday and traders
said they expected it to firm slightly in coming days,
helped by dollar inflows from tea exports.
KENYA BONDS
The weighted average yield of accepted bids for Kenya’s
Five-year Treasury bond was 13.947 percent at
Auction on Wednesday, compared with 13.920 percent at the
Previous auction on Nov. 30, the central bank
Said.
MAURITIUS TRADE
Mauritius’ trade deficit narrowed 21 percent to 7.24 billion
Rupees ($204.23 million) in December from a year earlier due
to lower imports of machinery and transport equipment, the
statistics office said on Wednesday.
SOUTH SUDAN UNREST
Troops allied with South Sudan’s Riek Machar, the former
Rebel leader and rival to President Salva Kiir, will deploy
To the capital in March, a regional peace observer said,
Bolstering a fragile peace accord that ended two years of
Fighting.
GHANA ECONOMY
Ghana’s producer price inflation rose sharply to 16.3
percent in January from a revised figure of 11.0 percent the
month before, pushed up mainly by an increase in petroleum
prices, the statistics office said on Wednesday.
DEMOCRATIC REPUBLIC OF CONGO POLITICS
Six Congolese activists were sentenced on Wednesday to two
years in prison, after they were arrested last week as they
prepared for a general strike calling on President Joseph
Kabila to step down, their lawyer said.
MOZAMBIQUE NATURAL GAS
Eni said on Wednesday the Mozambique government had
approved the plan of development (POD) for the Italian oil
major’s Coral FLNG project, a key step towards a final
investment decision.
SOURCE:Reuters
