African Markets - Factors to watch on April 5
The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. EVENTS: ZAMBIA - Central bank sells 91-, 182- and 364-day Treasury bills at auction. SEYCHELLES - March inflation data expected. Year-on-year rate rose for sixth month in a row in February to 5.8 percent. GLOBAL MARKETS Asian shares fell on Thursday after a weak Spanish bond sale heightened concerns about funding difficulties for weaker euro zone countries, further undermining sentiment hurt by fading expectations of more stimulus from the U.S. Federal Reserve. WORLD OIL PRICES Brent crude rose towards $123 a barrel on Thursday after falling sharply in the previous session on a big jump in U.S. oil inventories, as investors covered short positions ahead of a key U.S. economic report and on concerns over disrutpions to Iranian oil supplies. MALI COUP Mali's military rulers on Wednesday postponed a national convention to end a crisis sparked by a coup, which has led to international isolation and allowed rebels to seize control of the northern half of the country. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on AFRICA FIXED INCOME For latest African fixed-income stories. SOUTH AFRICA MARKETS * South Africa's rand weakened as much as 1.2 percent to a seven-week low against the dollar on Wednesday and government bonds also fell, hit by waning risk appetite for emerging market assets as recent data points to stuttering global growth. * South African stocks lost ground for the first time in four sessions on Wednesday, falling more than 2 percent as major miners such as Harmony Gold tumbled on a faltering bullion price. AFRICA OIL * African nations joining the elite club of oil and gas producers should invest in education and roads while supporting traditional sectors to avoid the "oil curse" trap, the head of the African Development Bank said. * A worldwide rig shortage is delaying oil drilling in east Africa, which is slowing growth and pushing up costs in one of the industry's hottest new exploration areas, industry players and officials said. NIGERIA MARKETS * Nigeria's naira currency was unchanged against the U.S dollar on Wednesday after the central bank increased dollar supply at the bi-weekly foreign exchange auction. * Nigeria Dangote Cement's profit rises in 2011. * Nigeria's central bank said on Wednesday it would auction 183.64 billion naira ($1.17 billion) in treasury bills at its regular monthly debt auction next week. KENYA RATES, MARKETS * Kenyan average interbank rate slumped to 12.7 percent on Wednesday from 18.8 percent a day earlier. * Kenya's central bank held its key lending rate at 18 percent on Wednesday, saying inflation was still above the government's short-term target of 9 percent and that private sector credit growth remained too high. * Weighted average yields fell across the board at Kenya's Treasury bill auction on Wednesday, with investors favouring longer dated paper, central bank data showed. * The Kenyan shilling ended a fraction stronger against the dollar on Wednesday, with the market closing minutes after the central bank opted to keep its key interest rate on hold, in line with analysts' expectations. UGANDA MARKETS * Ugandan 91-day Treasury bill yield rise above 18 percent. * The Uganda shilling climbed for a third consecutive day against the dollar on Wednesday, lifted by offshore investors converting their greenbacks to participate in a Treasury bill auction, and depressed corporate demand for the U.S. currency. * Stanbic Bank Uganda's 2011 profit leaps 84 percent. TANZANIA BONDS, ECONOMY * Bank of Tanzania sells 24.2 billion shillings of 7-year Treasury bonds at average weighted yield of 14.6289 percent. * Tanzania's energy regulator on Wednesday raised the prices of petrol, diesel and kerosene in east Africa's second-biggest economy, citing higher international oil prices. BOTSWANA ECONOMY Botswana's economy contracted 5.8 percent quarter-on-quarter in the fourth quarter of last year from 5.5 percent in the previous three months due to a sharp reduction in mining output in the world's biggest diamond producer. MAURITIUS BONDS Mauritius sells $48.4 million worth of 3-yr Treasury notes at an average weighted yield of 5.14 percent. MALAWI BILLS Malawi 3-month Treasury bill yields fall to 6.3 percent. DJIBOUTI ECONOMY Djibouti's economy will expand 4.8 percent this year from 4.4 percent in 2011, driven by an acceleration of port activities, construction and services, the International Monetary Fund said on Wednesday. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on
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