20 January 2016
The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.
The central bank sets its benchmark lending rate, which stands at 11.5 percent after being held several times.
Asian share markets were in full retreat on Wednesday as a relentless slide in oil prices soured an attempted rally on Wall Street and dealt a further blow to global investors’ appetite for riskier assets.
WORLD OIL PRICES
Crude futures slumped again in Asian trade on Wednesday, losing more than 2 per cent as U.S. oil dropped towards $27 a barrel, its lowest since 2003, on worries about global oversupply.
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SOUTH AFRICA MARKETS
South Africa’s rand firmed on Tuesday, by as much as 1-1/2 percent at one stage, after data showing China’s economy grew at its weakest pace in nearly seven years fuelled hopes that Beijing would unleash more stimulus policies.
President Muhammadu Buhari has submitted a corrected version of the 2016 budget to Nigeria’s National Assembly, according to a letter from Buhari read out by the Senate head on Tuesday.
NIGERIA STAMP DUTY
Nigeria will start enforcing its stamp duties law on financial transactions across commercial banks, the central bank said on Tuesday – a bid to shore up non-oil revenue and plug shortfalls caused by the precipitous drop in global crude prices.
The Kenyan shilling KES= was lost ground against the dollar on Tuesday, hurt by a drastic fall in interbank lending rates which have lead to looser liquidity in the market. Stocks were up slightly.
The Central Bank of Kenya (CBK) will keep already tigh monetary policy unchanged this year to deal with rising food inflation caused by a drought that has hit parts of Africa, a Reuters poll showed on Tuesday.
Investors are expecting Kenyan Treasury bill yields to rise further in the first quarter, buoyed by a spike in inflation to 8 percent and by demand for higher returns on debt rolled over from late 2015 when rates peaked above 22 percent.
GHANA INTERIOR MINISTRY
Ghana’s President John Mahama on Tuesday appointed a former United Nations official as interior minister to reinforce domestic security after Friday’s militant attacks in Burkina Faso and ahead of elections this year.
Senegal will issue a 45 billion CFA franc ($74.58 million) three-year treasury bond with a 5.5 percent coupon on Jan. 26, the West Africa debt planning agency UEMOA-Titres said in a statement.