African Markets – Factors to watch on May 10
The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Thursday.
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KENYA – Central Bank of Kenya auctions 91-day
Treasury bills worth 2 billion
shillings ($24.00 million).
ZAMBIA – Bank of Zambia auctions 45,000 kwachas
($8.73) of the 91 – day T-bill, 50,000 kwachas of
the 182 – days T-bill, 55,000 of the 273 -day
T-bill and 100,000 of the 364 – day T – bill at
its weekly auction.
MOZAMBIQUE – Mozambique’s central bank announces
interest rate decision after policy meeting. 1600
ETHIOPIA – The 2012 World Economic Forum announced
that the 22nd World Economic Forum on Africa will
take place in Addis Ababa, Ethiopia – one of the
fastest-growing economies in the world and
Africa’s second most populous country.
Asian shares fell on Thursday, as a weak Chinese
trade data stoked fears of a growth slowdown,
further undermining risk appetites already reduced
by worries about the health of Spanish banks and
deepening political chaos in Greece.
WORLD OIL PRICES
Brent crude slipped below $113 on Thursday, after
weaker-than-expected Chinese trade data that
raised concerns over energy demand at the world’s
second-largest oil consumer.
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AFRICA FIXED INCOME
The World Bank’s International Finance Corporation
(IFC) expects to invest $2.6 billion in Africa
this year, nearly double five years ago, with a
six-country domestic bond programme at the core of
its activities, a senior official said on
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SOUTH AFRICA CURRENCY, BONDS
South Africa’s rand fell nearly two percent to a
four-month low against the dollar on Wednesday,
the second-weakest performer in a basket of
emerging market currencies, as political and
economic uncertainty in Europe dented risk
SOUTH AFRICA STOCKS
South African stocks fell for a fifth straight
session on Wednesday, tracking a global market
that was dragged down by worries the political
impasse in Greece would endanger the euro zone’s
efforts to end its debt crisis.
KENYA’S SAFARICOM FY RESULTS
Safaricom , Kenya’s top telecoms
operator, full-year pretax profit fell 5.4 percent
to 17.37 billion shillings ($208.47 million),
weighed on by higher financing costs and
unrealised foreign exchange losses, it said on
The Kenyan shilling fell against the dollar
on Wednesday as oil importers bought the U.S.
currency, while stocks edged down for the third
straight session due to profit-taking.
The weighted average yield on Kenya’s 364-day
Treasury bills plunged to 12.431
percent in an oversubscribed sale on Wednesday
from 16.915 percent at the previous auction in
April, the central bank said.
Kenya’s Equity Bank could consider an
overseas listing as rapid expansion puts it in
danger of outgrowing its home stock market, its
chief executive said on Wednesday.
NATIONAL BANK Q1
National Bank of Kenya raised its
interest income in the first three months of this
year from the same period in 2011, helping to
drive a 4 percent increase in pretax profit to 486
million shillings ($5.83 million), it said on
KENYA’S KENOLKOBIL TAKEOVER
Shares of Kenyan oil marketer KenolKobil
, which is a takeover target of
Swiss-based Puma Energy, have been suspended from
trading for an indefinite period, the Nairobi
Securities Exchange (NSE) said on Wednesday.
EAST AFRICA OIL SEARCH
The state oil firms of Japan and Kenya have signed
an agreement to survey the country in East Africa,
which has become a hot spot for exploration after
the discovery of oil, and assess its onshore
petroleum reserves, officials said on Wednesday.
Nigeria’s economy is expected to expand at a
slower rate this year than in 2011, data showed on
Tuesday, due to disruptions to oil production and
ongoing weakness in developed countries that buy
crude from Africa’s largest producer.
CONOCOPHILLIPS TO EXIT NIGERIA
U.S. oil group ConocoPhillips has hired
BNP Paribas to help sell its Nigerian
assets, including on-shore, off-shore oil and gas
fields and a stake in its LNG Brass facility,
sources familiar with the situation told Reuters.
Angolan investor Isabel dos Santos, the daughter
of the country’s president, bought a further 5
percent of Portugal’s leading pay-TV and Internet
provider Zon Multimedia from Spain’s
Telefonica , making her its largest
shareholder, Zon said.
Ghana’s annual inflation broke above 9 percent in
April for the first time in a year, with analysts
predicting price rises in double digits again and
further policy tightening.
IVORY COAST COCOA
Ivory Coast will produce around 1.35 million
tonnes of cocoa during the current season, down
from a record 1.5 million last season, the
International Cocoa Organisation said on
Indian-listed Karuturi Global, which has leased
land in Ethiopia for commercial farming, plans to
export cereals, sugar and edible oil to South
Sudan and Kenya upon completing cultivation in
2014, its director said on Wednesday.
The weighted average yield on Tanzania’s 91-day
Treasury bills rose marginally to 13.81 percent on
Wednesday, from 13.80 percent at its last auction
two weeks ago, the central bank said on its
UK-based oil explorer Tullow Oil plans to
spend up to $750 million jointly with its partners
in exploration and further drilling in Uganda this
year as the east African country races to begin
UGANDA COFFEE EXPORTS
Uganda coffee exports dropped 20 percent in April
from the same month last year as a drop in prices
made farmers reluctant to sell their stocks, but
volumes may rise in the next two months, the
industry regulator said on Wednesday.
The IMF will send letters to Malawi’s donor
nations telling them it approves the country’s
efforts to seek financing so that they can release
funds to help prop up its rapidly dwindling
foreign exchange reserves, Malawi’s finance
minister said on Tuesday.
South Sudan accused Sudan on Wednesday of bombing
and shelling seven areas on the southern side of
their disputed border in the last 48 hours,
calling the acts a violation of a U.N.-backed
ceasefire that should have begun on Saturday.