(Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.
Kenya sells one-year Treasury bond. Yields are expected to fall thanks to anticipated heavy subscription levels.
Botswana auctions 14-day Treasury bill.
Asian shares slipped on Tuesday, dragged down by losses in Hong Kong and Shanghai, while the euro held near its highest level in a week after an orderly auction of Greek default insurance eased fears about the threat to the single currency posed by Greece.
WORLD OIL PRICES
Brent crude fell towards $125 a barrel on Tuesday as global supply concerns eased and a hike in Chinese fuel prices sparked fears of lower energy demand in the world’s no.2 oil consumer.
SOUTH AFRICA MARKETS
South Africa’s rand edged firmer against the dollar on Monday after central bank data showed the current account deficit unexpectedly narrowed in the fourth quarter of last year, and in line with a stronger euro.
Nigeria’s inflation rate eased in February as the removal of fuel subsidies had a more muted impact on prices than forecast, strengthening analysts’ expectations that the central bank will hold interest rates unchanged on Tuesday.
The Nigerian naira weakened marginally against the U.S dollar on the interbank market on Monday as a unit of ExxonMobil sold around $54 million to some lenders, which ofset pressure on the local currency by gasoline importers.
Nigeria’s super rich are no strangers to conspicuous consumption, and there’s no better way to flaunt your wealth than by buying a brand new European sports car.
German carmaker Porsche officially opened a new car dealership on Friday in the heart of Lagos’ wealthiest district, Victoria Island, a place with one of the world’s highest concentrations of millionaires.
Kenyan shares fell 1.33 percent on Monday, dragged down by losses in shares of Equity Bank and national carrier Kenya Airways, while the shilling firmed 0.5 percent against the dollar.
Kenya’s one-year Treasury bond yield is expected to fall further at an auction this week thanks to heavy subscription which would allow the central bank, keen to bring down the cost of domestic borrowing, to reject less favourable bids.
Mauritius cut its key repo rate by a surprise 50 basis points to 4.9 percent on Monday due to risks to its growth outlook, which it also trimmed to take account of uncertainty in global markets.
Ghana’s cedi plunged to record lows against the dollar on Monday on increased seasonal demand for the greenback by the corporate sector and with a lack of solid central bank support, traders said.
The economy of the Indian Ocean island of Comoros could grow by up to 2.5 percent this year if the government implements financial and fiscal reforms, the International Monetary Fund said on Monday.