The Markets | - Part 249

Zambia’s kwacha firms over 1 pct to month-high vs dollar

Lusaka, Zambia (Capital Markets in Africa) – Zambia’s kwacha strengthened over one percent to 7.1500 per dollar at 1029 GMT, its firmest level since April 14, buoyed by the return of global demand for copper. Consumption of refined copper in China in the second half of 2015 is likely to rise, with growing demand in the world’s top consumer likely to support global prices. Zambia is Africa’s second-biggest producer of the industrial metal. Source: Reuters Africa…

Nigeria auctioned 60 billion naira bonds on Wednesday

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa):- Bond auction worth N60.0bn for the month of May held on Wednesday for the re-opening of FEB 2020, MAR 2024 and JULY 2034 instruments at N20.0bn. The short, medium and long term bonds re-opened were all oversubscribed with the total N60bn fully allotted. Relative to the auction held in April, marginal rates at the primary market auction on Wednesday fell across tenors on offer. The FEB 2020, MAR 2024…

Mobius: Africa Offers Best Emerging Opportunities

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London (Capital Markets in Africa):- Emerging market guru Mark Mobius tells investors not to be put off by negative headlines – there are plenty of viable growth opportunities in the African stock markets. Emma Wall: Hello and welcome to the Morningstar Investment Conference. I’m Emma Wall and I’m joined today by Dr. Mark Mobius of Franklin Templeton to talk about the opportunities in emerging markets. Hello Mark. Mark Mobius: Hi, how are you? Wall: So…

South Africa’s rand slides as Greek fears weigh on EM currencies

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JOHANNESBURG (Reuters) – South Africa’s rand fell more than 1 percent against the dollar on Monday, tracking a downward slide in emerging markets after investors were spooked by fears that Greece could default on its debt. A rate cut in China, the world’s second largest economy, also dampened appetite for commodity currencies like the rand, analysts said. The rand hit a session low of 12.0585 to the greenback, and was trading at 12.0525 by 1518…

Kenyan shilling hits new three-year low, more losses seen

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NAIROBI (Reuters) – Kenya’s shilling weakened on Monday 11th May, with banks covering short dollar positions and traders said they expected the local currency seen easing even further. At 0802 GMT, commercial banks quoted the shilling at 95.80/90 to the dollar, a new low last seen in November 2011, compared with Friday’s close of 95.40/50. “Banks are covering short positions that they accumulated over the weekend. It’s trading with caution,” Chris Muiga, a senior trader…

Kenyan shilling softens to new 3-year low, stocks rise

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NAIROBI (Reuters) – The Kenyan shilling softened to a three-year low on Thursday due to strong dollar demand by companies seeking to settle their bills at the end of the month, traders said. At close of trade, commercial banks quoted the shilling at 94.60/70 to the dollar, from Wednesday’s close of 94.55/65.The shilling weakened to 94.75/85 in intraday trade, lows last seen in November 2011, before recovering amid concerns the central bank may intervene and…

Tanzanian finmin says shilling to stabilise on loan inflows

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania’s shilling is expected to stabilise in the next few days after it broke through a series of record lows against the dollar, the finance minister said. The shilling has lost 15 percent of its value against the greenback this year, mainly due to a firmer dollar and lower prices of gold in global markets. The currency of east Africa’s second largest economy traded the shilling at 1,988/1,998 per dollar…

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