The Markets | - Part 245

Tanzania revives plans to float its debut USD 700m Eurobond to fund key projects

Tanzania has revived its plan to float a debut TZS 1.1tn (USD 700m) Eurobond to fund infrastructure projects, especially in the gas sector. This is despite several failed attempts since 2008. The East African reports that the Ministry of Finance and Economic Affairs, during the financial year 2013/14, awarded ratings agency tenders to Fitch, Standard & Poors and Moodys. However, the companies declined the offer on the grounds that they were not ready to work…

Ugandan shilling weaker on central bank liquidity injection

Posted on by The Editorial Team

KAMPALA (Reuters) – The Ugandan shilling eased on Tuesday, undermined by an injection of local currency into the market by the central bank and was seen trading with a bearish bias this week. At 0838 GMT commercial banks quoted the shilling at 3,005/3,015, weaker than Monday’s close of 3,000/3,010.”There was liquidity tightness but the central bank injected shillings which has pushed the unit lower (weaker),” said David Bagambe, trader at Diamond Trust Bank Uganda. The…

Nigeria: DMO comfortably raised US$350

Posted on by The Editorial Team

Nigerian Debt Management Office held its latest monthly auction of FGN bonds on Wednesday and comfortably raised its target of N70bn (US$350m). The total bid of N186bn was the highest since July 2014 and a sharp increase on the previous month’s N116bn. Local institutional buying picked up on the positive momentum generated by the elections. The offshore community also made an appearance: some players may have re-entered the market, having seen the theory of a…

South Africa’s rand recovers as soft U.S. data weighs on dollar

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand strengthened against the dollar on Thursday as soft U.S. housing and jobs data weighed on the dollar, adding uncertainty over the timing of a rate rise from the Federal Reserve. At 1530 GMT, the rand was trading 0.61 percent firmer at 11.9925 to the dollar, compared with an overnight close of 12.0320 in New York. “The U.S. data is very soft, so thatâ€™s supporting the trend of slight bearing…

Templeton’s Mobius says good time to invest in Nigerian stocks

Posted on by The Editorial Team

LONDON (Reuters) – Veteran emerging markets investor, Franklin Templeton’s Mark Mobius said on Thursday that it was a good time to invest in Nigeria, which he sees as one of the most attractive frontier market destinations. “There are significant challenges ahead, but we believe the positives outweigh the negatives and think it’s a good time to invest in Nigeria – if we are patient and selective,” Mobius, who runs the Templeton Emerging Markets Trust said…

Kenyan shilling stays at 3-year-lows, central bank action eyed

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling was hovering at three-year lows on Wednesday but avoiding a further slide due to expectations that the central bank could offer support by selling dollars. At 0800 GMT commercial banks quoted the shilling at 93.35/45 to the dollar, compared with 90.30/50 to the dollar at Tuesday’s close – a level last seen in November 2011. “Fundamentally, it looks weak. What’s keeping it from weakening further is the probability of the…

Morocco reduces euro’s weighting in its currency basket

Posted on by The Editorial Team

RABAT, April 13 (Reuters) – Morocco’s central bank has reduced the euro’s weighting in the currency basket used to set the dirham’s exchange rate, to reflect a fall in trade with the euro zone, it said on Monday. It is the first time in a decade that the bank has changed the basket’s weighting, aiming to make its currency regime more flexible, as recommended by the International Monetary Fund. The dirham is still mostly pegged…

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