Africa business report – Thursday 27th April

The following company announcements, scheduled economic
indicators, debt and currency market moves and political events may affect African markets
- - - - -
EVENTS:
*KENYA - Opposition National Super Alliance of Kenya (Nasa)
to announce its presidential flagbearer to stand in August 8
elections.
*Kenya's central bank to auction 91-day and 364-day Treasury
bills worth a total 20 billion shillings.
GLOBAL MARKETS
Asian shares eased from a near two-year high on Thursday as
a long-awaited U.S. tax cut plan failed to inspire
investors, though sentiment remained supported by global
growth prospects and receding worries about political risks
in Europe.
WORLD OIL PRICES
Oil prices dipped on Thursday, weighed down by a general
sentiment of globally bloated markets, though traders said
that prices seemed to have found support around current
levels.
EMERGING MARKETS
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SOUTH AFRICA MARKETS
South Africa's rand fell from a 3-week high against the U.S.
dollar on Wednesday as the greenback rose and traders closed
positions ahead of a national holiday.
NIGERIA MARKETS
The value of Nigeria's latest naira exchange rate, set
specifically for portfolio investors, eased for a second
straight day on Wednesday even as the central bank stepped
up dollar sales on the spot and forward markets.
NIGERIA DEBT
Nigerian President Muhammadu Buhari is seeking parliament's
approval for a proposal to borrow $5.85 billion from China
to modernise its rail network and another $1.075 billion
from the World Bank to help rebuild the insurgency-torn
northeast.
KENYA MARKETS
The Kenyan shilling        was stable against the dollar on
Wednesday, helped by foreign exchange inflows from
remittances and flat end-month dollar demand from oil
importers, traders said.
GHANA ECONOMY
Ghana's gross domestic product growth in 2016 GDP stood at a
provisional figure of 3.5 percent year-on-year, down from
3.9 percent in 2015, acting government statistician Baah
Wadieh told a news conference on Wednesday.
GUINEA MINING
Guinea will not accept any major changes to the terms of the
Simandou iron ore project that Chinalco bought from Rio
Tinto, including building a 650-km railway rather than
taking a shorter route via its neighbours, the mines
minister said on Wednesday.
SOUTH SUDAN UNREST
East African states and South Africa believe that allowing
South Sudanese rebel leader Riek Machar to return to the
war-torn country would not "necessarily be positive at this
stage," said United Nations envoy David Shearer on
Wednesday.
SOUTH SUDAN ECONOMY
Banks in war-ravaged South Sudan have run out of cash and
the crunch is exacerbating hunger and widespread famine, the
deputy finance minister said on Wednesday.
BOTSWANA ELECTRICITY
Botswana's government on Wednesday granted First Quantum
Minerals Ltd FM.TO and African Energy          a tax holiday
to build the 450 megawatt (MW) Sese coal power plant in a
bid to encourage private sector investment in the
sector.

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