Ghana, Nigeria: Sub-Saharan Africa Bond, Currency Preview

By Franz Wild

(Bloomberg) — The following events and economic reports may influence trading in sub-Saharan African bonds and currencies today.

Gabon: Gabon’s main oil industry trade union today starts an open-ended strike in sub-Saharan Africa’s fifth-biggest oil producer after negotiations over labor laws collapsed, Reuters reported.

The Central African franc rose 0.04 percent to 482.8 to the dollar at 5:54 p.m. in Johannesburg.

Ghana: The Ghana Statistical service will give consumer inflation figures for March. The West African country’s inflation rate fell for the eighth consecutive month in February as stability in the exchange rate helped control import costs.

The cedi fell 0.1 percent to 1.4165 to the dollar at 5:05 p.m. in Johannesburg.

Nigeria: The central bank may announce a Treasury-bill auction today.

The naira rose 0.1 percent to 150.33 to the dollar by 5:05 p.m. in Johannesburg.

South Africa: Statistics South Africa announces retail sales for February at 11:30 a.m. Retail sales probably returned to growth for the first time in more than a year, according to the median estimate of 12 economists surveyed by Bloomberg.

Finance Minister Pravin Gordhan and the commissioner of the South African Revenue Services address lawmakers in Cape Town on the SARS strategic plan at 11:30 a.m.

The rand weakened 0.5 percent to 7.2964 per dollar by 6:00 p.m. in Johannesburg.

The yield on the benchmark government bond due September 2015 gained 2 basis points to 7.953 percent.

Uganda: The East African country’s central bank is expected to auction Treasury bills.

The Ugandan shilling dropped 0.3 percent to 2,074 per dollar by 6:02 p.m. in Johannesburg.

– Editor: Gavin Serkin