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BancTrust & Co. Africa Daily Comments 23 March 2023

Nigerian Labour Congress threatens strike action over naira crisis, Seplat terminates agreement with former Chairman. Kenya: Central bank issues guidelines to support functionality and integrity of FX interbank market. Ghana: Fitch Ratings upgrades l...
BancTrust & Co. Ayodeji
Ayodeji Dawodu @ BancTrust & Co. 23 March 2023

Fed delivers a 25bps hike, Fitch upgrades Ghana’s local currency debt rating

Forex: Nigerian naira devaluation looms. Fixed Income: Fitch upgrades Ghana’s local currency bond rating. Macroeconomic: The World Bank approves a $7bn economic support plan for Egypt.
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 23 March 2023

Angola, Nigeria and Morocco to deliver interest rate verdicts

Forex: Kenyan shilling slump raises rate hike probability. Fixed Income: African Eurobonds suffer their worst losing streak in 7 years. Macroeconomic: Falling oil prices pose a risk to African oil producing nations.
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 21 March 2023

African Eurobonds underperforming EM Eurobonds in 2023

Forex: Zambian kwacha underperforming the broader Africa FX basket. Fixed Income: African Eurobonds are significantly underperforming EM Eurobonds in 2023. Macroeconomic: ECB sticks to its guns and raises rates by 50bps despite a possible global bank...
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 17 March 2023

Markets expect the ECB to hike by 50bps even as banking crisis deepens

Forex: Easing dollar demand provides some relief for the Ghanaian cedi. Fixed Income: Surging inflation and risk-off conditions come as headwinds for Ghanaian and Nigerian Eurobonds. Macroeconomic: Inflation in Southern Africa remains elevated but is...
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 16 March 2023

Nigeria’s oil output rises to an 11-month high, Kenya’s foreign reserves fall

Forex: Kenya implements new oil tender system to reduce FX pressure. Fixed Income: Risk vs reward, where do African countries rank? Macroeconomic: Oil production in Nigeria rises to an 11-month high in February.
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 15 March 2023