Market Commentary

Oil prices fell for a third trading session on Wednesday on expectations the U.S. Federal Reserve will indicate later in the day that interest rates are set to rise more, stoking concerns of lower global economic growth and demand for fuel.

Brent crude futures for April delivery fell 30 cents to $82.75 a barrel by 0721 GMT after recording a 1.2% decline on Tuesday. West Texas Intermediate (WTI) crude futures for April dropped by 38 cents to $75.98 a barrel. The March WTI contract expired on Tuesday down 18 cents.

KENYA: The recent trend of large banks taking over small banks in Kenya will continue due to a widening gulf in profitability and asset base, global rating agency Moody’s has said.

GHANA: Rating agency, Fitch, has downgraded Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘RD’ (Restricted Default) from ‘C’ after the country missed the grace period to make a coupon payment ($40.6 million) on one of its Eurobonds.

NIGERIA: The lack of cash in Nigeria is having a heavy toll on the country’s US$220 billion informal economy.