Mauritius raises tourism forecast; Lonrho shares stronger; 1time weaker
Mauritius' SEMDEX Index rallied for a third day, climbing 0.7% by close in Port Louis, the highest since Mar-2008. Shares in Air Mauritius gained 0.6% yesterday.
- Mauritius' stock market index, SEMDEX, reached its highest level since March 2008, with Air Mauritius shares also experiencing a slight increase.
- Mauritius has raised its forecast for tourist arrivals in 2010, expecting a 5.6% increase compared to the previous year.
- South Africa's stock market, FTSE/JSE Africa All Share Index, declined for the second consecutive day, with 1time Holding shares experiencing a 1.1% decrease.
- South Africa's Central Bank is expected to cut its key interest rate for the third time in 2010 due to the strengthening rand and low inflation.
- Lonrho shares strengthened by 2.9%.
- The provided information includes selected African and Middle Eastern airlines' share price movements on November 17, 2010.
Mauritius raised its forecast for an increase in tourist arrivals in 2010 from 5% to 5.6%. The Indian Ocean island country is expected to attract 920,000 tourists this year compared with 871,356 in 2009. According to the Bank of Mauritius, tourism revenue is set to increase 2.8% to USD1.3 billion in 2010.
South Africa's FTSE/JSE Africa All Share Index declined for the second day yesterday. 1time Holding shares declined 1.1% yesterday.
South Africa's Central Bank is expected to cut its key interest rate today for the third time this year as a rally in the rand keeps inflation in check and erodes the competitiveness of exports. The rand has gained 34% against the US dollar since the start of 2009, cutting the cost of imports and helping to push the inflation rate to the lowest in more than five years.
Shares in Lonrho strengthened 2.9% yesterday.
Selected African and Middle Eastern airlines share price movements: (% change): 17-Nov-2010
Source: Centre for Asia Pacific Aviation, Reuters & Bloomberg