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 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