October 11, 2017 / 5:04 AM / 8 days ago

African Markets - Factors to watch on Oct. 11

The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Wednesday.
    - - - - -
 EVENTS:
 * Ghana releases inflation figures.
 * World Bank releases update on African economies.
 
 GLOBAL MARKETS
 Asian shares jumped to the highest in a decade on Wednesday as
 Wall Street scaled all-time highs, while the dollar loitered
 around two-week lows on worries President Donald Trump's tax
 plan could stall.                       
 
 WORLD OIL PRICES
 Oil prices edged up on Wednesday, extending 2 percent gains
 recorded the previous day, on signs that markets are gradually
 tightening after years of oversupply, although the outlook for
 2018 remained less certain.                  
 
 EMERGING MARKETS
 For the top emerging markets news, double click on            
 
 AFRICA STOCKS
 For the latest news on African stocks, click on     
 
 SOUTH AFRICA MARKETS
 South Africa's rand staged a late-session rally on Tuesday away
 from 6-month lows as investors took profits on the dollar's
 recent rally and positioned for a run lower by the rand, while
 bonds were firmer and stocks traded sideways.             
 
 SOUTH AFRICA GROWTH
 The International Monetary Fund cut its South African economic
 growth forecast for this year on Tuesday, saying rising
 political uncertainty has dented consumer and business
 confidence. The IMF said it expected South Africa's economy to
 grow by 0.7 percent this year, down from an earlier projection
 of 1 percent given in July.                
 
 KENYA MARKETS
 The Kenyan shilling        weakened slightly against the dollar
 on Tuesday due to increased demand from oil importers and
 multinational companies, traders said.             
 
 KENYA POLITICS
 Kenyan opposition leader Raila Odinga withdrew on Tuesday from a
 court-ordered re-run of the presidential election due on Oct.
 26, saying the vote would not be free or fair and leaving
 President Uhuru Kenyatta as the only candidate.             
 
 CONGO DEBT
 Congo Republic is weighing the possibility of halting payments
 on its debt with private creditors as it seeks a bail-out with
 the International Monetary Fund, the prime minister said on
 Tuesday.                 
 
 ETHIOPIA CURRENCY
 Ethiopia's central bank devalued the Ethiopian birr        by 15
 percent on Tuesday, its first such move in seven years to boost
 lagging exports.             
 
 KENYA POWER 
 Kenya Power KPLC.NR expects the expansion of its grid to slow
 down as the number of people with access to electricity reaches
 saturation, its chief executive said on Tuesday, adding that its
 capital expenditure for this year would rise slightly.
                     
 
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