July 12, 2017 / 5:01 AM / 12 days ago

African Markets - Factors to watch on July 12

4 Min Read

    NAIROBI, July 12 (Reuters) - The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on 
Wednesday.
    - - - - -
 GLOBAL MARKETS
 Asian shares gained on Wednesday after Wall Street managed to
 weather a fresh twist in the controversy over U.S. President
 Donald Trump's alleged connection with Russia, while
 investors looked ahead to Federal Reserve Chair Janet
 Yellen's comments.                        
 
 WORLD OIL PRICES
 Oil prices rose more than 1.5 percent on Wednesday, extending
 gains from the previous day as the U.S. government cut its
 crude production outlook for next year and as fuel
 inventories plunged.                  
 
 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 weakened on Tuesday, following in the
 footsteps of its emerging markets peers on looming threats
 about tighter global monetary conditions.             
 
 SOUTH AFRICA CENTRAL BANK
 The South African Reserve Bank (SARB) said on Tuesday it is
 proceeding with its legal challenge to the Public Protector's
 findings over an apartheid-era bailout of a bank subsequently
 bought by Absa, now a unit of Barclays Africa Group BGAJ.J.
             
 
 SOUTH AFRICA INDUSTRY
 South Africa's manufacturing output fell 0.8 percent
 year-on-year in May, contracting less than expected, after
 falling by 4.2 percent in April, Statistics South Africa said
 on Tuesday.             
 
 NIGERIA ECONOMY
 Nigeria must not borrow more to fund its budget and should
 instead raise money it needs by other means, the country's
 finance minister said on Tuesday, calling into question
 planned foreign loans of $2 billion from lenders like the
 World Bank.              
 
 NIGERIA POLITICS
 Nigerian Vice President Yemi Osinbajo was in London on
 Tuesday, spending an hour at the country's High Commission
 where President Muhammadu Buhari has spent much of the past
 two months on medical leave.             
 
 ZAMBIA POLITICS
 Zambia's parliament voted on Tuesday to extend the state of
 emergency by three months, the presidency office said, as
 tensions rose following the arrest of the main opposition
 leader.             
 
 SUDAN POLITICS
 The United States on Tuesday postponed for three months a
 decision on whether to permanently lift sanctions on Sudan
 over its human rights record and other issues, the U.S. State
 Department said.             
 
 CONGO POLITICS
 The United States on Tuesday threatened to impose further
 targeted unilateral sanctions on anyone who hinders
 Democratic Republic of Congo's already delayed preparations
 for an election to replace President Joseph Kabila.
             
 
 MOZAMBIQUE ECONOMY
 An International Monetary Fund (IMF) delegation landed in
 Mozambique on Tuesday to follow up on a damning external
 audit of $2 billion of controversial borrowing by companies
 controlled by the southern African nation's intelligence
 services.             
 
 NIGERIA CEMENT
 Nigeria's Dangote Cement DANGCEM.LG plans to invest about $4
 billion in the next two to three years to nearly double its
 production capacity in Africa, a senior executive told
 Reuters on Tuesday.             
 
 
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