#Africa #Markets – Factors to watch on Oct 6

NAIROBI, Oct 6 - The following company announcements, 
scheduled economic indicators, debt and currency market moves 
and political events may affect African markets on Tuesday.
    - - - - -
 EVENTS:
 NIGERIA - Nigeria's upper house will discuss nominations by
 President Muhammadu Buhari for his cabinet.
 
 GLOBAL MARKETS
 Fading expectations that the U.S. Federal Reserve will raise
 interest rates this year and a bounce in oil and commodity
 prices helped lift Asian stocks to two-week highs on
 Tuesday.
            
 WORLD OIL PRICES
 Crude oil held steady in Asia on Tuesday, following big
 gains in the previous session after Russia signalled it was
 prepared to discuss the global oil market with other big
 producers.
 
 AFRICA GOVERNANCE
 Progress in governance across Africa has stalled since 2011,
 with deteriorating safety and lack of economic opportunity
 blunting any gains made on the human rights front especially
 in resource-rich nations, a survey reported on Monday.
                
 SOUTH AFRICA MARKETS
 South Africa's rand firmed on Monday alongside other
 emerging market currencies after softer-than-expected
 employment data from the United States dampened the prospect
 of an interest rate there in 2015.
                
 NIGERIA MARKETS
 The Nigerian naira is "appropriately priced" and the central
 bank does not plan any adjustments in the currency for now,
 the head of the bank said on Monday.
                
 KENYA MARKETS
 The Kenyan shilling firmed against the dollar on
 Monday, benefiting from higher lending rates and exporters
 offloading their dollars in anticipation of further
 strengthening. Stocks were down.
                
 KENYA ECONOMY
 Kenya's government plans to cut some non-priority spending
 this financial year to balance the books after its borrowing
 costs rose, the International Monetary Fund's resident
 representative said.
                
 ZIMBABWE TAX
 Zimbabwe plans to impose a 10 percent tax on foreign-owned
 firms to fund a black economic empowerment programme that is
 designed to bring the companies under local majority
 control, a minister was quoted as saying on Monday.            
 
 ZAMBIA MARKETS
 The kwacha on Monday gained more than 2 percent
 against the dollar before shedding some of its gains to
 trade at 12.2200in volatile trading.
                
 ZAMBIA ELECTRICITY
 Zambia's state power utility Zesco Ltd has applied to the
 regulator to allow it to more than double the cost of
 electricity for all customers except mining firms to attract
 investors to build power plants, it said on Monday.
                
 UGANDA ECONOMY
 Investments in infrastructure should help raise Uganda's
 economic growth to about 6.5 percent in the coming years
 from 5 percent in the last fiscal year, the International
 Monetary Fund said on Monday.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.