(REUTERS) The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.
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NIGERIA – The central bank sets its benchmark lending rate
which stands at 14 percent.
Asian stocks struck one-week highs with investors undeterred
by a powerful earthquake in Japan on Tuesday, but after Wall
Street closed at a record peak they were also wary of
chasing prices higher until President-elect Donald Trump
picks his economic team.
WORLD OIL PRICES
Oil prices rose to their highest level since October on
Tuesday as the market priced in a potential output cut led
by producer cartel OPEC, although analysts warned that a
failure to agree a cut could lead to a ballooning supply
overhang by early 2017.
SOUTH AFRICA MARKETS
South Africa’s rand rallied nearly 2 percent on Monday as
the emerging market selloff triggered by U.S.
President-elect Donald Trump’s unexpected victory continued
Nigeria is considering amendments to its foreign exchange
laws to curb illegal fund transfers and insider dealing and
stop individuals holding hard currency outside the banking
system, a draft bill seen by Reuters on Monday showed.
Nigeria’s recession deepened in the third quarter and oil
production fell, the National Bureau of Statistics (NBS)
said on Monday, as a dollar shortage kept Africa’s biggest
economy in a stranglehold.
The Kenyan shilling was barely moved on Monday after
days of pressure from firms buying dollars due to concerns
about further weakening of the shilling caused by a firmer
Ghana’s central bank reduced its main policy rate by 50
basis points on Monday to 25.5 percent, which Governor
Abdul-Nashiru Issahaku said reflected a better outlook for
inflation and the need to boost growth.
Mozambique’s economic growth quickened to 3.7 percent in the
third quarter of 2016 compared to a revised 3.4 percent in
the second quarter, the National Statistics Institute said
MAURITIUS TRADE DEFICIT
Mauritius’ trade deficit widened 17 percent to 6.17 billion
rupees ($172.35 million) in September from the same period a
year earlier, driven by imports of food and live animals.
Nigeria – GDP contracts 2.2% yy in Q3-16 (Q2-16: -2.1%)