#Africa #Markets – Factors to watch on April 13

(REUTERS) The following company announcements, scheduled
economic indicators, debt and currency market
moves and political events may affect African markets
on Thursday.

——-//

NIGERIA – Inflation data for March expected.

SOUTH AFRICA – Mining production data for Feb due.

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GLOBAL MARKETS
The U.S. dollar and Treasury yields tumbled on Thursday
after President Donald Trump said he preferred the Federal
Reserve keep interest rates low as the dollar is getting too
strong, and said he would not label China a currency
manipulator.

WORLD OIL PRICES
Crude oil futures slid for a second session on Thursday,
moving away from a one-month high touched briefly in the
last session as rising U.S. production stoked worries about
global oversupply.

SOUTH AFRICA MARKETS
South Africa’s rand climbed to a one-week high on Wednesday,
supported by a weaker dollar and encouraged by comments from
the new finance minister indicating no significant change in
policy.

NIGERIA MARKETS
Nigeria’s central bank will offer $100 million on the spot
market on Wednesday as part of efforts to boost dollar
liquidity and prop up the naira currency, traders said
citing a memo from the regulator.

NIGERIA SECURITY
Nigeria’s security service said on Wednesday it had thwarted
plans by Boko Haram mlitants linked to Islamic State to
attack the British and United States embassies in the
capital Abuja.

NIGERIA CENTRAL BANK
Nigeria’s central bank said on Wednesday it offered $250
million in currency forwards, to be settled within 30 days,
to airlines, fuel importers and agriculture
businesses.

KENYA MARKETS
The Kenyan shilling edged up against the dollar on
Wednesday due to increased hard currency inflows ahead of
the Easter holiday, traders said.

GHANA INFLATION
Ghana’s annual consumer price inflation fell to 12.8 percent
in March from 13.2 percent the previous month mainly due to
lower non-food rates, notably for transport and health, the
statistics office said on Wednesday.

GHANA-IVORY COAST COCOA
Ivory Coast and Ghana, the world’s top cocoa producers, said
on Wednesday they would deepen collaboration and coordinate
their production strategies in order to tackle price
volatility.

SOUTH SUDAN
The killings and other atrocities going on South Sudan
amount to a genocide and African leaders need to “step up”
and not just rely on others for a response, Britain’s
secretary for international development, Priti Patel, said
late on Wednesday.

UGANDA MARKETS
The Ugandan shillings was stable on Wednesday but
traders said a 50 basis point rate cut by the central bank
on the same day could spur demand and weigh on the currency
in the future.

UGANDA RATES
Uganda’s central bank cut its benchmark lending rate by 50
basis points to 11 percent on Wednesday, saying
economic growth had slowed and core inflation would stay at
a 5 percent target for the next 12 months.

SOMALIA HIJACK
Somali security forces clashed with pirates early on
Wednesday and freed nine seamen kidnapped on an Indian cargo
ship this month, officials said.

ZIMBABWE BANKING
Zimbabwean entrepreneurs could soon use movable assets —
including livestock and vehicles — to secure loans from
banks, according to a bill brought before the country’s
Parliament this week.

BOSTWANA ENERGY
The 300 megawatt (MW) expansion of two units at Botswana’s
Morupule B coal fired power plant has been delayed due to a
dispute with the contractor over an $800 million guarantee,
a cabinet minister said on Wednesday.

ANGOLA INFLATION
Angola’s inflation slowed to 36.52 percent year-on-year in
March from 38.32 percent in February, data from the national
statistics agency showed on Wednesday.

CONGO ENERGY
Democratic Republic of Congo hopes to import electricity
from South Africa, an expensive measure aimed at reducing a
gaping power deficit that has dented mining output in the
continent’s top copper producer, the chamber of commerce
said on Wednesday.

———//

South Africa – Retail sales growth in Feb at -1.7% yy (prev -2.3%).

Namibia – Central bank leaves repo rate unchanged at 7%.

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