#Africa #Markets – Factors to watch on June 13

NAIROBI, June 13 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.
– – – – –
EVENTS:
*KENYA – Centum Investment Company releases its full year
earnings results for the period to end-March.

GLOBAL MARKETS
Asian stocks mostly rebounded on Tuesday despite a further
slide in U.S. tech shares, while the Canadian dollar soared
on the possibility interest rates might go up sooner than
expected.

WORLD OIL PRICES
Oil prices edged up early on Tuesday, lifted by statements
that OPEC-leader Saudi Arabia was making significant supply
cuts to customers, although rising U.S. output meant that
markets remain well supplied.

SOUTH AFRICA MARKETS
South Africa’s rand firmed against the U.S. dollar and
government bonds firmed on Monday, shrugging off a credit
downgrade by Moody’s of both local and foreign currency
ratings as investors kept faith in the high yields on
offer.

NIGERIA BUDGET
Nigeria’s acting president, Vice President Yemi Osinbajo,
signed the 2017 budget into law on Monday, with Abuja
planning record spending to pull Africa’s biggest economy
out of recession.

NIGERIA CORRUPTION
Nigeria’s anti-corruption agency is investigating the
speaker of the lower chamber of parliament, according to a
document seen by Reuters on Monday, part of a campaign
against graft being waged by President Muhammadu Buhari’s
government.

KENYA MARKETS
The Kenyan shilling was stable on Monday with traders
saying demand from oil importers was being met by hard
currency inflows from remittances and horticulture
exporters.

KENYA BANKING
Kenya’s biggest lender by assets, KCB Group has
proposed taking over National Bank of Kenya (NBK)
through a share swap to increase its share of public sector
banking business, according to documents seen by
Reuters.

TANZANIA MINING
Acacia Mining on Monday disputed the outcome of a
second audit by the Tanzanian government which said the
company had underdeclared revenues and tax payments for
years and by billions of dollars, sending its shares 13
percent lower.

IVORY COAST COCOA
Cocoa arrivals at ports in top grower Ivory Coast since the
start of the season on Oct. 1 had reached about 1,652,000
tonnes by June 11, exporters estimated on Monday, up 20
percent from the same period of the previous
season.

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