#Africa #Markets – Factors to watch on June 28

NAIROBI, June 28 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.
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GLOBAL MARKETS
Asian shares slumped on Wednesday after Wall Street was
knocked hard in the wake of a delay to a U.S. healthcare
reform vote, while the euro rallied after European Central
Bank President Mario Draghi hinted that the ECB could trim
its stimulus this year.

WORLD OIL PRICES
Oil markets were steady to lower on Wednesday after a report
of rising U.S. fuel and crude inventories underscored
concerns that a three-year supply glut is far from over.

SOUTH AFRICA MARKETS
South Africa’s rand weakened on Tuesday after poor
employment figures, with traders also cautious as they wait
to see if U.S. Federal Reserve Chair Janet Yellen would
stick to her positive economic outlook at an event later.

IVORY COAST MINING
Ivory Coast’s Shiloh Manganese, a subsidiary of India’s
Shiloh Industries aims to produce 120,000 tonnes
of manganese a year at its new mining operation, boosting
national output to at least 350,000 tonnes, a top company
official told Reuters on Tuesday.

KENYA MARKETS
The Kenyan shilling firmed slightly against the
dollar on Tuesday but traders said it was likely to come
under pressure due to end-month dollar demand from oil
importers and manufacturers.

KENYA FOOD
Zambia will open talks with Kenyan grain traders on
Wednesday for the export of maize to the east African nation
which faces a shortage, Finance minister Felix Mutati said
on Tuesday.

TANZANIA ENERGY
Tanzania said on Tuesday it plans to build a long-delayed
2,100-megawatt hydroelectric plant in a World Heritage site
renowned for its animal populations and variety of wildlife
habitats despite opposition from environmentalists.

RWANDA RATES
Rwanda’s central bank lowered its repo rate on
Tuesday to 6 percent from 6.25 percent, the bank’s governor
said.

ZAMBIA PUBLIC SPENDING
Zambia’s fiscal deficit will narrow significantly in the
next three years, from 7.2 percent of gross domestic product
this year to 3 percent in 2020, as the copper producer cuts
down loan defaults, the finance ministry said on Tuesday.

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