#Africa #Markets – Factors to watch on July 6

NAIROBI, July 6 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.
– – – – –
EVENTS:
*KENYA – The central bank auctions 91-day, 182-day and
364-day Treasury bills worth a total 24 billion shillings.

GLOBAL MARKETS
Most Asian stock markets fell on Thursday after minutes from
the Federal Reserve’s last meeting showed a lack of
consensus on the future pace of U.S. interest rate
increases, while oil prices inched higher following a steep
decline a day earlier.

WORLD OIL PRICES
Oil prices nudged higher on Thursday on strong demand in the
United States, but analysts cautioned that oversupply would
continue to drag on markets.

SOUTH AFRICA MARKETS
South Africa’s rand hit a seven-week low against the dollar
on Wednesday after the ruling party proposed at a policy
conference to nationalise the central bank and expropriate
land without compensation.

NIGERIA MARKETS
Nigeria plans to raise between 360 billion naira and 450
billion naira ($1.18 bln-$1.48 bln) in sovereign bonds
maturing between five and 20 years in the third quarter, the
Debt Management Office (DMO) said on Wednesday.

NIGERIA GAS
Nigeria’s cabinet has approved a national gas policy that
aims to reduce the country’s dependence on crude oil by
increasing gas exploration and facilities, the oil ministry
said in a statement.

KENYA MARKETS
The Kenyan shilling traded in a tight range against
the dollar on Wednesday with demand from merchandise and oil
importers being met by hard currency inflows from investors
interested in buying government bonds, traders
said.

KENYA PMI
Kenya’s private-sector business activity slowed in June,
hurt by a decline in credit growth and worries among
investors about violence during August’s elections, a survey
showed on Wednesday.

UGANDA PMI
Uganda’s private-sector business activity expanded faster in
June than it did in May, buoyed by stronger domestic demand
and looser monetary policy, a survey showed on
Wednesday.

ZAMBIA POLITICS
Zambian President Edgar Lungu said on Wednesday he would
seek parliament’s approval to impose a state of emergency
after fire gutted the country’s biggest market in what he
said was politically motivated arson.

MALAWI LENDING RATE
Malawi’s central bank said on Wednesday it has cut the
benchmark lending rate by 400 basis points to 18 percent as
consumer price inflation slows.

DEMOCRATIC REPUBLIC OF CONGO MINING
Democratic Republic of Congo plans to impose harsher
punishments on mining companies that fail to repatriate at
least 40 percent of their revenue from mineral exports,
central bank governor Deogratias Mutombo said on
Wednesday.

——–//

Ethiopia – Inflation in June at 8.8% yy (prev 8.7%).

———//

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