#Africa #Markets – Factors to watch on July 18

NAIROBI, July 18 (Reuters) – The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on
Tuesday.
– – – – –
GLOBAL MARKETS
Asian shares stepped back from more than two-year highs on
Tuesday and the dollar extended losses as passage of a U.S.
healthcare bill grew doubtful, and as investors bet the
Federal Reserve will be more cautious about raising interest
rates.

GLOBAL OIL
Oil prices were stable on Tuesday, supported by strong
consumption but weighed by ongoing high supplies from
producer club OPEC and also the United States.

SOUTH AFRICA MARKETS
South Africa’s rand reached its firmest level in two weeks as
the suspension of new mining laws and weak data from the
United States pushed the currency past crucial technical
levels and lured back investors hungry for high
yields.

KENYA MARKETS
The Kenyan shilling weakened slightly against the
dollar due to demand from commercial banks on Monday but
traders said that hard currency transfers from diaspora
remittances would provide support.

NIGERIA OIL
Shares in Nigerian oil company Oando fell close to
a one-month low on Monday on news that regulators were
investigating the firm’s shareholding structure following its
$1.65 billion acquisition of ConocoPhillips’ Nigerian
business.

NIGERIA INFLATION
Annual inflation in Nigeria eased for a fifth straight month
in June, slowing to 16.1 percent, the National Bureau of
Statistics (NBS) said on Monday.

SOMALIA INTERNET
Somalia has restored its internet connection after repairing
a severed undersea cable, a telecoms official said on Monday,
after an outage that the government said had cost the economy
millions of dollars a day.

MADAGASCAR FINANCE MINISTER RESIGNS
Madagascar’s finance minister announced his resignation on
Monday, citing a lack of support and differing points of
view.

——–//

KENYA – Central bank keeps benchmark rate unchanged at 10%.

NIGERIA – Consumer inflation in June at 16.1% yy (prev 16.3%).

——–//

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