#Africa #Markets – Factors to watch on July 21

NAIROBI, July 21 (Reuters) – The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on
Friday.
– – – – –
GLOBAL MARKETS
The euro held near two-year highs against the dollar on
Friday after the head of the European Central Bank said
tapering of its stimulus will be on the table this autumn,
while a solid global economic outlook kept Asian share prices
near decade highs.

GLOBAL OIL
Oil prices were little changed on Friday ahead of a key
meeting of major oil producing nations next week, with Brent
sitting below the $50 per barrel level that was briefly
breached for the first time in six weeks in the previous
session.

SOUTH AFRICA MARKETS
South Africa’s rand shed as much as one percent against the
dollar on Thursday after the central bank unexpectedly cut
its benchmark lending rate for the first time in five
years.

KENYA MARKETS
enya’s central bank sold dollars on Thursday in foreign
exchange market to support the shilling, traders said.
At 1110 GMT, commercial banks quoted the shilling at
103.75/85 to the dollar, compared with Wednesday’s close of
103.65/85.

KENYA ELECTIONS
Kenya’s electoral body says it is facing more than 300 court
cases from candidates, parties and civil society groups
before elections on Aug. 8, raising concern about whether the
disputes can be resolved in time.

NIGERIA LENDERS
A Nigerian court has ordered seven local banks to transfer a
total of $793.20 million due to the government immediately
after the lenders withheld monies they collected on behalf of
the state, a government lawyer told Reuters on Thursday.

NIGERIA CORRUPTION
A Nigerian court has ordered the temporary seizure of a $37.5
million property owned by a former oil minister, the state
news agency said, the latest move related to graft
allegations against a lynchpin of the last administration.

SOUTH AFRICA MINING
South Africa intends to suspend the granting of applications
for prospecting and mining rights as well as any renewals
pending a court case to review new mining laws, the Mineral
Resources Minister Mosebenzi Zwane said on Thursday.

SOUTH AFRICA REPO
South Africa’s central bank unexpectedly cut its benchmark
lending rate for the first time in five years on Thursday,
citing weak growth and easing inflation, and denied any
pressure from recent political attacks on its
mandate.

———//

South Africa – SARB cuts repo rate by 25bps to 6.75%.

——-//

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