#Africa #Markets – Factors to watch on July 26

(REUTERS) The following company announcements, scheduled
economic indicators, debt and currency market
moves and political events may affect African markets
on Wednesday.

GLOBAL MARKETS
Asian stocks steadied on Wednesday and the dollar held firm
as investors awaited the Federal Reserve’s policy decision
later in the day for more clues on its tightening
plans.

WORLD OIL PRICES
Oil prices firmed on Wednesday to hold near eight-week highs
hit in the previous session, on expectations of a drawdown
in U.S. stocks and as a rise in shale oil production shows
signs of slowing.

SOUTH AFRICA MARKETS
South Africa’s rand weakened on Tuesday as investors looked
elsewhere in high-yield emerging markets for carry-trade
opportunities, but stocks gained as Kumba Iron Ore
rose after resuming dividend payments.

NIGERIA MARKETS
Nigeria’s benchmark index hit new two-year highs on Tuesday,
led by banking shares after the central bank said it was
committed to opening up the local currency market to
investors.

NIGERIA PRESIDENT
Nigeria’s President Muhammadu Buhari will return to his
official duties as soon as doctors advise that he can end
his medical leave, according to a statement from the
presidency on Tuesday.

NIGERIA RATES
Nigeria’s central bank held its benchmark interest rate at
14 percent on Tuesday, its governor said, but warned that
the country’s recession could be prolonged if strong and
bold measures were not adopted.

KENYA MARKETS
Kenya’s shilling was steady on Tuesday and traders
said they expected it to ease slightly due to dollar demand
from oil importers.

GHANA GOLD
Newmont Mining Corp handily beat quarterly profit
estimates on Tuesday as production improved, more than
offsetting the impact of lower realized gold prices, lifting
the miner’s shares as much as 7.7 percent to a five-month
high.

TANZANIA ACACIA MINING
Acacia Mining’s shares fell for a sixth straight
session on Tuesday, a day after the gold miner was hit with
a tax bill of more than $190 billion by the Tanzanian
government.

UGANDA MARKETS
The Ugandan shilling was little changed on Tuesday
but was expected to lose some ground after the central bank
injected local currency liquidity into the money markets on
Monday.

UGANDA LAND
A Ugandan government plan to change its constitution so it
can forcefully acquire private land for public projects has
ignited widespread anger, with critics saying powerful
officials and individuals would use it as an excuse to grab
land.

UGANDA-IMF/ OIL
Uganda’s new-found oil reserves may account for as much as 4
percent of its economy annually in coming years if managed
well, the International Monetary Fund’s country chief
says.

ZAMBIA ECONOMY
Zambia’s target of 4.3 percent expansion of gross domestic
product in 2017 remains feasible due to expansion in key
sectors in the economy and tighter spending by the
government, Finance Minister Felix Mutati said on
Tuesday.

ZAMBIA COPPER
Zambia’s Konkola Copper Mines (KCM) said on Tuesday it was
halting operations indefinitely at its Nchanga underground
mine (NUG) in Chingola state due to theft of high voltage
cables.

CENTRAL AFRICAN REPUBLIC FIGHTING
Suspected Christian militiamen killed two Moroccan
peacekeepers from the United Nations mission in Central
African Republic on Tuesday, the mission said, in the second
deadly attack on Moroccan forces this week.

CONGO VIOLENCE
The United Nations accused “elements” of the Congolese army
on Tuesday of digging most of the mass graves it has
identified in the insurrection-ravaged Kasai region of
central Democratic Republic of Congo.

BURUNDI MISSING
Two members of a teenage robotics team from Burundi who went
missing after a competition in Washington last week have
been located and are safe, the city’s Metropolitan Police
Department said on Tuesday.

ZIMBABWE PARLIAMENT
Zimbabwe’s parliament on Tuesday changed the constitution to
give back to President Robert Mugabe sole power to appoint
the country’s top three judges, a move the main opposition
said could undermine the independence of the
judiciary.

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