#Africa #Markets – Factors to watch on Aug 10

(REUTERS) The following company announcements, scheduled
economic indicators, debt and currency market
moves and political events may affect African markets
on Thursday.
– – – – –
EVENTS:
*Rwanda releases inflation data for July

——–//

SOUTH AFRICA – Manufacturing and mining production
data for June expected.

ZAMBIA – Interest rate decision expected

——-//

GLOBAL MARKETS
Asian stocks turned lower on Thursday as investors fretted
about the latest flare-up of tensions between the United
States and North Korea, sending Seoul shares skidding to
two-month lows even as the previous day’s rush into
safe-haven assets appeared to slow.

WORLD OIL PRICES
Oil futures inched down on Thursday despite official figures
showing U.S. crude inventories fell more than expected, with
an analyst saying the market had settled into a
range.

SOUTH AFRICA POLITICS
South Africa’s opposition called on Wednesday for parliament
to be dissolved and a national election held, a day after
its no-confidence motion in President Jacob Zuma was
defeated.

NIGERIA MARKETS
Nigeria’s foreign exchange reserves rose to a more than
two-year high of $31.22 billion by Aug. 8, central bank data
showed on Wednesday, helped by increases in the production
and price of crude oil and improved offshore investment
inflows.

NIGERIA ECONOMY
Nigeria’s government approved its medium-term expenditure
framework for 2018-2020 on Wednesday, and revised its growth
forecast for next year downwards, its budget minister
said.

NIGERIA BORROWING
Nigeria plans to refinance $3 billion worth of treasury
bills denominated in the local currency with dollar
borrowing to lower costs and improve its debt position, the
finance minister said on Wednesday, as Africa’s top economy
recovers from a recession.

KENYA MARKETS
The Kenyan shilling strengthened against the dollar
on Wednesday as early results from a peaceful election
showed President Uhuru Kenyatta in a commanding lead,
traders said.

KENYA ELECTIONS
Kenya’s election commission dismissed claims on Wednesday by
opposition leader Raila Odinga that its systems and website
had been hacked to produce a “fictitious” lead for Odinga’s
long-time rival President Uhuru Kenyatta.

GHANA INFLATION
Ghana’s annual consumer price inflation fell a third
consecutive time this year to 11.9 percent in July from 12.1
percent the previous month as the local cedi currency
stabilized, the statistics office said on
Wednesday.

UGANDA MARKETS
The Ugandan shilling held steady on Wednesday,
underpinned by lower demand for hard currency from
importers.

SENEGAL POLITICS
The leader of Senegal’s main opposition group said on
Wednesday it would not participate in any future elections
because the parliamentary polls that delivered a large
majority to the ruling coalition were a
“masquerade”.

CENTRAL AFRICAN REPUBLIC VIOLENCE
Six Red Cross volunteers were killed in an attack on a
health centre in southeast Central African Republic on
August 3, the aid organisation said in a statement on
Wednesday.

TANZANIA INFLATION
Tanzania’s year-on-year inflation slowed to 5.2
percent in July from 5.4 percent a month earlier, the
statistics office said on Wednesday.

ZIMBABWE PRESIDENT
Zimbabwe’s cash-strapped government plans to build a $1
billion university named after 93-year-old President Robert
Mugabe, the higher education minister said on Wednesday, a
move that was quickly cricitised by the opposition as a
waste of resources.

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