#Africa #Markets – Factors to watch on Aug 17

NAIROBI, Aug 17 (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 to auction 91-day, 182-day and
364-day Treasury bills worth a total 24 billion shillings
($231.6 million)

GLOBAL MARKETS
Asian stocks edged higher on Thursday as tensions between
the United States and North Korea came off the boil, while
the Federal Reserve’s concerns about weak U.S. inflation
weighed on the dollar.

WORLD OIL PRICES
Oil prices edged up early on Thursday, clawing back some
ground after losses in the previous session.
Traders said the market was range-bound as falling crude
inventories provided price support while high output was
capping gains.

SOUTH AFRICA MARKETS
South Africa’s rand raced to a one-week high on Wednesday as
traders bet the currency was poised for a sustained uptrend
as political fears eased and the economy shows signs of
clawing its way to recovery.

NIGERIA MARKETS
Nigerian stocks declined for a third consecutive day and
reached a 16-day low as more investors cashed in profits
after recent gains, traders said on Wednesday.

NIGERIA PETROLEUM
Nigeria’s production cost per barrel of crude oil is down to
$23, the state oil company said on Wednesday, after the
country last month said the cost was $29 a barrel, one of
the highest levels in the world.

KENYA MARKETS
Kenya’s shilling was little changed on Wednesday and
traders said it was expected to gain ground due to dollar
inflows from aid organisations.

KENYA ELECTIONS
Kenyan opposition leader Raila Odinga said on Wednesday he
would challenge last week’s presidential election result in
court, calming fears that further street protests by his
supporters might lead to widespread violence.

IVORY COAST COCOA
Cocoa arrivals at ports in top grower Ivory Coast had
reached around 1,925,000 tonnes by Aug. 13 since the start
of the season on Oct. 1, up from 1,444,000 tonnes in the
same period of the previous season, exporters estimated on
Wednesday.

DEMOCRATIC REPUBLIC OF CONGO MINING
Congo’s finance ministry has provisionally reinstated mining
companies’ exemption from a value added tax on imports, the
Chamber of Mines said on Wednesday, days after miners
complained customs authorities were planning to impose VAT
on them.

GUINEA MINING
Aluminium Corp of China (Chalco) plans to invest
$500 million in a project to produce bauxite, used to make
aluminium, in Guinea starting next year, the mines ministry
said.

ZAMBIA POLITICS
Zambian opposition leader Hakainde Hichilema was freed from
prison on Wednesday after the state prosecutor dropped
charges of plotting to overthrow the government, but a judge
warned him he could be arrested again at any
time.

ANGOLA PETROLEUM
Angola’s crude oil exports in October are set to hit a
13-month high of 1.7 million barrels per day (bpd), a
revised programme showed on Wednesday.

———//

NAMIBIA – Central bank cuts benchmark rate by 25bps to 6.75%.

SOUTH AFRICA – Retail sales in June at 2.9% yy (prev 1.6% rev).

——–//

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