#Africa #Markets – #Factors to watch on Aug 24

NAIROBI, Aug 24 (Reuters) – The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on
Thursday.

———-//

ZAMBIA – Inflation data for August due.

———//

GLOBAL MARKETS
Asian stocks and the dollar edged up on Thursday, shaking
off the risk aversion that gripped financial markets
overnight after President Donald Trump threatened to shut
down the U.S. government and end the North American Free
Trade Agreement.

WORLD OIL PRICES
Oil was steady on Thursday, holding gains from the previous
session after another fall in U.S. crude inventories
indicated a tighter market, and as a tropical storm was
heading for oil producing facilities in the Gulf of
Mexico.

SOUTH AFRICA MARKETS
South Africa’s rand clawed back losses to end largely flat
on Wednesday following a lower inflation readout that
triggered some selling by foreign investors searching for
higher yields as the likelihood of further interest rate
cuts increased.

SOUTH AFRICA ECONOMY
South Africa’s consumer price inflation retreated to its
lowest in nearly two years on Wednesday, boosting the
chances of further cuts to interest rates by the central
bank which is keen to support flagging economic
growth.

SOUTH AFRICA TELECOMS
South Africa is considering selling its stake in landline
provider Telkom to fund a 10 billion rand ($757
million) bailout of South African Airways (SAA), a Treasury
spokesman said on Wednesday.

NIGERIA POLITICS
Nigeria’s President Muhammadu Buhari has kept a low profile
since his grand return from sick leave on Saturday.

NIGERIA GAS
Anglo-Dutch oil major Royal Dutch Shell has started
gas production from the second phase of the Gbaran-Ubie
project in Nigeria’s Niger Delta, the company said on
Wednesday.

KENYA POLITICS
Kenya’s newly elected legislators, who can earn as much as
$10,000 a month in salary and perks, will oppose cuts by the
wage-setting body that will turn them into “beggars”, a
parliamentary service commission member said on
Wednesday.

GHANA ECONOMY
Ghana’s producer price inflation fell to 2.0
percent year-on-year in July from a revised 3.2 percent the
month before, driven by lower gold prices, the statistics
office said on Wednesday.

ANGOLA POLITICS
Angolans voted in a parliamentary election on Wednesday
expected to usher in the ruling party’s defence minister as
the first new leader for 38 years.

MALI POLITICS
Rival armed groups in northern Mali agreed to the return of
a state governor to the desert city of Kidal for the first
time in years as part of a ceasefire deal signed on
Wednesday after weeks of fighting.

CHAD POLITICS
Chad is shuttering Qatar’s embassy and giving its diplomats
10 days to leave the country, accusing the Gulf Arab state
of trying to destabilise the central African nation via its
northern neighbour Libya, it said on Wednesday.

———-//

SOUTH AFRICA – Inflation in July at 4.6% yy (prev 5.1%)

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