#Africa #Markets – Factors to watch on Sept. 12

(REUTERS) The following company announcements, scheduled
economic indicators, debt and currency market
moves and political events may affect African markets
on Tuesday.
– – – – –
EVENTS:
*Zimbabwe: Mugabe officially opens new session of
parliament.

GLOBAL MARKETS
Asian shares hit a 10-year peak on Tuesday with investors
breathing a sigh of relief as North Korean fears eased
slightly and the worst-case scenario from Hurricane Irma
looked to have been avoided.

WORLD OIL PRICES
Oil prices edged down in early Asian trading on Tuesday, as
traders weighed up the dampening effect on demand of
Hurricane Irma versus refinery restarts in the wake of
Hurricane Harvey that should lead to more crude oil
processing.

SOUTH AFRICA MARKETS
South Africa’s rand was barely moved on Monday, with lower
global prices for gold eating into early gains as worries
over military tensions between the United States and North
Korea that have hurt risk assets eased.

NIGERIA GAS
Nigerian energy company Shoreline has signed a $300 million
agreement with the local unit of Shell to develop
gas infrastructure around the commercial capital, Lagos,
both companies said on Monday.

NIGERIA CURRENCY
Nigeria’s central bank on Monday will start issuing
electronic certificates for capital imported into the
country, in a bid to improve its currency transfer process,
it said.

NIGERIA AIRLINES
A receiver appointed to rescue Arik Air, Nigeria’s largest
airline, is holding talks with creditors and is not
negotiating a sale to Ethiopian Airlines, the country’s “bad
bank” said.

KENYA MARKETS
The Kenyan shilling was stable on Monday, managing to
hold onto the gains it made in the previous
session.

KENYA ELECTIONS
Kenyan police detained a ruling party lawmaker and a former
opposition senator on Monday for alleged hate speech, as
political tensions simmered following the Supreme Court’s
decision to annul the presidential election.

UGANDA MARKETS
The Ugandan shilling was slightly firmer against the
dollar on Monday, as some firms started to reserve some of
their local currency holdings for imminent mid-month tax
payments.

SOMALIA SECURITY
Somali government forces have regained control of a town on
the border with Kenya after al Shabaab militants stormed an
army base there on Monday, causing heavy clashes in which at
least 17 people died, the military said.

IVORY COAST COCOA
Scattered rain and average sun in most of Ivory Coast’s main
cocoa regions last week will boost growth of the main crop,
but black pod disease is spreading in some areas due to
cloudy weather, farmers said on Monday.

TANZANIA MINING
Petra Diamonds halted operations at its Williamson
mine in Tanzania after the government seized a consignment
of diamonds and questioned employees as part of an
investigation into the country’s mining
industry.

CONGO-GUNVOR/CORRUPTION
Switzerland’s attorney general has widened a bribery
investigation into a former employee of commodities trader
Gunvor Group in the Republic of Congo to include the company
itself, Gunvor said in a statement on Monday.

ZAMBIA ECONOMY
Zambia’s economy will grow 4.3 percent this year and 5.1
percent in 2018, boosted by improved agriculture and mining
output and a recovery in electricity generation, the central
bank said on Monday.

ZAMBIA COPPER
Zambia’s copper production is expected to inch lower this
year mainly due to lower output from Konkola Copper Mines, a
subsidiary of London-listed Vedanta Resource, the
mines ministry said on Monday.

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