#Africa #Markets – Factors to watch on Oct. 4

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

GLOBAL MARKETS
Japanese and Hong Kong share markets led Asian stocks higher
on Wednesday, with the Chinese central bank’s weekend move
to free up more liquidity boosting sentiment as the world’s
second-largest economy grows at a steady
pace.

WORLD OIL PRICES
Oil prices dipped on Tuesday as speculators took profits for
a second day after big third-quarter gains and on concerns
that higher prices might spur increased U.S. shale
production.

SOUTH AFRICA MARKETS
South Africa’s rand fell for a third consecutive session on
Tuesday, briefly touching its weakest in six months as a
combination of a stronger dollar and concerns about the
local economy weighed.

NIGERIA BUDGET
Nigeria took in 2.305 trillion naira ($7.53 billion) of
revenue in half a year, almost its budgeted amount for the
period, its head of budget said on Tuesday.

NIGERIA DEBT
Nigeria will issue at least a $2.5 billion Eurobond this
year and is still in talks with the World Bank for
concessionary loans, the head of the Debt Management Office
(DMO) told Reuters on Tuesday in an interview.

NIGERIA SECURITY
A secessionist leader seeking independence from Nigeria has
been missing since an alleged military raid more than two
weeks ago left his house in the city of Umuahia riddled with
bullet holes, its windows smashed and doors hanging off
hinges.

KENYA MARKETS
The Kenyan shilling was under pressure against the
dollar on Tuesday due to demand from retail goods and oil
importers, traders said.

KENYA ELECTION
Kenya’s top prosecutor ordered a criminal investigation on
Tuesday of six employees of telecoms operator Safaricom
for allegedly conspiring with election board
officials to rig the nullified Aug. 8 presidential
poll.

KENYA POLICE
Administrators closed Kenya’s oldest university on Tuesday,
citing fears for students’ safety in a planned protest over
police beatings at a campus demonstration last
week.

KENYA ECONOMY
The Nairobi car auctioneer hopefully scanned empty rows of
rickety plastic chairs in a dusty lot for more bids but saw
only too many vehicles and not enough buyers, an increasing
problem as Kenya’s economy slows and repossessions pick
up.

UGANDA MARKETS
The Ugandan shilling was trading stable on Tuesday
but players were expecting some weakening as the central
bank’s easing of monetary policy starts to weigh on market
sentiment.

UGANDA POLITICS
A law amending Uganda’s constitution to allow ageing leader
Yoweri Museveni to extend his rule was introduced in
parliament on Tuesday, at a session where nearly all its
opponents were either barred or stayed away in
protest.

UGANDA POLITICS/SECURITY
Grenades were thrown overnight at the homes of two Ugandan
legislators opposed to scrapping the presidential age limit
and thereby extending President Yoweri Museveni’s more than
31 years in power.

UGANDA RATES
Uganda’s central bank lowered its key lending rate
to 9.5 percent on Tuesday, saying the cut by 50
basis points would accelerate the flow of credit to the
private sector and so boost economic growth.

SOMALIA-SAUDI/AID
Somalia has received $50 million in new aid from Saudi
Arabia but the gesture does not change the central
government’s decision to remain neutral in Riyadh’s dispute
with fellow Gulf state Qatar, a senior Somali official said
on Tuesday.

IVORY COAST-AFDB/AIRLINES
The African Development Bank is expected on
Wednesday to decide the fate of a $296 million financing
package for Ivory Coast national airline Air Cote d’Ivoire’s
purchase of five new Airbus AIR.PA A320s, a bank document
seen by Reuters showed.

GUINEA ECONOMY
Guinea’s economy will grow 5.8 percent in 2018, down from an
expected 6.7 percent in 2017, the budget minister said on
Tuesday, as it struggles with low commodity prices and
unrest that has interrupted bauxite mining.

GUINEA BISSAU ECONOMY
Guinea Bissau’s GDP is expected to grow five percent in
2018, in line with the previous two years and buoyed by an
increase in cashew nut prices, the International Monetary
Fund said on Tuesday.

BOTSWANA ECONOMY
Botswana revised its 2017 growth estimate to 4.7 percent
from 4.2 percent seen in February as higher output from the
services sectors and the end of a drought eased pressure on
major industries, the economic ministry said on
Tuesday.

BRITAIN-LIBYA/POLITICS
British Foreign Secretary Boris Johnson quipped on Tuesday
that Libya can become a new Dubai if it can clear the dead
bodies away, the latest gaffe by Britain’s top
diplomat.

——–//

UGANDA – Q2-17 GDP growth at 5.5% (prev 4.6% rev)

——-//

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