#Africa #Markets | 9 Oct

(REUTERS) The following company announcements,
scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Monday.
– – – – –
* Tanzania releases inflation rate.
* Critic of Rwandan president to face charges in court.

Chinese shares climbed on Monday after a week-long break as
a disappointing survey on the country’s service sector did
little to dent optimism on global growth, while political
uncertainty caused turbulence for the Turkish and British
currencies. Liquidity was lacking with Japan and South Korea
on holiday and a partial holiday in the United States where
stocks will be open but bonds will be closed.

Oil prices edged up on Monday, after a 2 percent slide on
Friday, on expectations that Saudi Arabia would continue to
restrain its output in order to support prices, and as the
amount of rigs drilling for new oil in the United States
dipped. Oil ports, producers and refiners in Louisiana, Mississippi
and Alabama, which shut facilities ahead of Hurricane Nate,
were planning to reopen on Monday as the storm moved inland,
away from most energy infrastructure on the U.S. Gulf Coast.

South Africa’s share indexes posted record high closes for
the second straight day on Friday, helped by gains in market
heavyweight Lonmin after lenders waived some of its debt

A new power struggle is unfolding in South Africa’s old
homelands between global mining giants, traditional leaders
and an impoverished rural populace. Parts of an industry long
used to labour unrest are now contending with community
protests that have cut production of the country’s largest
mineral export earner, platinum, and may shut some operations
down altogether.

Nigerian stocks rose 1.44 percent in late trades on Friday
to reach a five-week high as foreign investors and local
pension funds bought shares ahead of the third-quarter
results season due to start this month, traders said.

PPC said on Friday that Nigeria’s Dangote Cement
had withdrawn its interest in a tie-up with the
South African firm, sending its shares down more
than 13 percent.

The Kenyan shilling strengthened against the dollar on
Friday due to hard currency inflows from non governmental
organisations subduing demand from oil importers with
traders expecting further strengthening during the session.

The speaker of Ethiopia’s lower house of parliament
submitted his resignation on Sunday, one of the
highest-ranking officials to do so since the ruling EPRDF
coalition came to power in 1991. Abadula Gemeda did
not disclose reasons behind his decision, but said he
would disclose the factors once his move was approved
by parliament.

Sudan’s currency strengthened to 18.5 pounds to the dollar
from 20.2 on the black market on Sunday, the first day of
business since the United States lifted trade sanctions,
raising a glimmer of hope for recovery in the war-torn

At least seven people were killed and dozens injured, mostly
suffering burns, after a huge explosion at a fuel
distribution site in Ghana’s capital, local authorities said
on Sunday.


ETHIOPIA – Inflation in Sep-17 at 10.8% yy (prev 10.4%)


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