(REUTERS) The following company announcements, scheduled
economic indicators, debt and currency market moves and political
events may affect African markets on Wednesday.
– – – – –
* Ghana releases inflation figures.
* World Bank releases update on African economies.
Asian shares jumped to the highest in a decade on Wednesday as
Wall Street scaled all-time highs, while the dollar loitered
around two-week lows on worries President Donald Trump’s tax
plan could stall.
WORLD OIL PRICES
Oil prices edged up on Wednesday, extending 2 percent gains
recorded the previous day, on signs that markets are gradually
tightening after years of oversupply, although the outlook for
2018 remained less certain.
SOUTH AFRICA MARKETS
South Africa’s rand staged a late-session rally on Tuesday away
from 6-month lows as investors took profits on the dollar’s
recent rally and positioned for a run lower by the rand, while
bonds were firmer and stocks traded sideways.
SOUTH AFRICA GROWTH
The International Monetary Fund cut its South African economic
growth forecast for this year on Tuesday, saying rising
political uncertainty has dented consumer and business
confidence. The IMF said it expected South Africa’s economy to
grow by 0.7 percent this year, down from an earlier projection
of 1 percent given in July.
The Kenyan shilling weakened slightly against the dollar
on Tuesday due to increased demand from oil importers and
multinational companies, traders said.
Kenyan opposition leader Raila Odinga withdrew on Tuesday from a
court-ordered re-run of the presidential election due on Oct.
26, saying the vote would not be free or fair and leaving
President Uhuru Kenyatta as the only candidate.
Congo Republic is weighing the possibility of halting payments
on its debt with private creditors as it seeks a bail-out with
the International Monetary Fund, the prime minister said on
Ethiopia’s central bank devalued the Ethiopian birr by 15
percent on Tuesday, its first such move in seven years to boost
Kenya Power expects the expansion of its grid to slow
down as the number of people with access to electricity reaches
saturation, its chief executive said on Tuesday, adding that its
capital expenditure for this year would rise slightly.
SOUTH AFRICA – Manufacturing production in Aug-17 at 1.5% yy
(prev -1.1% rev)