#Africa #Markets | 20 Oct

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

EVENTS:
KENYA – Kenyan markets closed for Heroes Day, which is
dedicated to the memory of freedom fighters.

GLOBAL MARKETS
Asian shares shrugged off early sluggishness and gained on
Friday, and the dollar rose after the U.S. Senate approved a
budget blueprint for the 2018 fiscal year that will pave the
way for Republicans to pursue a tax-cut package without
Democratic support.

WORLD OIL PRICES
Oil prices edged up on Friday, supported by signs of
tightening supply and demand fundamentals, although a
warning about excessive China economic optimism still
weighed somewhat on markets.

AFRICA CURRENCIES
The Kenyan shilling is expected to weaken against the dollar
in the next week ending Thursday while the naira is expected
to hold steady, traders said.

SOUTH AFRICA MARKETS
South Africa’s rand firmed on Thursday, snapping a three-day
losing streak, helped by some investors taking profits from
the dollar’s recent rally and short covering triggered by
the currency approaching technical support levels.

NIGERIA MARKETS
Nigeria’s central bank sold 98 billion naira of Treasury
securities on Thursday to keep liquidity tight to support
the currency, a day after it auctioned 133.25 billion naira
of Treasury bills, traders said.

NIGERIA GROWTH
Nigeria has revised down its forecast for 2017 economic
growth to 1.5 percent from 2.19 percent, according to a
document seen by Reuters on Thursday.

NIGERIA BUDGET DEFICIT
Nigeria plans to increase its budget to a record 8.6
trillion naira ($27.34 billion) in 2018, up 15.5 percent
from this year to stimulate growth, according to a draft
budget document seen by Reuters on Thursday.

KENYA MARKETS
Kenya’s shilling weakened on Thursday due to concerns
about a repeat presidential election on Oct. 26, which has
been plagued with uncertainty.

ZIMBABWE REVENUE
Zimbabwe surpassed third quarter tax revenue by 19 percent
due to improved collections, tax agency Zimbabwe Revenue
Authority (ZIMRA) said on Thursday, but added that informal
businesses were not meeting their obligations.

LIBERIA ELECTION
Former soccer star George Weah won the first round of
Liberia’s presidential election with 38.4 percent of the
vote, 10 points ahead of Vice President Joseph Boakai who
will face him in a run-off next month, the electoral
commission said on Thursday.

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