(REUTERS) The following company announcements, scheduled
economic indicators, debt and currency market moves and
political events may affect African markets on Wednesday.
SOUTH AFRICA – Manufacturing PMI for Oct-17 expected.
Asian shares hit a 10-year high on Wednesday on the back of
solid economic growth globally, while oil prices extended a
bull run on hopes that major oil producers will maintain
their output cuts.
WORLD OIL PRICES
Brent crude oil prices were near two-year highs on Wednesday
as OPEC has significantly improved compliance with its
pledged supply cuts and Russia is also seen keeping to the
SOUTH AFRICA MARKETS
South Africa’s rand retreated on Tuesday, erasing the
previous session’s gains despite the country showing an
eighth consecutive monthly trade surplus, as dollar resumed
its rally following positive employment data and gold prices
Nigeria’s central bank said it had injected $195 million
into the interbank foreign exchange market on Tuesday to
meet demand for dollars as it continues its efforts to
improve liquidity and reduce shortages.
The African Development Bank said on Tuesday it could
consider an additional $400 million for Nigeria to support
its growth and recovery efforts and was in talks with the
government on how to help it reinvigorate Africa’s largest
Nigeria’s cabinet will be expanded to bring in “more people
and fresh ideas, for the ultimate benefit of the people of
Nigeria”, President Muhammadu Buhari said on Tuesday on his
official Twitter account.
NIGERIA ACCESS BANK
Nigeria’s Access Bank plans to pursue organic
growth in Ghana rather than mergers or acquisitions after
the central bank raised the minimum capital requirement for
lenders in the West African country, its group chief
executive said on Tuesday.
Nigeria was among the 10 economies showing the most notable
improvement in the World Bank’s Ease of Doing Business list
published on Tuesday.
Kenyan shares headed higher on Tuesday as investors welcomed
the conclusion of a repeat presidential election whose
results were declared the previous day.
Kenyan opposition leader Raila Odinga on Tuesday called for
pickets and petitions against an election he boycotted last
week won by President Uhuru Kenyatta but stopped short of
appealing for mass protests or announcing a court challenge
to the result.
Kenya’s government denied a request by Supreme Court judges
for extra security after one of their bodyguards was shot,
preventing them from holding a hearing that could have
delayed last week’s presidential election, a senior judicial
source said on Tuesday.
Kenya’s inflation slowed to 5.72 percent year-on-year in
October to its lowest level in 17 months, driven by a fall
in prices among food items, the statistics office said on
IVORY COAST BEER
Heineken said it aims to double its beer
production in Ivory Coast by next year as it bids to compete
with French company Castel in a booming market.
The Ugandan shilling was broadly stable on Tuesday,
supported by inflows from non-governmental organisations and
commodity exporters amid sagging dollar demand from
Uganda’s inflation slowed to 4.8 percent
year-on-year in October from 5.3 percent a month earlier,
the statistics office said on Tuesday.
Five Malian soldiers and one civilian were killed in central
Mali on Tuesday during an ambush on a convoy of the
president of the High Court of Justice, the defense ministry
said in a statement.
Botswana’s Choppies plans to treble its stores in
Kenya over the next three years, the retailer’s chief
executive told Reuters on Tuesday.
Sudan is seeking international partners to help develop its
mining industry as it prepares for an economic upswing
following the lifting of sanctions by the United States, the
country’s mining minister said on Tuesday.