#Africa #Markets | 7 Nov

NAIROBI, Nov 7 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.

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NIGERIA – President Buhari to present 2018 budget today.

SOUTH AFRICA – Gold & FX reserves data for Oct-17 due.

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GLOBAL MARKETS
Asian shares rallied to their highest in a decade on
Tuesday, while oil prices gave up some of their gains having
previously surged to a more than two-year peak on an
anti-corruption purge by Saudi Arabia’s crown
prince.

WORLD OIL PRICES
Oil prices edged lower on Tuesday after posting the biggest
gains in six weeks a day earlier, buoyed by moves by Saudi
Arabia’s crown prince to tighten his grip on power and
rising tensions between the kingdom and Iran.

SOUTH AFRICA MARKETS
South African stocks ended higher on Monday with Lonmin
in the spotlight amid growing concerns about the
future of the platinum miner. The rand was little
changed.

NIGERIA SECURITY
The minister for Nigeria’s oil-producing Delta region said
on Monday the government was ready to meet militants days
after they called off a year-long ceasefire.

KENYA MARKETS
The Kenyan shilling was broadly stable against the
dollar on Monday due to inflows from offshore investors
buying stocks subduing demand from oil companies and retail
importers, traders said.

KENYA POLITICS
A former lawmaker filed a petition at Kenya’s Supreme Court
on Monday challenging President Uhuru Kenyatta’s victory in
last month’s presidential election in a last minute move
that opens the door to legal scrutiny of the
vote.

UGANDA ECONOMY
Uganda’s economy is seen expanding by 5 percent in the
2017/18 fiscal year, up from 4 percent in the previous
period, lifted by favourable weather, the International
Monetary Fund said.

TANZANIA AVIATION
Tanzania is mounting a legal challenge against a
construction firm’s seizure of one of the country’s new
commercial planes in Canada as compensation for a disputed
contract, President John Magufuli said on
Monday.

GHANA BOND
Ghana sold 2.29 billion cedis ($519 mln) of a 10-year bond
launched to repay debts owed by power utilities, the banks
that arranged the transaction said on Monday — less than it
had targeted as demand fell short of
expectations.

GHANA PETROLEUM EXPLORATION
Kosmos Energy Ltd said it expects to resume
development drilling on Ghana’s multi-billion dollar TEN
deepwater oil and gas project in early 2018, rather than
around the end of this year as it previously
expected.

ZIMBABWE POLITICS
Zimbabwe’s President Robert Mugabe fired Emmerson Mnangagwa
as vice president on Monday for showing “traits of
disloyalty”, his information minister said, abruptly
removing a favourite to succeed the 93-year-old
leader.

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