The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Wednesday.
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Asian shares rose for a second session on Wednesday as a
barrage of Chinese data confirmed the economy had stabilised
on the back of government spending and a hot housing market,
even if worries about debt continue to mount.
WORLD OIL PRICES
Oil prices rose on Wednesday, lifted by a report of a drop
in U.S. crude inventories and declining production in China,
while an upbeat OPEC statement on its planned output cut
also supported the market.
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AFRICA EMIRATES FLIGHTS
Emirates airline could reduce the frequency of flights to
Africa or cut routes entirely if current economic and
financial challenges on the continent continue, the
company’s President said on Tuesday.
SOUTH AFRICA MARKETS
South Africa’s rand rallied strongly to its firmest in one
week on Tuesday as investors took a calmer view of charges
brought against Finance Minister Pravin Gordhan.
Nigeria’s overnight interbank rate was quoted at a record
high of 150 percent on Tuesday, two days after lenders
placed funds with the central bank to participate in last
Friday’s currency forward auction, traders said.
Thirteen Nigerian soldiers were wounded in clashes with the
Islamist militant group Boko Haram and others are missing,
the army said on Tuesday.
The Kenyan shilling KES= was stable against the dollar on
Tuesday, owing to foreign exchange inflows from diaspora
remittances and energy sector demand subdued, traders said.
Kenyan President Uhuru Kenyatta accused the judiciary and
other agencies of undermining efforts to root out
corruption, addressing a campaign pledge from his 2013
election and one which he is likely to be challenged on in
next year’s vote.
Uganda’s central bank cut its main interest rate on Tuesday
UGCBIR=ECI to 13 percent from 14 percent to boost growth,
and analysts said there was room for another reduction this
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- Nigeria to issue 229 bln naira Treasury bill next week – Reuters
- Nigerian lawmakers seek to reduce power of presidency – Reuters
- Nigeria’s acting president to return to restive oil heartlands – Reuters
- Oil hits 7-week high as Nigeria agrees to cap output at 1.8mbd – The Cable
- After CBN announcement, Naira appreciates against dollar – NAN