African Markets – Factors to watch on Dec 12 – Reuters

The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Monday.
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GLOBAL MARKETS
Oil prices jumped to their highest levels in a year and a
half on Monday after OPEC and non-OPEC producers agreed to
cut oil output to ease a global glut, while the U.S. dollar
extended gains before a Federal Reserve meeting this week,
at which a rate hike is widely expected.

WORLD OIL PRICES
Oil prices shot up by 4 percent to their highest level since
2015 early on Monday after OPEC and other producers over the
weekend reached their first deal since 2001 to jointly
reduce output in order to rein in oversupply and prop up the
market.

EMERGING MARKETS
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AFRICA STOCKS
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SOUTH AFRICA MARKETS
South Africa’s rand weakened on Friday after both the
current account and trade deficits widened in the third
quarter, renewing concerns about the economy.

NIGERIA MARKETS
Nigeria’s overnight lending rate dropped sharply to an
average of 3.9 percent on Friday from 10 percent a week ago
following an injection of naira liquidity into the banking
system.

KENYA MARKETS
The Kenyan shilling KES= weakened on Friday due to dollar
demand from oil importers, traders said.

GHANA ELECTION
Opposition leader Nana Akufo-Addo won Ghana’s national
election, becoming president elect at the third attempt and
cementing the country’s reputation as a standard bearer of
democracy in a region that has been blighted by civil wars
and coups.

GAMBIA ELECTION
Gambia’s President Yahya Jammeh will challenge the results
of a Dec. 1 election at the Supreme Court, the ruling party
said, raising the prospect that a shock opposition victory
that was poised to end 22 years of autocratic rule will be
overturned.