African Markets – Factors to watch on Nov 1 – Reuters

NAIROBI, Nov 1 (Reuters) – The following company announcements, scheduled economic
indicators, debt and currency market moves and political events may affect African markets on
Tuesday.
– – – – –
EVENTS:

* MALAWI – The government releases new interest rates this
week.

GLOBAL MARKETS
Stronger-than-expected factory growth in China helped Asian
stocks erase early losses on Tuesday, but investors remained
cautious as the acrimonious U.S. presidential election
campaign entered its final week.
MSCI’s broadest index of Asia-Pacific shares outside Japan
rose 0.3 percent, after earlier hitting its
lowest level since Sept. 19. October marked the first monthly
loss for the index since May.

WORLD OIL PRICES
Oil prices edged higher from one-month lows in early trading
in Asia on Tuesday after OPEC agreed on a long-term strategy
that was seen as an indication the cartel was reaching a
consensus on managing production.
But the gains were limited as the market was weighed down by
further indications of record output from the group, a sign
the glut that has kept a lid on prices is not draining away as
fast as the oil bulls would like.

EMERGING MARKETS
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AFRICA STOCKS
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SOUTH AFRICA MARKETS
South Africa’s rand neared a five-week high and banking stocks
rallied on Monday after the state prosecutor dropped fraud
charges against Finance Minister Pravin Gordhan, easing
concerns about his possible removal.
By 1500 GMT the rand ZAR=D3 had pushed its gains to more than
2 percent to 13.5275 per dollar, its firmest since Sept. 28
and just short of a session high of 13.5025.

NIGERIA CURRENCY
Nigeria’s central bank will sell $500 million of two- and
three-month currency forwards at auction on Monday to clear a
demand backlog from manufacturers, traders said, as it seeks
ways to resolve a chronic dollar shortage.
A lack of dollars has caused many firms to halt operations and
lay off workers, compounding an economic crisis rooted in
falls in the price of oil, which accounts for 70 percent of
Nigeria’s budget revenues.

KENYA MARKETS
The Kenyan shilling was under pressure against the
dollar on Monday and was seen easing due to increased demand
from oil and commodities importers making end month payments.

KENYA GDP
Kenya’s economy is expected to grow by 5.9 percent in 2016,
the World Bank said on Monday, unchanged from an earlier
forecast and up from actual growth of 5.6 percent last year.

NIGERIA OIL
A Nigerian oil workers union has confirmed an attack on a
pipeline operated by state oil firm NNPC in the Niger Delta
oil hub claimed by a militant group, an executive said on
Monday.

NIGERIA GAS
Nigeria plans to create an independent agency to regulate its
gas industry, the petroleum minister said on Monday.

NIGERIA MILITANTS
A Nigerian militant group threatened on Monday to step up
attacks on oil facilities in the Niger Delta if the president
pursues a military campaign, casting a shadow over peace talks
between the government and groups due to start on Tuesday.

ALGERIA OIL
Algeria’s state oil firm Sonatrach slashed its November
official selling price for crude exports to dated Brent flat,
down from a 45 cent premium to the benchmark in October, it
said on Monday in an emailed statement.

CONGO CORRUPTION
Belgium’s foreign minister and democracy activists in
Democratic Republic of Congo called on Congolese authorities
to investigate allegations that high-ranking officials stole
millions of dollars in public funds.

EGYPT CURRENCY CRISIS
Egyptian Prime Minister Sherif Ismail told parliament on
Monday the government was working with the central bank to
bring an end to the discrepancy between the official and
parallel market exchange rates for the Egyptian pound.

SOUTH AFRICA MINING
South African platinum miner Lonmin said on
Monday it would seek new ways to reduce costs after signing a
three-year wage deal with staff which will raise its labour
costs by an average of 380 million rand ($28 million) annually
over the period.

CENTRAL AFRICAN REPUBLIC PEACEKEEPING
French Defence Minister Jean-Yves Le Drian said on Monday that
France would be ready to intervene in Central African Republic
if necessary, despite ending its peacekeeping mission in its
former colony.