African Markets – Factors to watch on Nov 2 – Reuters

NAIROBI, Nov 2 (Reuters) – The following company announcements, scheduled economic
indicators, debt and currency market moves and political events may affect African markets on
Wednesday.
– – – – –
EVENTS:

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

GLOBAL MARKETS
Asian shares tumbled to seven-week lows and the dollar was on
the defensive on Wednesday as investors were rattled by signs
the U.S. presidential election race was tightening just days
out to the Nov. 8 vote.
Markets were beginning to rethink their long-held bets of a
victory for Democratic candidate Hillary Clinton amid signs
her Republican rival Donald Trump could be closing the gap,
forcing money out of riskier assets and into safe-havens such
as the Japanese yen and gold.

WORLD OIL PRICES
Crude oil prices fell for a fourth day on Wednesday, as
jittery investors awaited official U.S. stockpile figures
later in the day after industry data showed a surprise build
in inventories, underlining a persistent global glut.
The American Petroleum Institute said crude stockpiles rose by
9.3 million barrels in the week to Oct. 28, more than nine
times the amount expected by analysts polled by Reuters.

EMERGING MARKETS
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AFRICA STOCKS
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SOUTH AFRICA MARKETS
South Africa’s rand and government bonds retreated against the
dollar on Tuesday as euphoria over the dropping of fraud
charges against Finance Minister Pravin Gordhan faded and the
ailing economy took centre stage once more.

KENYA MARKETS
The Kenyan shilling held steady on Tuesday but was seen
easing due to dollar demand from the energy sector, traders
said.

NIGERIA OIL
Nigeria’s Trans Niger Pipeline, one of two conduits to export
Bonny Light crude, reopened Oct. 28 after a month-long
shutdown, a spokeswoman for Shell said late Tuesday.

NIGERIA MILITANTS
Leaders from the Nigeria’s Niger Delta called on Tuesday on
President Muhammadu Buhari to pull the army out from the oil
hub, order oil firms to move headquarters there and spend more
on development to end militancy in the region.

NIGERIA BORROWING
Nigeria’s Senate dealt President Muhammadu Buhari an
unexpected blow on Tuesday by rejecting his plan to borrow $30
billion abroad for infrastructure projects and budget support
until 2018.

NIGERIA BANKING
Nigeria’s Access Bank plans to use part of a $300
million eurobond it issued last month to help repay an
existing eurobond due to mature next year, its chief executive
said on Tuesday.

IVORY COAST CONSTITUTION
Voters in Ivory Coast overwhelmingly approved a new
constitution in a weekend referendum, according to provisional
results announced by the elections commission on Tuesday,
though opposition groups denounced the turnout figure as
fraudulent.

EGYPT INVESTMENT
Egypt’s Supreme Investment Council on Tuesday approved a host
of measures to boost investment that included an extended
suspension of capital gains tax on shares and tax exemptions
for producers in strategic sectors.

CONGO TELECOMS
The prime minister of Democratic Republic of Congo said on
Tuesday that Freeport McMoRan’s sale of its majority
stake in the Tenke copper project to China Molybdenum
should be swiftly concluded despite objections
from state miner Gecamines.

AFRICA PROMASIDOR
Japan’s Ajinomoto 2802.T and PepsiCo PEP.N are among bidders
seeking to buy a stake in African dairy and drinks company
Promasidor in a deal that would give them access to its
distribution network across the continent, sources told
Reuters.

SOUTH AFRICA MINING
South Africa’s parliament passed amendments to a long-delayed
mineral resources law on Tuesday, though doubts remain over
whether it will provide the regulatory certainty needed to
boost a declining mining sector.

ETHIOPIA GOVERNMENT
Ethiopia’s Prime Minister Hailemariam Desalegn swore in a
group of technocrats and new finance and foreign ministers on
Tuesday in a reshuffle meant to respond to grievances behind
six months of violent protests.

MOZAMBIQUE OIL
Mozambique, which has vast offshore gas reserves, will hold
its sixth round of oil and gas licensing round late in 2017 or
in 2018, a government official told an industry conference on
Tuesday.

SOMALIA OIL
Somalia will launch its first hydrocarbon licensing round
early next year targeting offshore blocks, a government
official said on Tuesday.

MOROCCO PROTESTS
Moroccan authorities have charged 11 people over the death of
a fishmonger who was crushed in a garbage truck while trying
to stop police from destroying his stock, in a case that has
ignited public anger.