African Markets – Factors to watch on Oct 18 – Reuters

NAIROBI, Oct 18 (Reuters) – The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on
Tuesday.
– – – – –
EVENTS:
* UGANDA – Central bank monetary policy committee expected
to announce rate decision .
* SOUTH AFRICA – Treasury auctions 2.35 billion rand worth
of 2040, 2044 and 2048 bonds.

GLOBAL MARKETS
Asian stocks crept up on Tuesday thanks to a rebound in oil
prices and the dollar consolidated recent gains although
underlying risk appetite was cautious on concerns over
capital outflows and weak data, especially from China.

WORLD OIL PRICES
Oil prices rose early on Tuesday as some analysts
said markets might not be quite as oversupplied as suggested
by many, with global inventories rising less than expected
ahead of the high-demand winter heating season in the
northern hemisphere.

EMERGING MARKETS
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AFRICA STOCKS
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SOUTH AFRICA MARKETS
South Africa’s rand rallied more than one percent
on Monday as political pressure on Finance Minister Pravin
Gordhan eased and commodity prices steadied, lifting the
currency further away from a one-month trough. The bourse
was weaker.

SOUTH AFRICA CORRUPTION
Two South African former tax service employees who have been
charged with fraud alongside Finance Minister Pravin Gordhan
asked the state on Monday to review the charge, the National
Prosecution Authority (NPA).

SOUTH AFRICA SUGAR TAX
South Africa could add pure fruit juices to the list of
drinks expected to face a levy under a proposed tax on
sugary drinks, the Treasury has said, in a country where
more than half of adults are overweight.

KENYA AIRWAYS
Pilots at Kenya Airways have delayed plans to
strike, the head of the pilots’ union said on Monday, after
a court ruled the action illegal and the loss-making carrier
said a stoppage would further hurt it.

GHANA BANK
Access Bank Ghana, a subsidiary of Access Bank of Nigeria
, launched an initial public share offer on
Monday aimed at raising at least 104 million cedis ($26
million).

IVORY COAST COCOA
Abundant rain and sun last week in most of Ivory Coast’s
main cocoa growing regions will help trees to reach their
full potential for the October to March main crop, farmers
said on Monday, but some also complained of flooding.

NIGERIA RATES
Nigeria’s overnight interbank lending rate soared to a
record high of 128 percent on Monday on naira cash shortages
after the lenders funded their account with the central bank
to participate in last Friday’s currency forward auction,
traders said.

NIGERIA DEVELOPMENT BANK
Nigeria plans to launch a development bank by January to
support smaller-scale businesses, the finance minister said
on Monday, as the country seeks a way out of its worst
economic crisis in decades.

BOTSWANA CENTRAL BANK
Moses Dinekere Pelaelo has been appointed governor of
Botswana’s central bank, the regulator said in a statement
on Monday.

CONGO ELECTION
The Constitutional Court in Democratic Republic of Congo
said on Monday it had approved a petition by the electoral
commission to delay a presidential election set for
November, allowing President Joseph Kabila to remain in
office until April 2018.