African Markets – Factors to watch on Oct 26 – Reuters

muhammadu-buhari

NAIROBI, Oct 26 (Reuters) – The following company announcements, scheduled economic
indicators, debt and currency market moves and political events may affect African markets on
Wednesday.
– – – – –
EVENTS:
*KENYA – The central bank auctions 182-day and 364-day
Treasury bills worth a total 12 billion shillings.

GLOBAL MARKETS
Asian shares on Wednesday followed in the footsteps of Wall
Street, which pulled back overnight on disappointing
earnings, while the dollar inched down from a seven-month
high and oil prices extended this week’s losses.

WORLD OIL PRICES
Oil prices fell more than a percent on Wednesday as a report
showing a surge in U.S. crude stocks, rising production in
Nigeria and squabbling among producers about a planned
output cut re-ignited concerns about a global supply
glut.

EMERGING MARKETS
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AFRICA STOCKS
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AFRICA ECONOMY
African exporters of oil and commodities should remove
subsidies and boost taxes to weather their slowest growth in
more than two decades, the International Monetary Fund said
on Tuesday.

SOUTH AFRICA MARKETS
South Africa’s rand firmed on Tuesday as concerns Finance
Minister Pravin Gordhan will be forced to quit over fraud
charges eased and market focus turned to his medium-term
budget speech on Wednesday.

NIGERIA DEBT
Nigerian President Muhammadu Buhari has asked parliament to
approve $30 billion of foreign borrowing to fund planned
infrastructure projects until 2018, according to a letter
read out to lawmakers on Tuesday.

NIGERIA FUEL PRICES
Nigeria will not increase pump prices for motorists, the
state oil firm NNPC said on Tuesday.

KENYA MARKETS
The Kenyan shilling was steady against the dollar on
Tuesday, with oil importer dollar demand being met by U.S.
currency inflows from horticulture exporters and charities,
traders said.

KENYA DEBT
Kenya will return to international capital markets to borrow
funds when it feels the time is right, Finance Minister
Henry Rotich said on Tuesday.

UGANDA COFFEE
Uganda’s coffee exports dropped 27 percent in September
compared with the same month last year, the state-run Uganda
Coffee Development Authority (UCDA) said on Tuesday, citing
unfavourable weather.

MAURITIUS LUX ISLAND EARNINGS
Mauritius’ Lux Island Resorts said on Tuesday its
first-quarter pretax loss widened to 228.86 million
Mauritius rupees ($6.4 million) from 46.16 million a year
ago, hit by the closure of one of its units and unfavourable
exchange rates.

GABON PETROLEUM
Oil workers will end a strike at French firm Maurel and
Prom’s Onal field in Gabon on Wednesday after a
deal was reached to reinstate dismissed personnel, according
to the agreement, which was seen by Reuters on Tuesday.

MOZAMBIQUE DEBT
Mozambique’s debt levels are unsustainable and the
government must renegotiate repayment terms if it is to
agree a new aid deal with the IMF by early next year, the
finance ministry told creditors on Tuesday.