African Markets – Factors to watch on Oct 28 – Reuters

NAIROBI, Oct 28 (Reuters) – The following company announcements, scheduled economic
indicators, debt and currency market moves and political events may affect African markets on
Friday.
– – – – –
EVENTS:
*MAURITIUS – The central bank auctions 91-day, 182-day and
364-day Treasury bills worth a total 1 billion rupees.

GLOBAL MARKETS
The dollar stood near a three-month high against the yen on
Friday after increased chances for a near-term U.S. interest
rate hike boosted Treasury yields that had already gained in
the wake of a surge in British and euro zone
yields.

WORLD OIL PRICES
Oil prices were steady on Friday, but on track for a weekly
loss of more than 2 percent on uncertainty over whether OPEC
would be able to coordinate a production cut big enough to
curb a global glut that has dogged markets for two
years.

EMERGING MARKETS
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AFRICA STOCKS
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AFRICA CURRENCIES
Nigeria’s and Uganda’s currencies are expected to strengthen
next week, while those of Kenya and Zambia are seen
weakening.

SOUTH AFRICA MARKETS
South Africa’s rand steadied on Thursday as improved global
risk appetite cushioned the currency from extending recent
losses, while stocks were pulled down by a global commodity
sell-off.

NIGERIA EUROBOND
Nigeria has $500 million of commitments for the planned $1
billion eurobond it intends to issue before the end of the
year and any decision to increase the size of the offer will
depend on pricing, Finance Minister Kemi Adeosun said on
Thursday.

NIGERIA INFRASTRUCTURE SPENDING
Nigeria launched a $10 billion infrastructure programme on
Thursday in its restive Delta region as part of a plan to end
an insurgency that has hobbled oil production.

KENYA MARKETS
The Kenyan shilling was firm against the dollar on
Thursday but was seen weakening due to an uptick in oil
importer demand, traders said.

KENYA AIRWAYS RESULTS
Kenya Airways said its pretax losses narrowed
sharply in the first half of the financial year, but it failed
to impress investors who focused on falling
revenues.

IVORY COAST COCOA
Top cocoa producer Ivory Coast’s main crop is set to increase
in the 2016-2017 season to between 1.27 million and 1.3
million tonnes, four exporters said on Thursday.

ZAMBIA MINING
Zambia’s state-owned power firm has asked mining companies to
cut back on electricity usage due to reduced generation
following a drop in water levels at hydropower stations and
ongoing engineering upgrades.

DEMOCRATIC REPUBLIC OF CONGO MINING
Democratic Republic of Congo’s mines minister said on Thursday
that the government “salutes and supports” China Molybdenum
Co’s bid to buy Freeport McMoRan’s
majority stake in the giant Tenke copper project despite
objections from state miner Gecamines.