African Markets – Factors to watch on Oct 5 – Reuters

NAIROBI, Oct 5 (Reuters) – The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on
Wednesday.
– – – – –
EVENTS:
* SOUTH AFRICA – South African Chamber of Commerce and
Industry (SACCI) releases business confidence index.

GLOBAL MARKETS
Asian shares and gold retreated on Wednesday and bond yields
were near two-week highs as markets were rattled by a media
report flagging the possible withdrawal of the European
Central Bank’s bond buying program.

WORLD OIL PRICES
Oil prices rose in early trading on Wednesday after a
report that U.S. fuel inventories may have fallen for a
fifth straight week, but contracts remained near the $50
marker where many traders currently see fair value for
crude.

EMERGING MARKETS
For the top emerging markets news, double click on

AFRICA STOCKS
For the latest news on African stocks, click on

SOUTH AFRICA MARKETS
South Africa’s rand weakened against the dollar on
Tuesday, mainly reflecting broad dollar strength on
resurgent U.S. interest rate hike expectations, while stocks
tracked European equities higher .

SOUTH AFRICA INFLATION
The South African central bank governor said on Tuesday the
decline in consumer inflation to within the bank’s target
range of 3-6 percent was expected to be temporary and that
there was no room for complacency in monetary policy.

SOUTH AFRICA BOURSE
The Johannesburg Stock Exchange (JSE) has failed in an
interim attempt to block the issuing of an operating licence
to a rival bourse, South Africa’s Financial Services Board
said on Tuesday, although its main appeal is still pending.

NIGERIA BUDGET
Nigerian President Muhammadu Buhari on Tuesday sent a draft
budget framework for 2017 to parliament for approval,
detailing plans to spend a record 6.866 trillion naira
($22.57 billion) aimed at pulling Africa’s biggest economy
out of recession.

NIGERIA OIL
Nigeria’s lawmakers will prioritise and fast-track the
passage of a long-awaited bill to reform the OPEC member’s
petroleum industry, the Senate president’s office said on
Tuesday.

KENYA KCB
Kenya’s biggest bank group by assets KCB expects
its return on equity to drop by four percentage points this
year after lending rates were capped, although loans to
customers will be ahead of target, its chief executive said
on Tuesday.

GHANA INFLATION
Ghana’s inflation rate should decline to 13.5 percent by the
end of the year, from 16.9 percent in August, a senior
International Fund official told reporters on Tuesday.

GHANA LETTER OF CREDIT
HSBC and Standard Chartered issued a $500
million letter of credit to Ghana on Tuesday to guarantee
the national oil company’s payments for gas extracted from
the offshore Sankofa field.

IVORY COAST GAS
Ivory Coast signed a partnership pact on Tuesday to create a
consortium headed by France’s Total to build a
liquid natural gas (LNG) import terminal that could begin
receiving gas shipments by mid-2018.

IVORY COAST IPO
Ivory Coast sugar producer Sucrivoire will offer 1.127
million shares currently held by the Ivorian state in an
initial public offering ahead of its listing on West
Africa’s BRVM bourse, the company said on Tuesday.

CONGO ELECTION
Democratic Republic of Congo authorities have delayed
elections to make sure the country is better prepared for
them, President Joseph Kabila said on Tuesday, answering
accusations that the government is dragging its feet to help
him to cling onto power.

ZIMBABWE PROTESTS
Zimbabwe’s High Court on Tuesday upheld a month-long police
ban on protests in the capital on the grounds that this was
necessary to preserve peace, a lawyer representing
opposition activists said.