March 22, 2018 / 5:28 AM / a month ago

African Markets - Factors to watch on March 22

The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Thursday.
    - - - - -
 
 GLOBAL MARKETS
 The U.S. dollar slipped on Thursday after the Federal
 Reserve did not signal a faster pace of rate hikes this year
 while worries about a coming announcement on tariffs from
 U.S. President Donald Trump dented Asian shares.            
            
 
 WORLD OIL PRICES
 Oil prices were firm on Thursday, buoyed by a surprise
 decline in U.S. crude inventories as well as ongoing supply
 cuts led by OPEC, although a relentless rise in U.S. oil
 output threatens to undermine efforts to tighten the
 market.                 
 
 EMERGING MARKETS
 For the top emerging markets news, double click on
            
 
 AFRICA STOCKS
 For the latest news on African stocks, click on     
 
 
 AFRICA TRADE
 African leaders agreed on Wednesday to form a $3 trillion
 continental free-trade zone encompassing 1.2 billion people,
 but its two biggest economies, Nigeria and South Africa, did
 not sign up, diminishing its impact.            
 
 
 
 SOUTH AFRICA UN/ABUSES
 Five South African peacekeepers are facing paternity tests
 for the children of four women and a girl who say they were
 sexually exploited by them in eastern Congo between 2014 and
 2016, the United Nations said.                
 
 
 
 NIGERIA SECURITY
 Islamist militants freed scores of kidnapped Nigerian
 schoolgirls on Wednesday, driving them back into the town
 where they had been captured a month ago.            
 
 
 
 NIGERIA CENTRAL BANK
 Nigeria's upper house of parliament will consider on
 Thursday President Muhammadu Buhari's nominees for the
 central bank's interest rate-setting committee, the chairman
 of the Senate's committee on banking told
 Reuters.            
 
 
 
 NIGERIA TREASURY
 Nigeria plans to raise 53.96 billion naira at a treasury
 auction on Wednesday after repaying the same amount of
 bills, with the aim of lowering its borrowing costs, traders
 said.                
 
 
 
 NIGERIA BUDGET
 The Nigerian parliament aims to pass the country's 2018
 budget on April 24, lower house Speaker Yakubu Dogara said,
 following several months of delay.                
 
 
 KENYA MARKETS
 The Kenyan shilling        strengthened against the dollar
 on Wednesday helped by thin demand and positive market
 sentiment following a boost to central bank foreign currency
 reserves by proceeds from a Eurobond sale, traders
 said.            
 
 
 
 KENYA CENTRAL BANK
 Kenya's cap on commercial interest rates probably cut last
 year's estimated economic growth rate by 0.4 percentage
 points because it throttles credit to small and medium
 businesses, the central bank said.            
 
 
 
 KENYA COFFEE
 When Nestle          executive Stephan Canz attended the
 German school in Nairobi in the early 1980s, it was
 surrounded by lush coffee farms.            
 
 
 
 KENYA MICHELIN/CFAO
 French tyre manufacturer Michelin           said on
 Wednesday it had agreed to a joint venture with automotive
 and pharmaceutical distribution specialist CFAO to sell
 premium tyres in Kenya and Uganda.                
 
 
 
 KENYA AIRWAYS/RESULTS
 Kenya Airways           said on Wednesday its nine-month
 after tax loss stood at 6.1 billion shillings ($60.34
 million), while its pretax loss was 5.97 billion shillings,
 adding its performance was hurt by a prolonged election
 period and rising fuel prices.            
 
 
 
 UGANDA MARKETS
 The Uganda shilling        was edged down on Wednesday
 mainly due to demand for hard currency from commercial banks
 and some merchandise importers.            
 
 
 
 UGANDA TREASURIES
 Yields on Uganda's 10-year Treasury bond climbed at auction
 on Wednesday where a total of 200 billion shillings ($54.67
 million) worth of debt of different maturities were on
 offer.                    
 
 
 
 IVORY COAST COCOA
 Ivory Coast's mid-crop cocoa output is expected to drop 23
 percent this season due to insufficient rain and poorly kept
 fields, a senior source at the Coffee and Cocoa Council
 (CCC) said on Wednesday.            
 
 
 
 ZAMBIA FIRST QUANTUM
 Canada's First Quantum Minerals         on Wednesday was
 hopeful of resolving a dispute with Zambia over a whopping
 76.5 billion Zambian kwacha ($8.07 billion) bill for unpaid
 duties on imported mining equipment.             
 
 
 
 SOUTH SUDAN USA/OIL SANCTIONS
 The United States on Wednesday imposed sanctions on 15 South
 Sudanese oil operators that it said were important sources
 of cash for the government, an action aimed at increasing
 pressure on President Salva Kiir to end the country's
 conflict and humanitarian crisis.                 
 
 
 
 AFRICAN MIGRANTS/YEMEN
 Anxious and hungry, hundreds of African migrants lie cramped
 together on the ground of a open-air warehouse in the
 southern Yemeni port city of Aden.                
 
 
 
 MOZAMBIQUE DEBT
 A group of Mozambique's international creditors said on
 Wednesday it hoped to soon start constructive debt
 restructuring talks with the heavily indebted African
 country, with follow-up high level meetings scheduled in
 four weeks time.              
 
 
 
 ZIMBABWE PRISONERS
 Zimbabwe's new president Emmerson Mnangagwa has pardoned up
 to 3,000 prisoners, including most female inmates, in his
 first act of clemency, a government notice showed on
 Wednesday.              
 
 
 
 ZIMBABWE STRIKE
 The Zimbabwean government said on Wednesday it would not pay
 salaries and allowances to striking junior doctors, taking a
 hard line in the first big labour dispute President Emmerson
 Mnangagwa has faced since he took power.            
 
 
 
 MAURITIUS SUGAR
 Mauritius' 2017 earnings from sugar are expected to drop 30
 percent, hit by lower export prices, the CEO of Mauritius
 Sugar Syndicate, which represents growers, said on
 Wednesday.                            
 
 
 
 CONGO DP WORLD
 Dubai ports operator DP World DPW.DI will build and manage a
 new deepwater port on Democratic Republic of Congo's
 Atlantic coast, the country's transport minister said on
 Wednesday.            
 
 
 
 CONGO MINING
 Democratic Republic of Congo said it would open talks on
 Friday with mining companies about implementing some of the
 most contentious provisions in a new mining code that hikes
 taxes and royalties in the face of objections from
 industry.             
 
 
 
 CONGO VIOLENCE
 The guns have fallen silent in the Congolese town of Mwene
 Ditu, but each day starving children arrive at the small
 hospital there battling for their lives.                
 
 
 
 LIBYA SECURITY/RIGHTS
 Armed groups execute and torture civilians in Libya in
 almost complete impunity seven years after the revolution
 that toppled Muammar Gaddafi, the United Nations human
 rights office said on Wednesday.                
 
 
 
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