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African Markets - Factors to watch on Sept. 12
September 12, 2017 / 4:34 AM / 9 days ago

African Markets - Factors to watch on Sept. 12

The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Tuesday.
    - - - - -
 EVENTS:
 *Zimbabwe: Mugabe officially opens new session of
 parliament.
 
 
 GLOBAL MARKETS
 Asian shares hit a 10-year peak on Tuesday with investors
 breathing a sigh of relief as North Korean fears eased
 slightly and the worst-case scenario from Hurricane Irma
 looked to have been avoided.                       
 
 WORLD OIL PRICES
 Oil prices edged down in early Asian trading on Tuesday, as
 traders weighed up the dampening effect on demand of
 Hurricane Irma versus refinery restarts in the wake of
 Hurricane Harvey that should lead to more crude oil
 processing.                 
 
 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 was barely moved on Monday, with lower
 global prices for gold eating into early gains as worries
 over military tensions between the United States and North
 Korea that have hurt risk assets eased.            
 
 
 NIGERIA GAS
 Nigerian energy company Shoreline has signed a $300 million
 agreement with the local unit of Shell          to develop
 gas infrastructure around the commercial capital, Lagos,
 both companies said on Monday.                
 
 
 NIGERIA CURRENCY
 Nigeria's central bank on Monday will start issuing
 electronic certificates for capital imported into the
 country, in a bid to improve its currency transfer process,
 it said.            
 
 
 NIGERIA AIRLINES 
 A receiver appointed to rescue Arik Air, Nigeria's largest
 airline, is holding talks with creditors and is not
 negotiating a sale to Ethiopian Airlines, the country's "bad
 bank" said.              
 
 
 KENYA MARKETS
 The Kenyan shilling        was stable on Monday, managing to
 hold onto the gains it made in the previous
 session.            
 
 
 KENYA ELECTIONS
 Kenyan police detained a ruling party lawmaker and a former
 opposition senator on Monday for alleged hate speech, as
 political tensions simmered following the Supreme Court's
 decision to annul the presidential election.            
 
 
 UGANDA MARKETS
 The Ugandan shilling        was slightly firmer against the
 dollar on Monday, as some firms started to reserve some of
 their local currency holdings for imminent mid-month tax
 payments.                
 
 
 SOMALIA SECURITY
 Somali government forces have regained control of a town on
 the border with Kenya after al Shabaab militants stormed an
 army base there on Monday, causing heavy clashes in which at
 least 17 people died, the military said.                
 
 
 IVORY COAST COCOA
 Scattered rain and average sun in most of Ivory Coast's main
 cocoa regions last week will boost growth of the main crop,
 but black pod disease is spreading in some areas due to
 cloudy weather, farmers said on Monday.            
 
 
 TANZANIA MINING
 Petra Diamonds         halted operations at its Williamson
 mine in Tanzania after the government seized a consignment
 of diamonds and questioned employees as part of an
 investigation into the country's mining
 industry.                
 
 
 CONGO-GUNVOR/CORRUPTION
 Switzerland's attorney general has widened a bribery
 investigation into a former employee of commodities trader
 Gunvor Group in the Republic of Congo to include the company
 itself, Gunvor said in a statement on Monday.             
 
 
 ZAMBIA ECONOMY
 Zambia's economy will grow 4.3 percent this year and 5.1
 percent in 2018, boosted by improved agriculture and mining
 output and a recovery in electricity generation, the central
 bank said on Monday.            
 
 
 ZAMBIA COPPER
 Zambia's copper production is expected to inch lower this
 year mainly due to lower output from Konkola Copper Mines, a
 subsidiary of London-listed Vedanta Resource        , the
 mines ministry said on Monday.                       
 
 
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