March 21, 2018 / 4:58 AM / 3 months ago

African Markets - Factors to watch on March 21

The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Wednesday.
    - - - - -
 EVENTS:
 *African states sign deal to usher in new giant trade bloc
 *Kenya Airways releases earnings results for the nine months
 to end December 2017
 
 GLOBAL MARKETS
 A hush settled over financial markets on Wednesday as
 investors anticipated a quarter point hike in the Federal
 Reserve's policy rate and awaited guidance on how many more
 to expect this year, while trade war fears kept export
 nations' currencies on edge.                       
 
 WORLD OIL PRICES
 Oil prices rose on Wednesday, supported by tensions in the
 Middle East and healthy global demand, although rising U.S.
 output from the United States continued to weigh on
 markets.                 
 
 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 gained was firmer on Tuesday as positive
 inflation figures and the likelihood the country would avoid
 a downgrade by Moody's soothed sentiment ahead of an
 anticipated lending rates increase in the United
 States.            
 
 
 
 NIGERIA CENTRAL BANK
 Nigeria's central bank plans to hold its next interest rate
 meeting April 3-4, a spokesman said on Monday, contingent on
 the upper house of parliament confirming the president's
 nominees for the monetary policy committee
 (MPC).            
 
 
 
 KENYA MARKETS
 The Kenyan shilling        was firm against the dollar on
 Tuesday, a day after the central bank cut its rate to 9.5
 percent from 10 percent, traders said.            
 
 
 
 KENYA FACEBOOK/CAMBRIDGEANALYTICA            
 Kenya's ruling Jubilee party said on Tuesday it had paid for
 "branding" in the 2017 presidential election from SCL,
 affiliate of consultancy Cambridge Analytica, which is at
 the centre of an election manipulation scandal involving
 Facebook       .
 
 
 
 KENYA ECONOMY
 Kenya's central bank hopes its surprise interest rate cut
 this week will encourage firms to invest more to spur
 lagging economic growth, Governor Patrick Njoroge said on
 Tuesday.             
 
 
 
 KENYA RHINO
 The world's last male northern white rhino has died, the
 Kenyan conservancy taking care of it said, leaving only two
 females of its subspecies alive in the world, although
 scientists still hope to save it from extinction by in vitro
 fertilisation.                
 
 
 
 
 GHANA EUROBOND
 Ghana is set to name four banks as lead advisers for a
 planned sale of up to $2.5 billion of Eurobonds, expected by
 June, sources close to the transaction said on
 Tuesday.               
 
 
 
 GHANA BANK
 Ghana's central bank has appointed accounting firm KPMG as
 administrator for Unibank to save it from imminent collapse,
 Governor Ernest Addison said on Tuesday.                
 
 
 
 GHANA COCOA
 Ghana's government has called off plans to cut how much it
 pays cocoa farmers and will look at other ways to address
 volatile market prices, Senior Minister Yaw Osafo-Maafo said
 on Tuesday.                
 
 
 
 TANZANIA-AB INBEV
 Anheuser-Busch InBev         , the world's largest brewer,
 plans to invest $100 million in a new brewery in Tanzania,
 where beer volumes jumped by a fifth last year, pointing to
 potential pressure on capacity, it said on
 Tuesday.                
 
 
 
 ZAMBIA TAX
 First Quantum Minerals         said on Tuesday that Zambia's
 tax agency had slapped it with 76.5 billion Zambian kwacha
 ($8.04 billion) bill for unpaid import duties, a potentially
 huge blow for the Canadian miner that earns most its profit
 in the southern African country.                
 
 
 
 ZAMBIA POLITICS
 Zambia's parliament suspended a cabinet minister on Tuesday
 from its proceedings for one month for slapping a fellow
 lawmaker within parliament grounds.               
 
 
 
 ZAMBIA MINING
 Zambia expects to produce more than one million tonnes of
 copper this year after revising its 2017 copper production
 upwards on the back of stable power supply, a senior
 ministry of mines official said on Tuesday.             
 
 
 
 CONGO MINING 
 Democratic Republic of Congo said on Tuesday it would open
 negotiations with mining companies on Wednesday about
 implementing a new mining code that hikes taxes and
 royalties.               
 
 
 
 MOZAMBIQUE DEBT
 A core group of Mozambique's international creditors
 dismissed as a "non-starter" a debt restructuring plan the
 country presented on Tuesday, balking at the idea of a
 second painful writedown in as many years.             
 
 
 
 CAMEROON SECURITY
 A Tunisian engineer has been killed by his kidnappers in
 southwest Cameroon, but three of his colleagues have been
 rescued, the government said.               
 
 
 
 ETHIOPIA WORLDBANK
 The World Bank agreed a $600 million loan and grant to
 Ethiopia on Tuesday to fund roads and other infrastructure
 projects in urban areas.            
 
 
 
 MALAWI INFLATION
 Malawi's consumer inflation quickened to 8.1 percent
 year-on-year in February from 7.1 percent in January,
 official data showed on Thursday.                           
 
 
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