African Markets - Factors to watch on Sept 7 - Reuters

September 7, 2016
NAIROBI, Sept 7 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

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EVENTS
*SOUTH AFRICA - Chamber of Commerce and Industry releases August business confidence index.

*SOUTH AFRICA - Rand Merchant Bank releases third quarter business confidence index, compiled by the Bureau for Economic Research.

*KENYA - The central bank auctions 91-day Treasury bills worth a total 4 billion shillings.

GLOBAL MARKETS
The dollar took a tumble and Asian stocks rose to one-year highs on Wednesday after surprisingly weak U.S. services sector activity put paid to already slim chances of an interest rate hike by the Federal Reserve as early as this month.

WORLD OIL PRICES
Oil prices erased early losses to trade higher on Wednesday, but gains were limited as market participants remained sceptical producers would reach an agreement to freeze output to rein in a global supply glut.

EMERGING MARKETS
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AFRICA STOCKS
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SOUTH AFRICA MARKETS
The rand rose as much as 2.5 percent against the dollar to its strongest in more than a week on Tuesday, buoyed by data that showed South Africa's economy bounced back between April and June after a rocky first quarter.

NIGERIA OIL
A long-awaited bill reforming Nigeria's petroleum industry is effectively on hold until tensions ease in the restive Niger Delta region, the country's oil hub, an influential senator said on Tuesday.

NIGERIA TRADE
Nigeria's trade deficit narrowed in the second quarter boosted by a currency float in June lifting exports, the national bureau of statistics said on Tuesday, but the rise was not enough to help the economy avoid a recession.

GABON POLLS
Gabon's re-elected president, Ali Bongo, came under international scrutiny on Tuesday as a European Union mission questioned the validity of his narrow win, France recommended a recount and the African Union said it would send mediators.

SOUTH AFRICA ECONOMY
South Africa's economy grew its most in six quarters between April and June as declines in the rand helped drive strong growth in mining and manufacturing, offering some breathing space to a government riven by internal tensions.

GHANA BONDS
Ghana plans to sell its first 10-year local currency bond next month, issuing 200 million cedis ($50.42 million) of debt as part of an effort to borrow over longer periods at lower interest rates, Finance Minister Seth Terkper said on Tuesday.

GHANA POLITICS
The leader of Ghana's main opposition party, Nana Akufo-Addo, climbed from his car, picked up a microphone and made a bold election promise to give every constituency the equivalent of $1 million a year if his party wins power.

KENYA MARKETS
The Kenyan shilling KES= held steady against the dollar on Tuesday owing to inflows from remittances and non-governmental organisations, but was seen under pressure due to demand from importers, traders said.

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Steven Rich
Sep 17, 2018:
Well done
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