African Markets - Factors to watch on Oct 18 - Reuters

October 18, 2016
NAIROBI, Oct 18 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.
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EVENTS:
* UGANDA - Central bank monetary policy committee expected to announce rate decision

. * SOUTH AFRICA - Treasury auctions 2.35 billion rand worth of 2040, 2044 and 2048 bonds.

GLOBAL MARKETS
Asian stocks crept up on Tuesday thanks to a rebound in oil prices and the dollar consolidated recent gains although underlying risk appetite was cautious on concerns over capital outflows and weak data, especially from China.

WORLD OIL PRICES
Oil prices rose early on Tuesday as some analysts said markets might not be quite as oversupplied as suggested by many, with global inventories rising less than expected ahead of the high-demand winter heating season in the northern hemisphere.

EMERGING MARKETS
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AFRICA STOCKS
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SOUTH AFRICA MARKETS
South Africa's rand rallied more than one percent on Monday as political pressure on Finance Minister Pravin Gordhan eased and commodity prices steadied, lifting the currency further away from a one-month trough. The bourse was weaker.

SOUTH AFRICA CORRUPTION
Two South African former tax service employees who have been charged with fraud alongside Finance Minister Pravin Gordhan asked the state on Monday to review the charge, the National Prosecution Authority (NPA).

SOUTH AFRICA SUGAR TAX
South Africa could add pure fruit juices to the list of drinks expected to face a levy under a proposed tax on sugary drinks, the Treasury has said, in a country where more than half of adults are overweight.

KENYA AIRWAYS
Pilots at Kenya Airways have delayed plans to strike, the head of the pilots' union said on Monday, after a court ruled the action illegal and the loss-making carrier said a stoppage would further hurt it.

GHANA BANK
Access Bank Ghana, a subsidiary of Access Bank of Nigeria , launched an initial public share offer on Monday aimed at raising at least 104 million cedis ($26 million).

IVORY COAST COCOA
Abundant rain and sun last week in most of Ivory Coast's main cocoa growing regions will help trees to reach their full potential for the October to March main crop, farmers said on Monday, but some also complained of flooding.

NIGERIA RATES
Nigeria's overnight interbank lending rate soared to a record high of 128 percent on Monday on naira cash shortages after the lenders funded their account with the central bank to participate in last Friday's currency forward auction, traders said.

NIGERIA DEVELOPMENT BANK
Nigeria plans to launch a development bank by January to support smaller-scale businesses, the finance minister said on Monday, as the country seeks a way out of its worst economic crisis in decades.

BOTSWANA CENTRAL BANK
Moses Dinekere Pelaelo has been appointed governor of Botswana's central bank, the regulator said in a statement on Monday.

CONGO ELECTION
The Constitutional Court in Democratic Republic of Congo said on Monday it had approved a petition by the electoral commission to delay a presidential election set for November, allowing President Joseph Kabila to remain in office until April 2018.

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Steven Rich
Sep 17, 2018:
Well done
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