African Markets - Factors to watch on Oct 28 - Reuters

October 28, 2016
NAIROBI, Oct 28 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.
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EVENTS:
*MAURITIUS - The central bank auctions 91-day, 182-day and 364-day Treasury bills worth a total 1 billion rupees.

GLOBAL MARKETS
The dollar stood near a three-month high against the yen on Friday after increased chances for a near-term U.S. interest rate hike boosted Treasury yields that had already gained in the wake of a surge in British and euro zone yields.

WORLD OIL PRICES
Oil prices were steady on Friday, but on track for a weekly loss of more than 2 percent on uncertainty over whether OPEC would be able to coordinate a production cut big enough to curb a global glut that has dogged markets for two years.

EMERGING MARKETS
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AFRICA STOCKS
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AFRICA CURRENCIES
Nigeria's and Uganda's currencies are expected to strengthen next week, while those of Kenya and Zambia are seen weakening.

SOUTH AFRICA MARKETS
South Africa's rand steadied on Thursday as improved global risk appetite cushioned the currency from extending recent losses, while stocks were pulled down by a global commodity sell-off.

NIGERIA EUROBOND
Nigeria has $500 million of commitments for the planned $1 billion eurobond it intends to issue before the end of the year and any decision to increase the size of the offer will depend on pricing, Finance Minister Kemi Adeosun said on Thursday.

NIGERIA INFRASTRUCTURE SPENDING
Nigeria launched a $10 billion infrastructure programme on Thursday in its restive Delta region as part of a plan to end an insurgency that has hobbled oil production.

KENYA MARKETS
The Kenyan shilling was firm against the dollar on Thursday but was seen weakening due to an uptick in oil importer demand, traders said.

KENYA AIRWAYS RESULTS
Kenya Airways said its pretax losses narrowed sharply in the first half of the financial year, but it failed to impress investors who focused on falling revenues.

IVORY COAST COCOA
Top cocoa producer Ivory Coast's main crop is set to increase in the 2016-2017 season to between 1.27 million and 1.3 million tonnes, four exporters said on Thursday.

ZAMBIA MINING
Zambia's state-owned power firm has asked mining companies to cut back on electricity usage due to reduced generation following a drop in water levels at hydropower stations and ongoing engineering upgrades.

DEMOCRATIC REPUBLIC OF CONGO MINING
Democratic Republic of Congo's mines minister said on Thursday that the government "salutes and supports" China Molybdenum Co's bid to buy Freeport McMoRan's majority stake in the giant Tenke copper project despite objections from state miner Gecamines.

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Steven Rich
Sep 17, 2018:
Well done
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