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African Markets - Factors to watch on Sept 7
NAIROBI, Sept 7 (Reuters) - The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on
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Asian shares carved out a 14-month trough on Friday as
investors feared a new salvo of Sino-U.S. tariffs could come
at any moment, while a slump in U.S. chip stocks rippled
through the tech-heavy region.
WORLD OIL PRICES
Oil prices were stable on Friday, as the market balanced a
fall in U.S. crude inventories to the lowest levels since
2015, with Sino-American trade tensions and economic
weakness from emerging markets.
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SOUTH AFRICA MARKETS
The South African rand firmed on Thursday after data showed
the country's current account deficit was narrowing more
than expected and as other emerging market currencies picked
The Kenyan shilling traded stable against the dollar
on Thursday underpinned by inflows of hard currency from
remittances and offshore investors buying government debt.
Kenya's High Court suspended a 16 percent value added tax on
fuel on Thursday that has driven up pump prices and
triggered a suppliers' strike that caused fuel shortages,
court documents showed.
Nigeria's central bank has debited 2.4 billion naira ($7.9
million) in fines from Standard Chartered STAN.L and 1.2
billion naira from Citigroup for allegedly helping
South African telecoms firm MTN move funds abroad.
SOUTH AFRICA EQUITIES
MTN Group was under review by Moody's for a
possible credit rating downgrade after the South African
mobile phone operator said it was being asked to pay a total
of $10.1 billion by authorities in Nigeria, the ratings
agency said on Thursday.
ZAMBIA FISCAL POLICY
Zambia plans to limit its fiscal deficit to 5.1 percent of
GDP by 2021 from 7.8 percent in 2018, the ministry of
finance said in a statement on Thursday.
China has agreed to restructure some of Ethiopia's debt,
including a loan for a $4 billion railway linking its
capital Addis Ababa with neighbouring Djibouti, Ethiopia's
Prime Minister Abiy Ahmed said on Thursday.
KENYA STOCK EXCHANGE
Kenya's Nairobi Securities Exchange (NSE) aims to
double revenue from its data business in the next few years
to help cushion against periodic drops in trading, its chief
executive said on Thursday.
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(Compiled by Nairobi Newsroom
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1232) 2018-09-07 06:52:57
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