African Markets - Factors to watch on Oct 10
NAIROBI, Oct 10 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.
- - - - - EVENTS
NIGERIA - President Goodluck Jonathan is expected to deliver the 2013
budget to parliament. Ministers agreed in August to increase spending by
five percent but reduce the fiscal deficit in next year.
KENYA - Central Bank of Kenya auctions 182-day Treasury bills. The
weighted average yield on the 6-month paper rose to 10.194 percent last
week from 9.888 percent previously.
GHANA - September inflation data due to be released. The West African oil,
cocoa and gold producer has managed to keep inflation under 10 percent
despite rapid economic growth, but worries persist that inflation could
shoot higher if authorities fail to stem losses in the local cedi
MAURITIUS - Bank of Mauritius to sell $45.5 million worth of a new
benchmark 3-year Treasury bond carrying a coupon of 4.90 percent.
BOTSWANA - Botswana's rate setting committee meets. The central bank has
left its benchmark lending rate at 9.5 percent for the past year.
Inflation data also due out. GLOBAL MARKETS
Asian shares fell on Wednesday, with Japan's stocks sliding more than 1.5
percent to a two-month low, and the safe-haven dollar firmed on concerns
that the corporate results season will reveal weaker earnings in the face
of flagging global economic growth.
WORLD OIL PRICES
Brent crude slipped near $114 on Wednesday after a jump of 2 percent the
previous day, with a cloudy economic outlook offsetting fears about
disruptions to Middle East oil supply as a conflict between Turkey and
Syria escalated. SOUTH AFRICA STRIKES
Some of South Africa's striking truckers have agreed to return to work on
Wednesday, easing pressure on Africa's biggest economy where two weeks of
labour unrest in the transport sector have hit supplies of fuel, cash and
But disputes in the mining sector escalated after Gold One
fired the majority of its 1,900 workers at its Ezulwini
operation, paralysed since last week by a wildcat strike. Atlatsa
said it had also fired 2,161 miners for an illegal
strike. EMERGING MARKETS
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SOUTH AFRICA MARKETS
* South Africa's rand firmed more than 1.4 percent against the dollar on
Tuesday, on track for its first daily gain in five trading sessions, as
investors responded to news that some of the thousands of striking
truckers are returning to work.
* South African stocks extended losses on Tuesday as a slightly firmer
helped reverse the gains made by so-called rand
hedges like British American Tobacco
. NIGERIA MARKETS Nigeria's Diamond Bank
rose the maximum 10 percent allowed on
the bourse on Tuesday, after posting a pretax profit of 23.2 billion naira
($147.65 million) for the first nine months of the year, compared with a
loss of 6.9 billion naira in the same period a year ago.
Nigeria's attorney general said on Tuesday the country would not appeal an
international ruling that handed the oil-rich Bakassi peninsula to its
neighbour Cameroon ten years ago, despite calls from the Senate to re-open
the dispute. KENYA MARKETS The Kenyan shilling
held steady against the dollar on Tuesday and
traders said it could firm in coming days on greenback inflows from tea
exporters. KENYA POLITICS
Kenyan President Mwai Kibaki on Tuesday blocked $110,000 end-of-term
bonuses members of parliament awarded themselves after protests and a
public outcry at a time when the state has raised taxes to plug a hole in
its finances. DRCONGO CONFLICT
Uganda is trying to broker direct peace talks between rebels who have
seized parts of eastern Congo and the country's government, but Kinshasa
officials so far have refused to negotiate, rebel and Ugandan government
sources said on Tuesday. BOTSWANA ECONOMY
Botswana's economy grew by 1.2 percent quarter-on-quarter in the second
quarter of this year after rising by a similar margin in the first
quarter, data from the Central Statistics Office showed on Tuesday.
The economy of the Indian Ocean island of Comoros could grow by up to 3.5
percent next year if the government implements financial and fiscal
reforms, the International Monetary Fund said on Tuesday.
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((Compiled by Nairobi Newsroom))
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Keywords: AFRICA FACTORS/