African Markets – Factors to Watch on Sept. 15
Category: Cocoa
(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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GLOBAL MARKETS
U.S. stock futures and Asian shares dipped after North Korea fired another missile over Japan into the Pacific Ocean on Friday, demonstrating Pyongyang’s defiance in the face of intensifying sanctions.
WORLD OIL PRICES
Oil prices were lower on thin trading on Friday but on course for weekly gains, the third in a row in the case ofBrent, as the clean-up after hurricanes in the United States gathered pace and the outlook for demand took on a firmer tone.
SOUTH AFRICA MARKETS
South Africa’s rand eased on Thursday to three-week lows after data showed the current account deficit widened in the second quarter, while mining shares weighed on the bourse.
NIGERIA BONDS
Nigeria has started the sale of a 100 billion naira ($326 million) debut sovereign sukuk on the local market to fund road infrastructure, the Debt Management Office said on Thursday.
NIGERIA OIL
Nigeria plans to shut its three oil refineries for an overhaul aimed at increasing their productivity by the end of 2019, a spokesman for the state oil company said on Thursday.
NIGERIA COCOA
Nigeria should see a bumper cocoa harvest in the coming season as late rains have helped boost pod production, the head of the cocoa association said on Thursday.
KENYA MARKETS
Kenya’s shilling was steady on Thursday, helped by minimal demand for the dollar, traders said.
KENYA BANKS
Kenya’s national assembly will throw out any bill aimed at altering the interest rate cap imposed on commercial banks last year, the legislator who sponsored the rate-capping law said on Thursday.
KENYA HUAWEI TECHNOLOGIES
China’s Huawei Technologies has changed its strategy in Kenya this month to showcase an affordable $100-200 range of smart phones, hoping the increased sales will boost its local market share, the company’s country manager said on Thursday.
KENYA ELECTIONS Observers found some technical problems but no evidence ofvote-rigging in Kenya’s presidential election last month, the European Union said on Thursday, based on random checks of tallies from polling stations.
GHANA COCOA
Ghana will keep the price it pays farmers for cocoa unchanged if not higher next season, its industry regulator said on Thursday, raising the likelihood of rampant smuggling from neighbouring Ivory Coast, the world’s top producer.
UGANDA MARKETS
The Uganda shilling was steady on Thursday and was expected to firm, helped by the central bank mopping up excess local currency liquidity from the money markets.
UGANDA OIL
Uganda signed an oil exploration deal with Australia’s Armour Energy Limited AJQ.AX on Thursday, the first under a protracted competitive licensing round launched in 2015.