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African Markets - Factors to watch on July 24

Published 24/07/2019, 06:05
© Reuters.  African Markets - Factors to watch on July 24
USD/KES
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The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Wednesday.
- - - - -
EVENTS:
KENYA - The central bank sets lending rates at about 1330
GMT. Policymakers have held the benchmark lending rate at
9.0% for five times in a row since last year.

GLOBAL MARKETS
Asian shares on Wednesday gave a guarded welcome to hints of
progress in the Sino-U.S. trade saga, while the dollar hit
two-month highs on the euro as investors wagered on a dovish
outcome from the European Central Bank's coming policy
meeting.
MKTS/GLOB

WORLD OIL PRICES
Oil prices edged higher on Wednesday, extending gains as
rising tensions with Iran fuelled concerns about supply
disruptions and as U.S. inventory data showed a much bigger
than expected drop in crude stockpiles.
O/R

EMERGING MARKETS
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SOUTH AFRICA MARKETS
South Africa's rand edged weaker on Tuesday, losing momentum
as the dollar surged and the appeal of the local currency
waned after the International Monetary Fund cut its growth
forecast for Africa's most industrialised economy.
MARKETS
Nigeria's central bank is to begin monthly reviews of bank
loan-to-deposit ratios as part of a bid to increase lending
and stimulate growth in Africa's biggest economy, its
governor said on Tuesday.
RATES
Nigeria's central bank held its benchmark interest rate at
13.5%, its governor Godwin Emefiele said on Tuesday.
CABINET
Nigeria's President Muhammadu Buhari submitted his list of
cabinet nominees to the upper house of parliament, the
Senate, on Tuesday, giving lawmakers a chance to vote on
them just days before they leave for a two-month break.
CLASHES
Nigerian troops and police clashed on Tuesday with Shi'ite
Muslim protesters in the capital Abuja and gunfire could be
heard, according to a Reuters witness.
CORRUPTION
Kenya's Finance Minister Henry Rotich pleaded not guilty on
Tuesday to corruption charges over the award of two dam
tenders, in an unprecedented legal move against a sitting
minister in a country notorious for graft.
AIRWAYS RESTRUCTURING
Kenya's parliament voted on Tuesday to nationalise the
country's main airline Kenya Airways to save it from
mounting debts.
MARKETS
The Kenyan shilling KES= weakened on Tuesday after the
finance minister and other senior government officials were
charged in court with various offences related to the award
of two dam construction tenders.
MINING
South Africa's High Court on Tuesday has ordered the Zambian
government to halt the sale of Vedanta Resources's VDAN.NS
majority-owned Konkola Copper Mines (KCM) until a final
decision is made through arbitration.
TELECOMS
State-owned Ethio Telecom, a potential candidate for
privatisation, generated 36.3 billion Ethiopian birr ($1.26
billion) in revenue during the last financial year, a
company report said on Tuesday, a 7% rise on the previous
year.
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