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African markets factors to watch Aug. 30

Business & Economy News

Things to evaluate: markets, steel, oil and gas, deals, global markets, African markets, etc….

GLOBAL MARKETS
The dollar rebounded from a 2-1/2-year low on Wednesday, and
Asian stocks took their cue from Wall Street’s higher close,
as concerns about North Korea’s firing of a missile over
Japan ebbed.

WORLD OIL PRICES
Oil prices slid on Wednesday but gasoline spiked to their
highest since July 2015 as flooding and storm damage in the
wake of Hurricane Harvey has shut one-fifth of U.S. oil
refineries, crimping demand for crude but raising fears of a
fuel shortage.

SOUTH AFRICA MARKETS
South Africa’s rand broke past a key level on Tuesday,
recovering for early concerns about North Korea’s missile
launch, while gold stocks rose in a generally lower
session.

NIGERIA ENERGY
Nigeria launched a scheme on Tuesday to transport liquefied
natural gas (LNG) to regions not linked by pipeline,
supplying power plants and industry with cheaper, cleaner
fuel, officials said.

KENYA MARKETS
The Kenyan shilling remained stable against the
dollar on Tuesday as the supreme court entered the second
day of the hearing of a petition challenging the outcome of
the presidential election, traders said.

GHANA MARKETS
The Ghana Stock Exchange will suspend trading in shares of
Cocoa Processing Company (CPC) beginning Wednesday
because the state-run company has not met listing
obligations, the exchange said on Tuesday.

UGANDA MARKETS
The Ugandan shilling was trading unchanged on Tuesday
as subdued consumer spending kept appetite for hard currency
from merchandise importers sagging.

MOZAMBIQUE ECONOMY
Mozambique will charge Italian energy company ENI
$350 million in capital gains tax for its sale of a stake in
the Coral South natural gas field to ExxonMobil XOM.N, the
nation’s finance minister said on local television on
Tuesday.

SUDAN-USA/AID
The United States has raised the issue of religious freedom
during talks about easing sanctions on Sudan, the new head
of the U.S. Agency for International Development said in
Sudan on Tuesday.

SUDAN RIGHTS
Sudanese President Omar al-Bashir has pardoned and released
a prominent human rights activists who had been jailed since
last year on spying and other charges, his family
said.

ZIMBABWE STEEL
China’s R&F plans to invest up to $2 billion to
revive operations at Zimbabwe Iron and Steel Company
(ZISCO), the southern African nation’s industry and commerce
minister said on Tuesday.

–Reuters