Factors to watch African markets – July 3



The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday .

GLOBAL MARKETS Asian stocks held two-years highs on Monday, starting the new month on a solid footing after two quarters of gains while expectations of credit tightening by the world’s major central banks kept global bond markets under pressure. MKTS/GLOB

WORLD OIL PRICES Oil prices rose on Monday, lifted by the first fall in U.S. drilling activity in months, although gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply. O/R

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SOUTH AFRICA MARKETS South Africa’s rand slipped to its weakest in three weeks on Friday as a recovering dollar and a warning by the finance minister that the country may need outside financial assistance to get out of an economic spiral weighed heavily on sentiment. MARKETS Nigeria’s central bank sold 31.94 billion naira ($104.76 million) in treasury bills on Friday in a bid to tighten liquidity in the money market while overnight lending rate fell. stocks fell on Friday after a two-day rally, as asset managers booked profit ahead of their half-year fund returns, traders said. MARKETS The Kenyan shilling KES= traded flat against the dollar on Friday with oil importer demand being matched by diaspora remittances, traders said. ECONOMY Kenya announced mixed economic news on Friday as inflation and growth slowed ahead of August elections, relieving voters plagued by high prices but doing less to burnish the ruling party’s business-friendly credentials. PORT The World Bank said on Sunday it had approved a $345 million loan for the expansion of a port in Tanzania’s commercial capital Dar es Salaam, which the East African country aims to turn into a regional gateway. TRADE Mauritius’ current account deficit widened in the first quarter of 2017 compared with the same period last year, hurt by a poor trade performance, data from the central bank showed on Friday. TELECOMS Tanzania has lifted a ban on foreigners participating in initial public share offerings in the telecoms industry, the capital markets regulator said on Friday, a move that will widen the pool of potential investors for several major companies. MINING LAWS Tanzania’s parliament should pass legislation next week that would allow it to force mining and energy companies to renegotiate their contracts, the justice minister said on Friday. MARKETS The Bank of Ghana said the yield on its weekly 91-day bill rose to 12.3176 percent at an auction on Friday, from 11.9324 percent at the last sale on June 23. the latest precious metals report click on GOL/