African markets factors to watch Sept 28

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The following company announcements, scheduled economic
indicators, debt and currency market moves and political events may affect African markets on
Thursday.
– – – – –
EVENTS:
*KENYA – The central bank to auction 91-day, 182-day and
364-day Treasury bills worth a total 24 billion shillings.

GLOBAL MARKETS
The dollar and U.S. bond yields rose on Thursday after
President Donald Trump proposed the biggest U.S. tax
overhaul in three decades and as strong U.S. economic data
added to the case for a rate hike by the Federal Reserve
later this year.

WORLD OIL PRICES
Oil prices fell on Thursday, with U.S. crude giving up some
of the previous session’s gains that were driven by a
surprise fall in inventories, while Brent moved further away
from recent 26-month highs.

EMERGING MARKETS
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AFRICA STOCKS
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SOUTH AFRICA MARKETS
South Africa’s rand tumbled to its weakest in nearly three
months, bond prices hit a seven-week trough and gold stocks
caved as a hawkish speech by the chief of the U.S. Federal
Reserve worsened jitters about the local economy’s
prospects.

NIGERIA MARKETS
Nigeria raised 243.7 billion naira at a bond auction on
Wednesday, almost double the amount it had initially sought,
as local funds and foreign investors piled into longer-term
debt to lock in higher returns, traders said.
Also, a debut 100 billion naira sovereign sukuk issue
launched last week was more than 5.8 percent oversubscribed,
the Debt Management Office said on Wednesday, suggesting it
may tap this demand more to help fund its
budget.

KENYA MARKETS
The Kenyan shilling was steady but expected to firm
against the dollar on Wednesday due to inflows from the
horticulture sector, traders said.

KENYA BUDGET
Kenya will target a fiscal deficit of 592.8 billion Kenyan
shillings, or 5.9 percent of GDP, in its 2018/19 (July-June)
fiscal year, down from an estimated 7.3 percent this fiscal
year, the Treasury said.

UGANDA POLITICS
Lawmakers brawled in Uganda’s parliament for a second day
running on Wednesday over a fiercely disputed move to change
the constitution to let long-ruling President Yoweri
Museveni run for re-election after age 75.

TANZANIA MINING
London-listed Petra Diamonds Ltd said on Wednesday
it had received authorisation from the Tanzanian government
to resume diamond exports and sales from the Williamson
mine, lifting its shares from two-year lows.

GHANA ECONOMY
Ghana’s gross domestic product growth rose to 9.0 percent in
the second quarter of 2017 from 6.6 percent in the previous
three months, mainly because oil output increased, the
statistics office said on Wednesday.

RWANDA CENTRAL BANK RATE
Rwanda’s central bank left its main interest rate unchanged
on Wednesday on the view that the policy easing it
implemented in June was yielding results, Governor John
Rwangombwa said.

NAMIBIA FUND MANAGERS
Namibia will cut the percentage of funds under management
that pension funds and other money managers there may invest
abroad to 55 percent from 65 percent, its finance minister
said on Wednesday, as it seeks to increase investment at
home.