African market factors outlook April 19 2018

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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:
*Ethiopia’s new Prime Minister Abiy Ahmed expected to name
his new cabinet.

GLOBAL MARKETS
Resource stocks were on a roll in Asia on Thursday as oil
prices hit heights not seen since late 2014 and ignited a
rally across commodities, though the potential boost to
inflation globally also put some pressure on fixed-income
assets.

WORLD OIL PRICES
Oil prices on Thursday remained close to late 2014-highs
reached in the previous session as U.S. crude inventories
declined and as top exporter Saudi Arabia pushes for prices
of $80 to $100 per barrel by continuing to withhold
supplies.

AFRICA ECONOMY
Sub-Saharan Africa is on course for economic growth of 3.1
percent this year, the World Bank said on Wednesday,
marginally slower than it previously forecast but faster
than last year thanks to rising commodity
prices.

SOUTH AFRICA MARKETS
South Africa’s rand strengthened and bonds rallied on
Wednesday after better than expected inflation and retail
data reactivated investor optimism that has bolstered the
currency this year.

SOUTH AFRICA INFLATION
South African consumer price inflation slowed to its lowest
rate in seven years on Wednesday as the end of the worst
drought in decades helped push down food prices, data showed
on Wednesday.
NIGERIA OIL
Nigerian oil company Oando rose to almost a
one-year high on Wednesday, a week after regulators lifted a
trading suspension on its shares.

NIGERIA CURRENCY
Nigeria’s central bank said on Wednesday it had injected
$210 million into the interbank foreign exchange market,
extending efforts to boost liquidity and alleviate dollar
shortages.

NIGERIA BANKS
Wema Bank plans to raise 20 billion naira from
the bond market by July and aims to pay a dividend this year
for the first time in a decade, paving the way for an equity
sale next year, its chief financial officer
said.
NIGERIA BONDS
Nigeria plans to auction 90 billion naira ($286 million) of
bonds on April 25 and raise additional debt between May and
June as part of its second quarter issuance programme, the
Debt Management Office said on Wednesday.
NIGERIA SECURITY
Three men burst into Nigeria’s Senate on Wednesday and
snatched the legislature’s ceremonial mace, in an incident
the body’s spokesman blamed on a lawmaker who had been
suspended.

NIGERIA FINANCE
Nigeria’s biggest and oldest leasing firm, C&I Leasing,
plans to raise funds to buy more vessels to
lease to oil companies and expand its business in Ghana as
Dubai-based private equity firm Abraaj exits, its chief
executive said.

KENYA MARKETS
The Kenyan shilling was firm against the dollar on
Wednesday, staying at its highest level since May 2016
because of banks cutting dollar holdings and importers
holding back demand eyeing further strengthening, traders
said.

KENYA COMPANIES
Kenya’s Nation Media Group does not expect last
month’s walkout by eight columnists over claims of editorial
interference by the government to hit its operations, it
said after reporting annual results on
Wednesday.

LIBYA OIL
Libya’s National Oil Corporation (NOC) is considering using
a chemical marking system to help trace oil products
smuggled out of the country, its chairman said on
Wednesday.

ZIMBABWE HEALTHCARE
Zimbabwe said it had sacked 16,000 striking nurses as the
new government seeks to keep a lid on labour unrest in the
build-up to the first elections since the fall of Robert
Mugabe.

ZIMBABWE ECONOMY
Zimbabwe is working on a new investment law to open up the
economy to foreign investors, President Emmerson Mnangagwa
said on Wednesday, part of his government’s drive to revive
an economy that stagnated under Robert Mugabe’s last years
in power.

TANZANIA MINING
Tanzanian President John Magufuli on Wednesday appointed a
chairman and commissioners for the country’s new mining
commission, paving the way for the issuance of new mining
licences.

ALGERIA ENERGY
Exxon Mobil is considering investing in Algeria for
the first time, a sign the North African country is becoming
“more attractive”, the head of Algerian state energy firm
Sonatrach said on Wednesday.

BURUNDI INFLATION
Burundi’s year-on-year inflation rose to 2.6 percent in
March from 1.3 percent in the previous month, the country’s
statistics office said on Wednesday.

IVORY COAST COCOA
Ivory Coast’s first quarter 2018 cocoa grind rose over 2
percent on the year to 130,000 tonnes, data from exporters’
association GEPEX showed on Wednesday.

ANGOLA ECONOMY
The IMF indicated on Wednesday that it was receptive to a
request from Angola for non-financial assistance to help it
implement economic reforms.

SOUTH SUDAN SECURITY
The East African bloc of nations IGAD said on Wednesday it
had postponed this month’s talks aimed at securing the
implementation of South Sudan’s peace deal, the latest bid
to end a four-year civil war.