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African Markets - Factors to watch on Sept. 24

Published 2019-09-24, 12:36 a/m
African Markets - Factors to watch on Sept. 24
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NAIROBI, Sept 24 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.

- - - - - EVENTS: *Kenyan lawmakers discuss keeping commercial interest rate caps. Last week, a Kenyan parliamentary committee blocked the finance ministry's move to scrap a cap on commercial lending rates imposed by lawmakers in 2016. Lawmakers are due to vote on this, along other measure as part of the 2019/20 (July-June) fiscal budget.

GLOBAL MARKETS Global shares ticked up on Tuesday after U.S. Treasury Secretary Steven Mnuchin said U.S.-China trade talks will resume next month, but lingering concerns about slowing global growth tempered the overall appetite for riskier assets. MKTS/GLOB

WORLD OIL PRICES Oil prices eased on Tuesday as weak manufacturing data from Europe and Japan focused market attention on the gloomy outlook for demand and away from uncertainty around supply disruptions in Saudi Arabia. O/R

EMERGING MARKETS For the top emerging markets news, double click on STOCKS For the latest news on African stocks, click on .J

KENYA RATES Kenya's central bank held its benchmark lending rate at 9.0% on Monday, saying inflation was well anchored within the government's preferred range and that the economy was operating close to its potential. MINING

Canada's First Quantum Minerals Ltd FM.TO on Monday confirmed it was in talks with China-based Jiangxi Copper Co Ltd 600362.SS for a potential sale of a minority interest in its Zambian copper assets. BANKING Tanzania's central bank said on Monday it had fined five commercial banks over $800,000 for breaching anti-money laundering rules, the latest in a series of moves aimed at tightening regulation in the financial services sector. WATER Zimbabwe's capital shut its main water works on Monday citing shortages of foreign currency to import treatment chemicals, the deputy mayor said, potentially leaving the city dry and raising the risk of water borne diseases like cholera. OIL Nigeria is claiming "colossal" sums of money from oil majors, its attorney general said on Monday, under regulations that allow the government to revisit revenue sharing from petroleum sales if crude exceeds $20 a barrel. COAST COCOA

Cocoa harvesting has picked up in Ivory Coast as rains continue ahead of the October-to-March main crop, farmers said on Monday. the latest precious metals report click on GOL/

For the latest base metals report click on MET/L

For the latest crude oil report click on O/L

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