July 11, 2019 / 4:34 AM / 2 months ago

African Markets - Factors to watch on July 11

    NAIROBI, July 11 (Reuters) - The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on
Thursday.
    - - - - -
 TO WATCH
 
 CONGO REPUBLIC IMF    
     The International Monetary Fund's (IMF) executive board
 weighs a long-delayed bailout plan for Congo Republic, which
 secured restructuring of part of its debt to China and is in
 talks with other creditors including oil traders Glencore
 and Trafigura.
 
 SOUTH AFRICA ECONOMY
     South Africa's Finance Minister Tito Mboweni delivers
 the National Treasury budget vote speech to parliament,
 setting out priorities for the department.
 
  - - - -  
 
 GLOBAL MARKETS
     Asian stocks gained and the dollar drooped on Thursday
 after Federal Reserve Chair Jerome Powell reinforced
 prospects of a U.S. interest rate cut later this month.
                             
 
 WORLD OIL PRICES
     Oil futures hit a six-week high on Thursday as a storm
 built in the Gulf of Mexico, threatening crude output, while
 an incident with a British tanker in the Middle East
 highlighted ongoing tensions in the region.
                       
 
 EMERGING MARKETS
 For the top emerging markets news, double click on
            
 
 AFRICA STOCKS
 For the latest news on African stocks, click on     
 
 SOUTH AFRICA CENTRAL BANK
     South African President Cyril Ramaphosa has appointed
 Lesetja Kganyago for another five-year term as central bank
 governor, the finance ministry said on Wednesday.
             
 
 SOUTH AFRICA ECONOMY
     South Africa faces "significant risks" to its fiscal
 outlook, including weak economic growth and uncertain
 revenue collection, the National Treasury said in its
 2019/20 annual performance report, put before parliament on
 Wednesday.             
 
 NIGERIA AIRTEL AFRICA
     Airtel Africa AAF.L, AIRTELAFRI.LG shares fell sharply
 on Wednesday, a day after its debut $4.4 billion flotation
 in Lagos, mirroring a similar decline on the London stock
 market where the telecoms firm has its primary listing.
             
 
 SOUTH AFRICA ARCELORMITTAL
     The South African arm of steelmaker ArcelorMittal ACLJ.J
 expects to plunge to a first-half loss and cut more than
 2,000 jobs as it struggles with cheap imports, rising costs
 and a flagging local economy, it warned on Wednesday.
             
 
 WEST AFRICA COCOA
     Top global cocoa producers Ivory Coast and Ghana have
 imposed a fixed "living income differential" of $400 a tonne
 on all cocoa contracts sold by either country for the
 2020/21 season, an official letter seen by Reuters shows.
                       
 
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