African Markets Factors to watch on August 12

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

EVENTS

GHANA – The statistics office releases Consumer Price Inflation data for July.

KENYA – The central bank sells 182- and 364-day Treasury bills.

GLOBAL MARKETS Asian stocks and emerging market currencies tumbled on Wednesday and commodities fell after China allowed the yuan to fall sharply for a second straight day, forcing investors to seek refuge in safe-haven government debt.

WORLD OIL PRICES Crude oil prices fell again on Wednesday as China allowed its currency to fall sharply for a second day, triggering concerns over the country’s economic health just as oil production hit multi-year highs.

SOUTH AFRICA MARKETS

South Africa’s rand fell to its weakest against the dollar in nearly a week on Tuesday, dragged down by China’s decision to devalue the yuan after a string of poor economic data.

NIGERIA MARKETS

Nigeria naira eased against the dollar on the parallel market on Tuesday driven by demand mainly from individuals travelling abroad for summer holidays and importers, traders said.

NIGERIA ATTACK

A bomb attack on a packed market in northeastern Nigeria bearing the hallmarks of Boko Haram killed around 50 people on Tuesday, sources said.

KENYA MARKETS

Kenya’s main share index rose for a third straight session to close 0.8 percent higher, while the shilling held steady, helped by a liquidity crunch in the domestic money markets.

GHANA TREASURY BOND

Ghana will issue a new 5-year bond to raise 500 million cedis ($127 million) this month to help restructure its growing debt, the finance minister said on Tuesday.

RWANDA CURRENCY

Rwanda’s franc was increasingly stable after months of volatility due to a firmer dollar, but could weaken 6 per cent against the dollar this year on expectations the United States would begin hiking rates, the finance minister said.

ZAMBIA RATES

Zambia’s central bank left its benchmark lending rate unchanged at 12.5 percent on Tuesday, saying it predicted inflation would breach the regulator’s target by the end of the year.

ZIMBABWE HUNTING

Zimbabwe has partially lifted a ban on big-game hunting around Hwange National Park that was imposed after an international outcry over the killing of Cecil, the country’s most prized lion, by an American dentist last month. (REUTERS)

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