African Markets – Factors to watch on Feb 24 – Reuters

NAIROBI, Feb 24 (Reuters) – The following company announcements, scheduled economic
indicators, debt and currency market moves and political events may affect African markets on
Wednesday.
– – – – –
EVENTS:
*NIGERIA – The statistics office due to gross domestic
product data for the fourth quarter of 2015.
*GHANA – The statistics office due to release producer price
inflation data for January.
*ZIMBABWE – A team from the International Monetary Fund on
visit to assess whether Zimbabwe has successfully completed
a staff monitoring programme, which will be a big step
towards resumption of fresh funding, the first since 1999.
*KENYA – The central bank to auction five-year and 10 year
Treasury bonds worth a total 25 billion shillings. The bank
will also auction 182-day and 364-day Treasury bills worth a
total 12 billion shillings.

GLOBAL MARKETS
Asian shares fell on Wednesday as oil prices skidded after
Saudi Arabia effectively ruled out production cuts by major
producers anytime soon, sending investors into safe-havens
such as the yen.

WORLD OIL PRICES
Oil prices slid on Wednesday, extending sharp falls from the
previous session after top exporter Saudi Arabia ruled out
production cuts and industry data showed a further build in
U.S. crude stockpiles.

EMERGING MARKETS
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AFRICA STOCKS
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SOUTH AFRICA MARKETS
The rand eased off its best levels in two months and South
African stocks sank on Tuesday, taking their lead from other
emerging markets where a rally ran out of steam.

NIGERIA MARKETS
Nigeria’s naira firmed on the parallel market against the
U.S. dollar for the second day on Tuesday after President
Muhammadu Buhari rejected a devaluation of the currency
which has been hit hard by a fall in oil prices, traders
said.

NIGERIA REVENUES
Nigeria’s government revenues fell in January to 370.388
billion naira ($1.86 billion), down from 387.777 billion
naira in December, due to a drop in oil prices, the finance
minister said on Tuesday.

NIGERIA NATURAL GAS
Scheduled maintenance work is being conducted at one of
Nigeria Liquefied Natural Gas Company’s (NLNG) six trains
and will last until the first week of April, the company
said on Tuesday.

KENYA MARKETS
Kenya’s shilling was steady on Tuesday and traders
said it was seen easing slightly in the next few days due to
importer dollar demand from sectors like energy. Stocks
closed higher.

KENYA ELECTRICITY
A $144 million Kenyan wind power project backed by a joint
venture between Macquarie Group and Old Mutual Investment
Group has been cancelled due to opposition from local
landowners and farmers, developer Kinangop Wind Park said on
Tuesday.

UGANDA COFFEE
Uganda exported 334,393 60-kg bags of coffee in January
compared with 310,149 bags shipped in same month a year ago,
the state-run Uganda Coffee Development Authority (UCDA)
said on Tuesday.

TANZANIA ECONOMY
Faster growth in the communications, mining and financial
services sectors boosted Tanzania’s economic growth at the
end of 2015, the statistics office said on
Tuesday.

BURUNDI POLITICS
Burundi is to hold political talks to try to end months of
violence, President Pierre Nkurunziza said on Tuesday after
meeting U.N. Secretary General Ban Ki-moon.

ZAMBIA BUDGET
Zambia’s 2016 budget deficit will widen to 8.1 percent of
gross domestic product (GDP) from a target of 3.8 percent,
underscoring the impact of a plunge in the price of copper,
its major export, the minister of finance said on
Tuesday.

ZAMBIA ELECTRICITY
Zambia’s electricity deficit has risen to 1,000 megawatts
(MW) from 700 MW in November as Africa’s No. 2 copper
producer cuts hydro power generation due to falling water
levels as drought bites in the region.