Market News

Nairobi Newsroom

NAIROBI, Aug 6 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.

EVENTS:

*Kenya’s central bank is due to announce its latest benchmark lending rate decision.

GLOBAL MARKETS

Japanese stocks jumped at the open on Tuesday, underpinning a recovery across battered Asian share markets and even triggering circuit breakers in some, after central bank officials said all the right things to soothe investor nerves.

WORLD OIL PRICES

Oil prices rebounded by more than 1% on Tuesday, paring previous session’s losses, on supply concerns amid an escalating Middle East conflict, stronger U.S. services sector data and a cut in production at Libya’s Sharara oilfield.

SOUTH AFRICA MARKETS

South African stocks and the rand tanked on Monday as global investor sentiment soured towards riskier assets due to growing fears over a possible recession in the United States.

NIGERIA POLITICS

Protests in Nigeria over the soaring cost of living ebbed on Monday, with only a few hundred people turning out in major cities following a deadly crackdown by security forces since the demonstrations began last week.

KENYA MARKETS

Kenya’s shilling firmed slightly in early trade on Monday and it was expected to strengthen further, fuelled by dollar inflows from the tea sector, traders said

Advertisement

KENYA PRIVATE SECTOR ACTIVITY

Kenya’s private sector activity dropped in July, undermined by the effects of public protests against the government which hurt confidence in the economy and disrupted some business activity, a survey showed on Monday.

UGANDA POLITICS

Police arrested 14 Ugandan opposition officials and supporters on Monday as they marched through their capital towards the Kenyan embassy to protest against Nairobi’s decision to detain and deport a group of their colleagues, local media said.

IVORY COAST COCOA

Cocoa arrivals at ports in top grower Ivory Coast had reached 1.668 million metric tons by August 4 since the start of the season on Oct. 1, down 26.8% from the same period last season, exporters estimated on Monday.

DEMOCRATIC REPUBLIC OF CONGO MINING

China’s CMOC and other miners have applied for copper from Democratic Republic of Congo (DRC) to be registered for delivery against London Metal Exchange (LME) contracts, four sources with knowledge of the matter said.

((Compiled by Nairobi Newsroom))