Market News

NAIROBI, Oct 15 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.

EVENTS:

*Nigeria’s statistics office is due to release consumer inflation data for September.

GLOBAL MARKETS

Asian stocks were mostly higher on Tuesday, supported by a strong Wall Street close and investor optimism about corporate earnings, while the dollar held near a two-month top, aided by bets on a smaller U.S. rate cut next month.

WORLD OIL PRICES

Oil prices slid 3% in early Asian trade on Tuesday after a media report said Israel is willing not to strike Iranian oil targets, which eased fears of a supply disruption, and after OPEC lowered its outlook for global oil demand growth in 2024 and 2025.

SOUTH AFRICA MARKETS

The South African rand fell on Monday, and with little major domestic data this week the local currency will likely be driven by global events, analysts said.

NIGERIA PETROLEUM

Nigerian independent producer Belemaoil Producing has resumed operations at its oil block Oil Mining Lease 55 after a three-year shutdown as a result of damage to the facility caused by theft, it said on Monday.

WORLD BANK AFRICA ECONOMY

The World Bank said on Monday it had lowered its economic growth forecast for sub-Saharan Africa this year to 3% from 3.4%, mainly due to the destruction of Sudan’s economy in a civil war.

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KENYA MARKETS

The Kenyan shilling was stable against the dollar on Monday, data from the London Stock Exchange Group showed.

KENYA BANKING

Kenya’s central bank said on Monday that it had authorised JPMorgan Chase to establish a representative office in the East African country.

UGANDA RAILWAY

Uganda’s government and Turkish construction firm Yapi Merkezi signed a contract to build a 272 kilometre (169 miles) section of railway, in a bid to boost regional trade, a Ugandan official said on Monday.

IVORY COAST COCOA

Cocoa arrivals at ports in top grower Ivory Coast reached 100,000 metric tons by Oct. 13 since the start of the season on Oct. 1, down 12.3% compared with the same period last season, exporters estimated on Monday.

DEMOCRATIC REPUBLIC OF CONGO MINING

Democratic Republic of Congo’s state miner Gecamines said on Monday it will ship for the first time germanium concentrates to Europe from its Big Hill tailings dump.

((Compiled by Nairobi Newsroom))