Market News

NAIROBI, Oct 8 (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 Deputy President Rigathi Gachagua will defend himself in parliament against an impeachment motion launched by allies of President William Ruto which accuses him of stirring ethnic hatred and undermining the government.

Tanzania statistics office releases consumer inflation data for September.

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

GLOBAL MARKETS

Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing’s aggressive stimulus measures showed no signs of easing.

WORLD OIL PRICES

Oil prices fell more than $1 on Tuesday as traders took profits from a rally in the previous session that lifted the market to its highest level in over a month amid fears that the Middle East could be on the brink of a region-wide war.

SOUTH AFRICA MARKETS

South Africa’s rand gained against the dollar on Monday after tumbling last week, as investors turned their attention towards U.S. inflation data later this week and comments by Federal Reserve officials.

KENYA MARKETS

Kenya’s shilling was steady against the dollar on Monday, and is expected to remain level in the coming week, traders said.

CONGO MINING

A U.S. congressional watchdog has found no evidence that a 2012 Securities and Exchange Commission (SEC) conflict minerals disclosure rule has reduced violence in Democratic Republic of Congo, it said in a report on Monday.

UGANDA RATES

Uganda’s central bank trimmed its key lending rate on Monday by 25 basis points for the second time in a row, lowering it to 9.75%, saying that inflation was expected to remain below its target in the near term.

BURKINA FASO MINING

Fortuna Mining said on Monday that the government of Burkina Faso does not plan to withdraw the Canadian company’s existing mining permits in the country.

RWANDA MARBURG

The U.S. Centers for Disease Control and Prevention will issue its second-highest level of travel notice for Rwanda, recommending people to avoid nonessential travel due to the Marburg disease outbreak in the east African country, the U.S. government said on Monday.

ZAMBIA MINING

Rescue efforts were underway after a mine pit collapsed in Zambia’s Mumbwa District, killing 10 people and injuring five, police said on Monday.

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IVORY COAST COCOA

Above average rainfall recorded in most of Ivory Coast’s main cocoa producing regions boosted farmers’ hopes of higher output in the ongoing October to March season.

CONGO MINING

Ivanhoe Mines plans to build a copper mine in the Democratic Republic of Congo, as it favours boosting output through organic growth in a sector dominated by deal-making.

((Compiled by Nairobi Newsroom))