Market News

NAIROBI, Sept 17 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.

GLOBAL MARKETS

Asian stocks wobbled on Tuesday while the dollar and U.S. Treasury yields came under pressure, with just a day to go before the expected start of the Federal Reserve’s easing cycle that could see policymakers deliver an outsized rate cut.

WORLD OIL PRICES

Oil prices extended gains on Tuesday as the market eyed U.S. output concerns in the aftermath of Hurricane Francine and expectations of lower U.S. crude stockpiles.

SOUTH AFRICA MARKETS

The South African rand gained on Monday against a weaker dollar, as markets geared up for a week packed with interest rate announcements and a local inflation print.

NIGERIA INFLATION

Nigeria’s inflation rate fell for a second consecutive month in August, down to 32.15% year-on-year from 33.40% in July, statistics agency data showed on Monday.

NIGERIA PETROLEUM

Nigerian state oil firm NNPC Ltd on Monday increased the price of petrol by 11%, the second increase in two weeks and a day after it started purchasing the fuel from the giant Dangote oil refinery on the outskirts of Lagos.

KENYA MARKETS

Kenya’s shilling was steady on Monday, and was expected to gain ground, bolstered by dollar inflows from tea exporters, traders said.

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KENYA DEBT

Kenya’s auditor general has started to examine the country’s debt to ascertain the amounts owed to various creditors, Finance Minister John Mbadi told Reuters on Monday.

IVORY COAST COCOA

Cocoa arrivals at ports in top grower Ivory Coast had reached 1.733 million metric tons by Sept. 15 since the start of the season on Oct. 1, down 25.3% from the same period last season, exporters estimated on Monday.

GHANA COCOA

Ghana has lost more than a third of its 2023/24 cocoa output to smuggling, a top official from the cocoa marketing board (Cocobod) told Reuters, as low local prices and payment delays push some farmers to sell to increasingly sophisticated trafficking rings.

ANGOLA OIL

Angola will load a total of 33 crude oil cargoes in November, a trade source citing a preliminary loading programme told Reuters.