African Markets – Factors to watch on Nov 17

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.

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GLOBAL MARKETS

Asia’s stock markets struck a cautious tone on Monday as traders looked ahead to a week of corporate earnings and catch-up U.S. data, with the focus on the interest rate outlook and the fate of a frothy rally in artificial intelligence stocks.

WORLD OIL PRICES

Oil prices fell in early Asian trade on Monday, erasing last week’s gains, as loadings resumed at the key Russian export hub of Novorossiysk after a two-day suspension at the Black Sea port that had been hit by a Ukrainian attack.

EMERGING MARKETS

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AFRICA STOCKS

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SOUTH AFRICA MARKETS

The rand slipped after rallying to its strongest level in more than two years, as traders locked in profits on Friday and awaited S&P Global’s scheduled review of South Africa’s sovereign credit rating with caution.

DEMOCRATIC REPUBLIC OF CONGO WAR

The Democratic Republic of Congo and the M23 rebel group signed a framework agreement on Saturday for a peace deal aimed at ending fighting in the country’s east that has killed thousands of people and displaced hundreds of thousands more this year.

SENEGAL DEBT

Senegal auctioned 99 billion in CFA francs ($175 million) securities at a 6.88% average yield, the government said on Friday. The statement from the finance ministry did not include any more details of the operation.

SENEGAL IMF

Senegal’s finance ministry told investors it will pay back its debts and continue its talks with the International Monetary Fund as the nation braces for a key credit rating decision from S&P Global later on Friday.

TANZANIA

Tanzania’s president promised on Friday to investigate violence during last month’s elections and offered condolences to bereaved families, in her most public acknowledgement to date of the impact of the clashes.

MOZAMBIQUE RATES

Mozambique’s central bank trimmed its key interest rate by 25 basis points, less than its previous 50 basis-points cut, citing sticky inflation and a worsening public debt situation.

GHANA MINING

Ghana will abolish value-added tax on mineral exploration and reconnaissance to boost investment in its mining sector, its finance minister said, as Africa’s top bullion producer seeks to reverse over two decades of sluggish new development.

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((Compiled by Nairobi Newsroom))

((Email: nairobi.newsroom@thomsonreuters.com))