The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Friday.
– – – – –
Asian stocks were mostly lower on Friday as the dollar
climbed to seven-month highs against a basket of currencies
and dragged down crude oil prices, cooling investor risk
WORLD OIL PRICES
Oil prices fell on Friday, pulled down by a stronger dollar,
but traders said there were signs that physical fuel markets
were tightening after two years of ballooning oversupply.
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The Tanzanian and Ugandan currencies are expected to
strengthen modestly next week, while those of Nigeria, Kenya
and Zambia are likely to remain steady.
SOUTH AFRICA MARKETS
South Africa’s rand weakened, reflecting a firmer dollar
after European Central Bank President Mario Draghi said the
bank had not discussed ending or extending its asset-buying
programme when it met on Thursday.
Nigeria’s central bank has sold around $313 million in a
two-month forward auction to clear backlog dollar demand,
Citibank wrote in a note to clients on Thursday.
A property market crash in Nigeria offers opportunities for
brave investors betting that Africa’s most populous nation
will deliver high returns when it climbs out of recession.
Ghana’s parliament on Thursday approved state spending of
almost 11 billion cedis ($2.75 billion) through the first
quarter of 2017 in advance of an annual budget to be
delivered after elections in December.
Zambia’s economy should grow three percent this year, little
changed from 2015, while the fiscal deficit will widen after
Africa’s second largest copper producer was hit by depressed
metal prices, Finance Minister Felix Mutati said on
Zimbabwe has cleared its 15-year-old financial arrears with
the International Monetary Fund, a first step towards a new
IMF loan program for the drought-stricken, cash-starved
country, the Fund said on Thursday.
Ethiopian authorities said on Thursday they had detained
1,645 people since declaring a state of emergency less than
two weeks ago in a bid to quell mass protests and violence.
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- Nigeria’s Buhari returns home after three-month sick leave in Britain – Reuters
- Naira falls against dollar at parallel market – NAN
- Nigeria strengthening economy attracts forex traders – The Cable
- Permanent secretary forfeits N664m, $137,680.11,properties to FG – THE NEWS NIGERIA
- Naira to weaken further as dollar demand increases – PUNCH