NAIROBI, Sept 30 – The following company announcements, scheduled economic indicators, debt
and currency market moves and political events may affect African markets on Friday.
– – – – –
*Zambia’s central bank announces its latest decision on the
benchmark lending rate and inflation figures.
* Uganda releases inflation figures.
* Kenya releases inflation figures.
Asian stocks extended losses on Friday as worries about the
health of Deutsche Bank weighed on financial shares and as
oil prices inched back from near-one month highs on
scepticism over OPEC’s new plan to curb output.
MSCI’s broadest index of Asia-Pacific shares outside Japan
lost almost 1 percent and was on track for a
0.8 percent drop for the week.
WORLD OIL PRICES
Oil prices dropped on Friday as investors took profits
following a 7-percent rise in the last two sessions, amid
doubts that OPEC’s first planned output cut in eight years
would make a substantial dent in the global crude glut.
For the top emerging markets news, double click on
For the latest news on African stocks, click on
SOUTH AFRICA MARKETS
South Africa’s rand weakened on Thursday as data showed
credit demand growth slowed more than expected in August,
underscoring the slowdown in Africa’s most industrialised
economy ahead of credit rating reviews by year-end.
Stocks closed higher, as the weaker currency benefited
‘rand-hedged’ companies with high proportions of foreign
At 1557 GMT, the rand traded at 13.8725 per dollar,
1.9 percent weaker than its New York close on Wednesday.
NIGERIA MARKETS Nigeria’s naira tumbled more than five percent to another record low against the dollar on the black market on Thursday, as a dollar shortage persisted. Low prices for oil, the country’s top foreign currency earner, have drained the country’s forex reserves, which hit an 11-year-low of $24.61 billion on Tuesday.
The Kenyan shilling was steady on Thursday, and was
seen gaining ground, supported by dollar flows from the
horticulture sector, traders said.
Kenya will retain duty-free access to the European Union for
its products, its trade minister said on Thursday,
reassuring exporters who feared problems in clinching a deal
between the EU and the East African Community could lead to
Mozambique’s draft budget for 2017 will strengthen its
finances, the International Monetary Fund (IMF) said on
Thursday after a visit to the southern African nation.
The Fund last month demanded an external forensic audit of
Mozambique’s public debt to regain investor confidence after
a scandal over more than $2 billion in secret loans.
NIGERIA CRISIS Famine-like conditions in the former stronghold of Boko Haram militants in northeast Nigeria could kill 75,000 children over the next year if they do not receive aid, the United Nations children’s agency said on Thursday.
The head of one of Burundi’s opposition parties has been
arrested for collaborating with “armed gangs”, police said
on Thursday, joining a list of activists and political
figures detained since the start of a political crisis.
Tanzania’s economy expanded 7.9 percent in the second
quarter, driven by the mining, manufacturing and energy
sectors, the state-run National Bureau of Statistics said on