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African Markets - Factors to watch on Sept 24

Published 24/09/2020, 05:50
Updated 24/09/2020, 05:54
© Reuters.

© Reuters.

NAIROBI, Sept 24 - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.

GLOBAL MARKETS

Asian shares fell on Thursday following a slump on Wall Street overnight, as a series of warnings from U.S. Federal Reserve officials underscored investor worries over the resilience of the economic recovery.

WORLD OIL PRICES

Oil futures fell on Thursday on concerns the economic recovery in the United States, the world's biggest oil consumer, is slowing as the coronavirus outbreak lingers and a resurgence in European cases led to new travel restrictions there.

SOUTH AFRICA MARKETS

South Africa's rand fell more than 1% on Wednesday as the dollar grinded higher, boosted by its renewed safe-haven appeal amid concerns about a second wave of coronavirus infections in Europe.

AFRICA BANKS

South Africa is set see a wave of equity fundraising as banks' capacity to lend is under strain from rising bad debts just as corporations are in need of funds to cope with fallout from the coronavirus pandemic.

OIL

Nigerian President Muhammadu Buhari has signed a long-awaited oil-reform bill and it will be formally presented in the Senate as early as next week, four sources familiar with the matter told Reuters.

EXPLOSION

At least 28 people were killed on Wednesday when a gas tanker exploded in the central Nigerian state of Kogi and started a blaze, a road safety agency official said.

MARKETS

The Kenyan shilling was unchanged on Wednesday, with little importer dollar demand seen in the market, traders said.

KENYA FOOD WASTE

Rotten bananas? Mushy avocados? Pulped oranges? Talash Huijbers wants them all.The 25-year-old is the founder of Insectipro, a Kenyan farm rearing black soldier fly larvae for animal feed.

INSURGENCY

Mozambique has asked the European Union for support in tackling a wave of militant attacks in the country's north by rebels with links to Islamic State, a conflict that has raised fears for stability and security in southern Africa.

COAST POLITICS

Seeking to calm tensions in Ivory Coast ahead of a presidential election, the authorities plan to release associates of opposition leader Guillaume Soro who have been held in detention for months, a government spokesman said on Wednesday.

SANCTIONS

West African leaders may lift painful economic sanctions against Mali once an interim president is inaugurated on Friday in the wake of the Aug. 18 military coup, the bloc's envoy said, praising the junta's leadership.

POLITICS

The Gambian parliament's rejection this week of a new constitution that would have limited the number of presidential terms represents a "dark day" for democracy, the leader of the West African nation's main opposition party said on Wednesday.

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