Categories: World

African Markets – Factors to watch on October 3

Published by TSG Syndication

NAIROBI, Oct 3 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - GLOBAL MARKETS Asian stocks were poised for solid weekly gains on Friday as rising odds of the Federal Reserve cutting rates in the near-term helped cushion jitters around a U.S. government shutdown that have pushed gold to record highs and weighed on the dollar. WORLD OIL PRICES Oil prices rose slightly on Friday after four straight sessions of declines but were on track for their steepest weekly decline since late June due to market expectations that the OPEC+ group could hike output further despite oversupply concerns. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on South African stocks, click on SOUTH AFRICA MARKETS The South African rand was steady on Thursday, while investors awaited news on whether the United States' flagship trade initiative with Africa, which expired on Tuesday, will be renewed. AFRICA CURRENCIES Nigeria's currency is forecast to edge up against the dollar in the next week to Thursday, while Ghana's and Zambia's may weaken, and Kenya's should remain steady, traders said. NIGERIA PETROLEUM Nigeria has boosted daily crude oil output to between 1.7 million and 1.83 million barrels and the number of active drilling rigs from 31 in January to 50 by July, as reforms under President Bola Tinubu begin to unlock investment in the petroleum sector. KENYA DEBT Kenya has launched a $1 billion buyback offer for its February 2028 Eurobond, along with a sale of new notes to finance the repurchase, it said on Thursday, as the government seeks to manage its debt maturities more efficiently. TANZANIA CENTRAL BANK RATE Tanzania's central bank kept its benchmark interest rate steady on Thursday, saying inflation was forecast to stay stable and economic performance was robust. MADAGASCAR PROTESTS Organisers of Madagascar's youth-led anti-government protests suspended marches in the capital Antananarivo on Thursday for 24 hours, citing concerns over demonstrators' health and strength, but marches continued in other parts of the large island nation. IVORY COAST MINING Ivory Coast said it has granted 11 new mining exploration permits to local and international companies for gold, cobalt and copper, as the world's top cocoa producer seeks to attract further investment in its booming mining sector as it diversifies. SENEGAL ECONOMY The International Monetary Fund's staff expects discussions on a new fund-supported program with Senegal to begin this month, the IMF communications director said on Thursday. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on (The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
TSG Syndication
Published by TSG Syndication