MARKET NEWS

NAIROBI, Aug 25 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.

GLOBAL MARKETS

Asian share markets rallied on Monday as investors celebrated the likely resumption of interest rate cuts in the United States, while hoping AI-superstar Nvidia’s results this week will help justify the sector’s stratospheric valuations.

WORLD OIL PRICES

Oil prices edged higher on Monday after Ukraine stepped up attacks on Russia, fanning concerns Russian oil supply could be disrupted, while expectations of a cut in U.S. interest rates buoyed the outlook for global growth and fuel demand.

SOUTH AFRICA MARKETS

The South African rand strengthened on Friday, boosted by a weaker dollar and a rebound in gold prices, after U.S. Federal Reserve Chair Jerome Powell pointed to a possible rate cut at the central bank’s September meeting.

NIGERIA ENERGY

Nigeria LNG Ltd has inked 20-year gas supply contracts with NNPC Ltd and other oil firms for the supply of 1.29 billion standard cubic feet per day to support its liquefaction plants and expansion plans, according to a company statement.

KENYA ECONOMY

Global credit ratings agency S&P upgraded Kenya’s long-term sovereign credit rating to ‘B’ from ‘B-‘ on Friday, citing reduced near-term external liquidity risks.

CONGO SECURITY

Rwanda on Friday rejected accusations that Kigali-backed M23 rebels massacred hundreds of people in the east of Democratic Republic of Congo in July, saying there was no credible evidence to support the claims.

NIGERIA SECURITY

The Nigerian Air Force has rescued 76 kidnap victims, including women and children, after a precision air strike on a bandit stronghold in northwest Katsina State, authorities said on Saturday.

SOUTH SUDAN ECONOMY

South Sudan’s President Salva Kiir has fired the country’s finance minister, state-owned radio announced, the seventh replacement to the position since 2020.

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