Market News

Aug 15 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.

EVENTS:

Nigeria’s statistics office is expected to release the latest inflation data.

GLOBAL MARKETS

Stocks in Asia made an uneven recovery as higher-than-expected producer price inflation dampened expectations of a jumbo rate cut at the Federal Reserve’s September meeting, while U.S. bonds and equity futures stabilised.

WORLD OIL PRICES

Oil prices nudged higher on Friday to fresh one-week highs after U.S. President Donald Trump warned of “consequences” if Russia blocked a Ukraine peace deal, injecting concerns about supply.

SOUTH AFRICA MARKETS

The South African rand weakened on Thursday after a bigger-than-expected increase in U.S. producer prices reduced the odds of a super-sized September Federal Reserve rate cut.

AFRICA MARKETS

Uganda’s currency could extend its gains against the U.S. dollar in the next week to Thursday, while Ghana’s could fall further, and those of Kenya, Nigeria and Zambia are seen little changed.

CONGO MINING

The Congolese mining company sanctioned by the United States this week has said it “categorically rejects” allegations linking it to armed groups and mineral smuggling in turbulent eastern Democratic Republic of Congo.

ANGOLA GAS

Optimistic over Angola’s untapped gas potential, Azule Energy is considering another gas exploration well after leading the country’s first drilling campaign targeting gas and hitting success last month, the CEO told Reuters.

((Compiled by Nairobi Newsroom))