Market News

Aug 23 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.

EVENTS:

S&P is scheduled to issue a reassessment of Kenya’s ‘B’ credit rating, after deadly protests against tax hikes in June forced the government to abandon its funding plan for this fiscal year.

GLOBAL MARKETS

Asian shares sputtered on Friday while the dollar rebounded from one-year lows as investors were cautious ahead of a speech by the world’s most powerful central banker with markets looking for confirmation U.S. rate cuts would start in September.

WORLD OIL PRICES

Oil prices were little changed on Friday, on track to end the week lower, as downward revisions to U.S. employment data raised concerns over demand and renewed ceasefire talks in Gaza eased worries about supply disruptions.

SOUTH AFRICA MARKETS

The South African rand slipped against a stronger dollar on Thursday as investors awaited Federal Reserve Chair Jerome Powell’s speech for hints on the future interest rate path of the world’s biggest economy.

AFRICA MARKETS

The Kenyan and Ugandan shillings are expected to strengthen against the dollar in the coming week to Thursday, while Zambia’s kwacha and Ghana’s cedi are seen weakening and Nigeria’s naira as holding steady, traders said.

KENYA MARKETS

Kenya’s shilling held steady against the U.S. dollar on Thursday, as foreign currency inflows matched demand from manufacturing and other sectors, traders said.

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AFRICA CLIMATE FINANCE

African countries want to use this year’s U.N. COP meetings to secure a much bigger share of global climate financing, their representatives said at a meeting in Kenya on Thursday, to help deal with the increased threats from climate change.

SUDAN POLITICS

A fraction of available aid has passed through the Adre border crossing from Chad into Sudan’s hunger-ravaged Darfur region this week following a move by the Sudanese army to temporarily lift a ban on deliveries.

BOTSWANA DIAMONDS

Canada’s Lucara Diamond Corp, has discovered a 2,492 carat diamond at its Karowe mine in Botswana, the company said late Wednesday, one of the largest stones to be excavated.

((Compiled by Nairobi Newsroom))