Market News

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

GLOBAL MARKETS

Weak China markets dragged broader Asian shares lower on Thursday, while longer-dated U.S. bond yields rose alongside the dollar as investors assessed the monetary policy and inflation outlook in the world’s largest economy.

WORLD OIL PRICES

Oil prices dropped slightly early on Thursday on expectations of higher global production amid forecasts for weak demand growth, while a firmer dollar also kept a lid on prices.

SOUTH AFRICA MARKETS

South Africa’s rand staged a recovery on Wednesday after three days of heavy losses as markets fretted over what U.S. President-elect Donald Trump’s policies could mean for trade relations, while U.S. inflation rose as expected.

NIGERIA PETROLEUM

Nigeria’s state oil firm, NNPC Ltd said on Wednesday one of its subsidiaries has agreed to supply 100 million standard cubic feet of gas per day to the Dangote oil refinery for the next 10 years.

KENYA MARKETS

The Kenyan shilling weakened slightly against the dollar on Wednesday, one trader said, as the U.S. currency has strengthened globally following the presidential election, increasing local demand.

MAURITIUS ELECTION

Veteran Mauritian politician Navin Ramgoolam was sworn in as prime minister for his fourth term on Wednesday, a decade after he last left power, following his coalition’s dramatic triumph in a general election.

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DEMOCRATIC REPUBLIC OF CONGO IMF

The IMF on Wednesday said it had reached a staff-level agreement with the Democratic Republic of Congo for a new three-year, $1.77 billion economic and financial program as well as a new three-year $1.1 billion climate-focused program.

IVORY COAST IMF

Ivory Coast will create a $500 million green finance fund to support sustainable growth initiatives, the International Monetary Fund (IMF) said in a statement.

ZAMBIA CENTRAL BANK RATE

Zambia’s central bank raised its benchmark lending rate by 50 basis points on Wednesday, saying inflation risks were still skewed heavily to the upside.

((Compiled by Nairobi Newsroom))