Market News

NAIROBI, Nov 22 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.

GLOBAL MARKETS

Gold was headed for its largest weekly gain in nearly eight months on Friday and the euro hovered at a 13-month low as Russia lowered its threshold for using nuclear weapons and fired a hypersonic ballistic missile at Ukraine.

WORLD OIL PRICES

Oil prices rose on Friday after Russia said it had fired a ballistic missile at Ukraine and warned of a broadening conflict, raising the prospect of tightening crude supplies.

SOUTH AFRICA MARKETS

South Africa’s rand firmed on Thursday after the central bank opted for another small cut to its main interest, quashing hopes of a bigger move.

AFRICA CURRENCIES

Kenya’s and Nigeria’s currencies are forecast to weaken against the dollar in the next week, traders said.

NIGERIA DEBT

Nigeria’s parliament on Thursday approved the government’s request to borrow $2.209 billion from the Eurobond market or other sources to plug funding gaps in its 2024 budget.

KENYA MARKETS

The Kenyan shilling was steady on Thursday as dollar inflows from exports matched rising demand from the manufacturing sector, one trader said.

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KENYA POLITICS

Kenyan President William Ruto said on Thursday he had ordered the cancellation of a procurement process that had been expected to award control of the country’s main airport to India’s Adani Group after its founder was indicted in the United States.

ETHIOPIA BUDGET

Ethiopia plans to spend an extra 581.98 billion Ethiopian birr ($4.8 billion) in its 2024/25 fiscal year, Prime Minister Abiy Ahmed’s office said on Thursday.

RWANDA CENTRAL BANK RATE

Rwanda’s central bank held its key interest rate at 6.5% on Thursday after cutting it at the previous two rate-setting meetings this year.

SENEGAL ELECTION

Senegalese President Bassirou Diomaye Faye’s Pastef party has won 130 out of 165 seats in legislative elections, securing a clear majority in parliament and a mandate to pursue promised reforms, provisional results showed on Thursday.

MALI POLITICS

Mali’s ruling junta on Thursday appointed spokesperson Abdoulaye Maiga as prime minister after firing Choguel Maiga, state television ORTM said on Thursday.

GHANA COCOA

Ghana’s graded and sealed (G&S) cocoa arrivals stood at 182,937 metric tons by Nov. 7 since the start of this year’s harvest on Sept. 11, up 49% from 122,699 tons over the same period last season, figures from marketing board COCOBOD showed on Thursday.

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((Compiled by Nairobi Newsroom))