Market News
African Markets – Factors to watch on Nov 8 - REUTERS
Nov 8 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.
GLOBAL MARKETS
Asian stocks rose broadly on Friday, tracking Wall Street’s overnight rise to record highs, as investors digested the Federal Reserve’s message for careful interest rate cuts even with expectations for big fiscal spending under incoming President Donald Trump.
WORLD OIL PRICES
Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will affect U.S. oil and gas output declined while the market continues to weigh how President-elect Donald Trump’s policies might affect supplies.
SOUTH AFRICA MARKETS
South African assets recouped the previous day’s losses on Thursday ahead of a Federal Reserve interest rate announcement as the dollar gave back some of its gains linked to Donald Trump’s U.S. election win.
KENYA MARKETS
The Kenyan shilling was steady against the dollar on Thursdays, as foreign exchange inflows from the tourism and tea sectors matched demand, one trader said.
AFRICA MARKETS
The Kenyan and Nigerian currencies are expected to weaken against the dollar in the next week to Thursday alongside the currencies of Ghana, Uganda and Zambia, traders said.
MOZAMBIQUE POLITICS
Mozambican police fired tear gas at thousands of protesters in the capital Maputo on Thursday during the biggest demonstration yet against the long-ruling Frelimo party, which was declared the winner of a disputed election last month.
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BARRICK MALI
Barrick Gold, the world’s No. 2 gold miner, is confident of concluding talks for a new mining code with Mali’s junta-led government before the end of the year, CEO Mark Bristow told Reuters on Thursday.
SAFARICOM RESULTS
Kenya’s biggest telecoms operator, Safaricom, lowered its full-year earnings guidance on Thursday, after reporting a sharp fall in net income due to the depreciation of Ethiopia’s birr currency.
((Compiled by Nairobi Newsroom))
