Market News

NAIROBI, Oct 3 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.

EVENTS:

*Tanzania’s central bank announces its latest lending rate decision.

GLOBAL MARKETS

Japanese stocks jumped and the yen fell on Thursday as the risk of further tightening in monetary policy this year faded, while the sizzling rally in Hong Kong’s share market took a breather.

WORLD OIL PRICES

Oil prices rose on Thursday as the prospect of a widening Middle East conflict that could disrupt crude oil flows from the key exporting region overshadowed a stronger global supply outlook.

SOUTH AFRICA MARKETS

The South African rand weakened against a stronger dollar on Wednesday, as markets worried about rising tensions in the Middle East.

KENYA MARKETS

Kenya’s shilling was steady on Wednesday, and was expected to firm, helped by dollar inflows from tea exporters, traders said.

KENYA ECONOMY

Kenya’s economy expanded by 4.6% year-on-year in the second quarter of 2024, down from 5.6% in the corresponding quarter of the previous year, the national statistics office said on Wednesday.

KENYA CENTRAL BANK RATE

Kenya’s central bank rate should start lowering its lending rate due to falling inflation in recent months, Finance Minister John Mbadi said on Wednesday.

UGANDA FOREIGN EXCHANGE RESERVES

Uganda’s foreign exchange reserves shrank 4.3% in the three months to the end of July from the previous three months, extending a recent downward trend, the central bank said in a report published on Wednesday.

UGANDA ELECTRICITY

Uganda is seeking funds to build three hydropower plants that would add over 1,600 megawatts (MW) of capacity to help meet rising power demand, an energy official said on Wednesday.

MADAGASCAR MINING

Madagascar’s nickel and cobalt miner Ambatovy has shut down a pipeline supplying ore from its mine in the country’s east to a processing and refinery plant due to damage, its major shareholder Sumitomo Corp 8053.T said.

IVORY COAST COCOA

Ivory Coast, the world’s top cocoa producer, has granted cocoa export licences to 106 companies and cooperatives for the 2024/25 season, up from 92 last season, according to a document from the Coffee and Cocoa Council (CCC) seen by Reuters on Wednesday.

MOZAMBIQUE PETROLEUM

Patrick Pouyanne, the chairman and chief executive of TotalEnergies, said he planned to go to Mozambique later this month to meet the country’s new president over the company’s planned project in Mozambique.