Market News

NAIROBI, Oct 31 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.

EVENTS:

Kenya’s ousted deputy president Rigathi Gachagua has filed a court application to stop his former boss President William Ruto from naming his replacement after Gachagua was dismissed by impeachment.

Uganda’s statistics office publishes monthly inflation data.

GLOBAL MARKETS

Asian stocks slid on Thursday as chip-sector stocks tracked overnight declines by Wall Street peers and Facebook owner Meta Platforms warned of accelerating costs for artificial intelligence.

WORLD OIL PRICES

Oil prices rose on Thursday, extending the previous day’s rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support.

SOUTH AFRICA MARKETS

The South African rand slipped on Wednesday as a keenly awaited budget speech by the finance minister failed to impress investors.

KENYA MARKETS

The Kenyan shilling strengthened slightly against the dollar on Wednesday, bolstered by foreign currency inflows from remittances and the tea and tourism sectors, one trader said.

SENEGAL POLITICS

With fireworks displays, packed rallies, and town-to-town caravans, Senegalese political parties are wooing voters in a parliamentary race that will decide the extent to which the new president will be able to implement his agenda.

KENYA IMF

The executive board of the International Monetary Fund has approved the seventh and eighth reviews of Kenya’s program, the IMF said on Wednesday, paving the way for the cash-strapped government to access a $606 million loan tranche.