Market News

NAIROBI, Oct 4 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.

EVENTS:

*Ghana’s finance ministry and the International Monetary Fund (IMF) to hold a joint news conference following the third review of a $3 billion loan programme.

GLOBAL MARKETS

Asian stocks retreated on Friday while oil prices headed for their sharpest weekly gain in more than a year, as escalating tensions in the Middle East kept markets on edge ahead of a U.S. jobs report later in the day.

WORLD OIL PRICES

Oil prices inched up in early Asian trading hours on Friday, holding on to their strong weekly gains, as investors weighed the Middle East conflict and the potential disruption in crude flows against an amply-supplied global market.

SOUTH AFRICA MARKETS

The South African rand slumped against a buoyant dollar on Thursday as tensions simmered in the Middle East following Iran’s ballistic missile attack on Israel.

AFRICA CURRENCIES

The Kenyan, Nigerian and Zambian currencies are expected to be broadly steady against the dollar in the next week to Thursday, while Ghana’s is forecast to weaken and Ugandan’s could strengthen, traders said.

KENYA MARKETS

Kenya’s shilling was unchanged on Thursday, with dollar inflows from tea exporters matching importer demand, traders said.

KENYA PMI

Kenya’s private sector saw a slight deterioration in business conditions in September as output and new orders contracted again, reversing the brief recovery seen in August, Stanbic Bank reported on Thursday.

KENYA IMF

Kenya’s government has asked the International Monetary Fund to conduct an official assessment of corruption and governance issues, two sources familiar with the situation told Reuters, after a push by Western nations.

GHANA DEBT

Ghana’s investors have signed off on its proposal to restructure $13 billion worth of international bonds, the government said on Thursday, paving the way for the country to emerge from a painful 2022 debt default.

ETHIOPIA DEBT

A group of Ethiopia’s international bondholders rejected on Thursday the outlines of a government restructuring proposal for its $1 billion bond that was presented in an investors call earlier this week.

ETHIOPIA CENTRAL BANK

Ethiopia’s central bank said on Thursday it plans to sell $175 million into the foreign exchange market to address fuel-related import payments due over the coming months.

TANZANIA CENTRAL BANK RATE

Tanzania’s central bank held its key interest rate unchanged at 6%, it said on Thursday.

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TANZANIA POLITICS

Tanzania’s communications regulator has suspended the digital platforms of a local media company over the publication of what it called restricted content, a move one opposition group said was aimed at muzzling media that is critical of the government.

MAURITIUS CHAGOS ISLAND

Britain said on Thursday it would cede sovereignty of the Chagos Islands to Mauritius in a deal it said secured the future of the UK-U.S. Diego Garcia military base, and which could also pave the way for people displaced decades ago to return home.

((Compiled by Nairobi Newsroom))