Market News

Sept 12 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.

EVENTS:

Congo’s High Military Court is expected to deliver a verdict in the Joseph Kabila trial.

GLOBAL MARKETS

Asian share markets followed Wall Street higher on Friday as the growing prospect of several more U.S. rate cuts promised to lower borrowing costs globally, a relief to stressed bond markets and a drag on the dollar.

WORLD OIL PRICES

Oil prices fell on Friday, adding to big declines in the previous session, as concerns about the possible softening of U.S. demand and broad oversupply offset worries about supply disruption from conflict in the Middle East and war in Ukraine.

SOUTH AFRICA MARKETS

The South African rand strengthened on Thursday after the U.S. saw higher-than-expected consumer inflation data but a surge in first-time applications for unemployment aid kept the Federal Reserve on track to cut interest rates next Wednesday.

SOUTH SUDAN SECURITY

South Sudan’s First Vice President Riek Machar has been charged with murder, treason and crimes against humanity for his alleged involvement in attacks by an ethnic militia against federal forces in March, the justice minister said on Thursday.

AFRICA MARKETS

Uganda’s currency is expected to extend gains against the dollar in the next week to Thursday, Zambia’s could fall further, and the Kenyan, Nigerian and Ghanaian currencies should be steady, traders said.

((Compiled by Nairobi Newsroom))