Market News

NAIROBI, Sept 2 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.

GLOBAL MARKETS

Asian share markets got off to a quiet start on Monday as investors braced for a data-packed week culminating in a U.S. jobs report that could decide whether a rate cut expected this month will be regular or super-sized.

WORLD OIL PRICES

Oil prices extended losses on Monday with investors weighing higher OPEC+ production from October against a sharp drop in output from Libya amid sluggish demand in China and the U.S., the world’s two biggest oil consumers.

SOUTH AFRICA MARKETS

South Africa’s rand was stable on Friday against a buoyant dollar, after the local unit hit a fresh 13-month high earlier in the day supported by improved investor sentiment on signs the domestic economy is starting to gain momentum.

NIGERIA PETROLEUM

Nigeria’s state-oil firm NNPC on Sunday said it is facing financial strain making it unable to import petrol into Africa’s most populous nation, that has seen weeks-long fuel scarcity across its retail stations.

KENYA MARKETS

The Kenyan shilling was unchanged on Friday, with little market activity, traders said.

KENYA INFLATION

Kenya’s inflation edged up to 4.4% year-on-year in August from 4.3% in July, data from the statistics office showed on Friday.

CHINA AFRICA SUMMIT

China will urge a summit of 50 African nations in Beijing this week to take more of its goods, before Western curbs kick in on its exports such as electric vehicles and solar panels, in exchange for more pledges of loans and investment.

DEMOCRATIC REPUBLIC OF CONGO GOLD

Democratic Republic of Congo is looking for new buyers of gold from its eastern territories after taking full control of Primera Gold which had an exclusive contract to buy and sell gold mined in the east, the company’s head said.