Market News

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

GLOBAL MARKETS

Asian shares and global stock futures tumbled on Wednesday, led by a heavy decline in technology names and as worries about the global growth outlook drove investors out of risky assets, while oil prices hit multi-month lows.

WORLD OIL PRICES

Oil prices fell on Wednesday, extending a plunge of more than 4% the previous day, on expectations that a political dispute halting Libyan exports could be resolved and concerns over lower global demand growth.

SOUTH AFRICA MARKETS

The South African rand weakened on Tuesday after data showed the country’s second-quarter economic growth was slightly weaker than expected.

NIGERIA CHINA INVESTMENTS

China vowed to encourage its more “powerful” companies to invest in Nigeria, which in turn said it was open to Chinese companies building factories and developing its energy and mineral resources, after the two nations’ leaders met in Beijing.

KENYA MARKETS

Kenya’s shilling was unchanged on Tuesday, and traders said it was expected to strengthen, helped by tea export dollar inflows.

UGANDA POLITICS

Uganda’s main opposition leader Bobi Wine, who has emerged as the most formidable opponent of veteran President Yoweri Museveni, was shot in the leg by security agents in a northern suburb of the capital Kampala on Tuesday, his party said.

ETHIOPIA AIRLINE

Ethiopian Airlines said on Tuesday it had suspended flights to neighbouring Eritrea because its bank account there was frozen.

ANGOLA CHINA FINANCING

China needs to step up its financing for Angola if the African nation is to absorb more Chinese-made goods from solar panels to electric cars, Angola’s finance minister said on Tuesday, as the former OPEC member considers vying bids from Beijing and Europe.

(Compiled by Nairobi Newsroom)