Source: Reuters
NAIROBI, June 13 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.
EVENTS:
*Kenya, Tanzania and Uganda finance ministers present their respective 2024/25 (July-June) fiscal budgets to their parliaments.
*Tanzania’s finance minister presents to parliament a report giving details of its 2023 economic performance.
GLOBAL MARKETS
Asian equities rallied on Thursday, while bond yields slid, as investors weighed cooling U.S. inflation against a more hawkish posture by the Federal Reserve.
WORLD OIL PRICES
Oil prices fell in early trade on Thursday as investors digested news that the U.S. Federal Reserve has opted against cutting interest rates in the near future, while ample U.S. crude and fuel stocks further weighed on the market.
SOUTH AFRICA MARKETS
The South African rand strengthened on Wednesday, as investors waited for collaboration signs between parties trying to form a government of national unity before lawmakers’ swearing in on Friday.
NIGERIA ECONOMY
Nigeria’s President Bola Tinubu said on Wednesday economic reforms would continue despite increasing hardships that have fuelled public anger, and promised to send an executive bill to parliament soon to set a new minimum wage.
NIGERIA PETROLEUM
Singapore, Asia’s oil hub, will be receiving this week its first low-sulphur straight-run fuel oil (LSSR) cargo exported from Nigeria’s new Dangote refinery, according to ship-tracking data and market sources.
KENYA MARKETS
Kenya’s shilling gained ground on Wednesday, boosted by dollar inflows from tea exporters and low importer hard-currency demand, traders said.
GHANA COCOA
Ghana’s cocoa output is expected to rebound strongly next season to over 800,000 metric tons, the cocoa regulator’s chief executive said on Wednesday.
GHANA DEBT
Ghana’s finance ministry said on Wednesday it has finalised a pact with the official creditor committee to formalise a debt restructuring deal agreed in January, smoothing the path to a new funding tranche from the International Monetary Fund.
ZAMBIA MINING
Zambia will set up a new entity for investment and trading in minerals as it seeks to earn more from its natural resources, the Cabinet said on Wednesday after giving its approval.
BOTSWANA MINING
Chinese miner MMG Ltd will invest $700 million to double production at Botswana’s Khoemacau copper mine as part of a growth strategy to secure the critical metal, an official said on Wednesday.
THE AUTHOR: Compiled by Nairobi Newsroom, Reuters
