African Markets – Factors to watch on June 20

Source: Nairobi Newsroom, Reuters

June 20 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.

EVENTS:

Kenyan citizens are due to hold protests in Nairobi and at least three other towns to reject the country’s proposed 2024 finance law.

The trial of Binance and its two executives on charges of laundering more than $35 million continues in a court in Nigerian capital Abuja.

GLOBAL MARKETS

Asian stocks took a breather on Thursday, hovering near their highest in two years as traders waited for more U.S. policy clues, while sterling was steady before a Bank of England meeting where rates are expected to remain unchanged.

WORLD OIL PRICES

Brent oil futures were little changed in Asia on Thursday, hovering slightly below seven-week highs, as the market weighed geopolitical developments in the Middle East while waiting for the upcoming U.S. inventory data.

SOUTH AFRICA MARKETS

South Africa’s rand strengthened on Wednesday, following the release of local inflation figures and the inauguration of President Cyril Ramaphosa for a second term.

KENYA MARKETS

The Kenyan shilling was stable on Wednesday, supported by the sale of dollars by the central bank and tepid demand for hard currency, traders said.

AFRICA DEVELOPMENT

Africa’s hope of reaching sustainable development goals by 2030 are “all but dead” amid an annual funding shortfall of around $1.3 trillion, according to a report by Sudanese-British billionaire businessman Mo Ibrahim’s foundation.

NIGERIA OIL

Nigerian energy firm Aiteo has shut down all oil production at its Nembe Creek facility, nearly 50,000 barrels per day of output, after detecting a leak, the company said on Wednesday.

CONGO SECURITY

At least five people, including three women and a girl, were killed in the bombardment of a town in eastern Congo’s North Kivu province on Wednesday, an army spokesperson said, accusing the M23 rebel group of the attack.

NIGERIA BIAFRA

Separatist leader Nnamdi Kanu is willing to negotiate with the Nigerian government over his continued detention and trial on terrorism charges, his lawyer said on Wednesday.

THE AUTHOR: Compiled by Nairobi Newsroom, Reuters

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