The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Thursday.
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EVENTS:
KENYA - The statistics office releases October inflation
data. The rate dropped to 3.83% in September.
GLOBAL MARKETS
Asian shares jumped on Thursday to a three-month high and
the dollar fell broadly after the Federal Reserve cut
interest rates as expected and U.S. Treasury yields
declined.
MKTS/GLOB
WORLD OIL PRICES
Oil prices rose on Thursday as investors banked on more
economic stimulus by China after weak PMI data, partly
recovering from losses in the previous session on a surprise
build in U.S. crude stocks.
EMERGING MARKETS
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SOUTH AFRICA MARKETS
South Africa's rand suffered its steepest fall in more than
a year on Wednesday after Finance Minister Tito Mboweni
forecast wider budget deficits and a sharp increase in debt
during his medium-term budget policy statement.
MARKETS
The Nigerian government has fast-tracked a law that would
render billions in planned offshore oil investments
unprofitable and cut nearly 30% from potential offshore
output, an industry group said.
ELECTION PETITION
Nigeria's Supreme Court on Wednesday dismissed an appeal by
the main opposition candidate to overturn the result of
February's presidential election in which Muhammadu Buhari
was returned to office.
MARKETS
The Kenyan shilling KES= edged up on Wednesday on the back
of increased inflows into the local debt and stock markets
from investors abroad.
RATE CAP
Kenya's parliament should repeal a cap on commercial lending
rates, in line with the president's demands, the finance
committee of the legislature said in a report.
ECONOMY
Kenya's economy is likely to expand by 6.0% next year,
rising from projected growth of 5.8% this year, due to a
favourable weather outlook, the World Bank said.
DEFICIT
Kenya has revised up its expected 2019/2020 fiscal deficit
for the second time in a matter of weeks as East Africa's
richest economy tries to cut spending amid a struggle to
raise revenue.
Total's Chief Finance Officer Jean-Pierre Sbraire said on
Wednesday that it was too early to say when a final
investment decision on it Uganda oil project would be taken,
potentially delaying the decision that was initially
expected last year.
TELECOMS
Uganda has ordered telecoms operators in the country to list
on the local bourse, part of a move to encourage local
ownership of the sector, the regulator said on Wednesday.
Capital costs to develop the SNE oil field off Senegal have
risen 40% to $4.2 billion, as the project partners have
decided to buy rather than lease a ship for the project,
Australia's FAR Ltd FAR.AX said on Wednesday.
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