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African Markets - Factors to watch on Nov. 2

Published 02/11/2020, 06:16
Updated 02/11/2020, 06:18
© Reuters.
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The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.

EVENTS

Opponents of Tanzania's president to protest his election win

GLOBAL MARKETS

Asian shares bounced off one-month lows on Monday on solid data from China showing factory activity expanded at its fastest pace in a decade while oil prices skidded as many Western countries slid back into coronavirus-driven lockdowns. 

WORLD OIL PRICES

Oil prices fell more than 3% on Monday on worries a swathe of coronavirus lockdowns across Europe will weaken fuel demand, while traders braced for turbulence during the U.S. presidential election week. 

SOUTH AFRICA MARKETS

South Africa's rand gained against the U.S. dollar on Friday, with analysts citing the country's relatively high yields. Stocks dipped.

WTO

Nigeria is reaching out to the United States and South Korea to persuade them to back its pick to head the World Trade Organization, the trade ministry said on Friday, after the candidate's last-minute rejection threw the selection process into confusion.

STOCKS

Nigerian stocks soared to a more than 16-month high on Friday as funds piled into equities, propelled by low interest rates and as early third-quarter corporate earnings showed some companies have weathered the impact of the COVID-19 crisis, traders said.

MARKETS

The Kenyan shilling (KES=) edged up against the dollar on Friday, as the central bank mopped up liquidity from the market, traders said.

MINING

Mali's transitional government aims to review mining conventions signed with companies by the previous administrations, interim President Bah N'daw, said late on Friday following recommendations from the country's auditor general.

COAST ELECTION

Ivory Coast President Alassane Ouattara took a strong early lead on Sunday as he seeks a third term in an election that has been marked by deadly violence, winning all 26 of the voting districts that were announced by the electoral commission.

ELECTION

Tanzania's President John Magufuli has promised to work with his rivals after a landslide victory in an election that his leading opponent described as a travesty and the United States said was marred by widespread irregularities.

MARKETS

The Ugandan shilling (UGX=) traded stable on Friday, as some inflows of hard currency from commodity exporters and charities offered support, traders said.

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