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African Markets - Factors to watch on Nov. 26

Published 26/11/2020, 06:11
© Reuters.
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NAIROBI, Nov 26 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.

GLOBAL MARKETS

Asian shares advanced on Thursday as markets' euphoric mood over COVID-19 vaccines and the prospects of more political predictability and economic stimulus under the incoming Biden administration overrode a slate of weak U.S. economic data. 

WORLD OIL PRICES

Oil rose for a fifth day on Thursday after a surprise fall in U.S. crude inventories gave further legs to a rally driven by optimism that vaccines will end the coronavirus pandemic and revive demand for fuels. 

SOUTH AFRICA MARKETS

South Africa's rand dipped on Wednesday, erasing gains earlier in the session, after data showed consumer price inflation in October rose, but not by enough to dampen expectations of further monetary policy easing.

MARKETS

Kenya's shilling (KES=) edged down on Wednesday as end-of-month demand for dollars continued to pour in from energy and merchandise importers, traders said.

TRADE

Nigeria is ready to reopen its land borders to trade for the first time in more than a year after closing them to try to stamp out smuggling, the finance minister said on Wednesday.

CONFLICT

African envoys went to Ethiopia to plead for peace on Wednesday, hours before an ultimatum was to expire for Tigrayan forces to surrender or face an assault on the northern region's capital that rights groups fear could bring huge civilian casualties.

FASO ELECTION

Burkina Faso President Roch Kabore edged closer to re-election on Wednesday despite opposition concerns over the validity of the count, extending a commanding lead with over half of districts reporting results.

COAST DEBT

Ivory Coast's Eurobond sale this week, sub-Saharan Africa's first of the pandemic era, raised 1 billion euros ($1.19 billion) and was five times oversubscribed, the government said on Wednesday.

LNG

ExxonMobil and Total are in negotiations over their massive LNG projects in Mozambique, with each seeking to extract more gas from a shared field that straddles the two developments and cut costs, three sources familiar with the matter told Reuters.

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