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African Markets - Factors to watch on Nov. 30

Published 30/11/2020, 05:46
© 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: ETHIOPIA

The Prime Minister Abiy Ahmed addresses parliament after saying a military offensive in the northern Tigray region had ended with federal troops taking control of the regional capital Mekelle.

KENYA

The statistics office releases consumer price inflation data for November.

ZIMBABWE

Finance minister Mthuli Ncube and central bank governor John Mangudya to answer questions from business leaders following last week's national budget speech.

GLOBAL MARKETS

World shares paused to assess a record-busting month on Monday as the prospect of a vaccine-driven economic recovery next year and yet more free money from central banks eclipsed immediate concerns about the coronavirus pandemic.

WORLD OIL PRICES

Crude oil prices fell on Monday, amid investor jitters ahead of a meeting of producer group OPEC+ to decide whether to extend large output cuts to balance global markets, but vaccine hopes helped keep them on track to rise more than a fifth in November. 

SOUTH AFRICA MARKETS

South Africa's rand weakened on Friday but was still on course to end the week higher, buoyed by earlier momentum from positive news on COVID-19 vaccines that has boosted hopes of a swift global economic recovery.

MARKETS

Nigeria's central bank has weakened the naira by 1.5% to 390 per dollar for exchange bureaux, in an attempt to ease pressure on the currency which has hit new lows on the black market as dollar scarcity squeezes the economy.

MARKETS

Kenya's shilling (KES=) was unchanged on Friday and was forecast to weaken due to end-month dollar demand from merchandise and energy sector importers, traders said.

ECONOMIC GROWTH

Kenya's central bank cut its forecast for 2020 economic growth by more than half on Friday, joining the Treasury in realising that the coronavirus had inflicted more damage to the economy than previously thought.

CONFLICT

Rebellious forces from Ethiopia's northern region of Tigray said they had shot down a military plane and retaken a town from federal forces on Sunday, as war dragged on a day after the government announced its military offensive was over.

FASO ELECTION

The ruling coalition of Burkina Faso President Roch Kabore, who was re-elected to a second term last week, has retained its majority in parliament, the electoral commission said on Sunday.

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