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African Markets - Factors to watch on Oct. 20

Published 20/10/2020, 04:53
© Reuters.
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NAIROBI, Oct 20 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.

Kenya's financial markets are closed for the Mashujaa (Heroes) national holiday. Trading will resume on Wednesday.

GLOBAL MARKETS

Asian stocks came under pressure on Tuesday as a deadline for U.S. lawmakers to pass an economic stimulus bill approached and record daily coronavirus infections in Europe ignited concerns about more severe lockdowns.

WORLD OIL PRICES

Oil prices slipped for a fourth straight day on Tuesday on worries about a resurgence of coronavirus cases globally stifling a promising recovery in fuel demand, while growing output from Libya adds to plentiful supply in the market.

SOUTH AFRICA MARKETS

South Africa's rand was firmer on Monday, extending gains of the previous week to levels reached a month ago as investors searching for yield were spurred by hopes of a U.S. fiscal package and data showing China's economy rebounding.

MARKETS

The Kenyan shilling weakened slightly on Monday as demand from energy and merchandising importers exceeded dollar inflows, traders said.

AFRICA CORONAVIRUS

South Africa has reduced the number of countries on its high risk COVID-19 list by more than half to 22 from 60, the government said on Monday, although Germany was among the notable additions to the register.

ECONOMY

Kenya's budget deficit for this financial year is expected to swell to 8.9% of gross domestic product, as expenditures rise and tax collections suffer from the impact of the coronavirus crisis, the finance ministry said.

COAST ELECTION

One person was killed and several injured when security forces opened fire on protesters in the southeast of Ivory coast on Monday, several witnesses said, a sign of spreading unrest ahead of an Oct. 31 election boycotted by the opposition.

ELECTION

Guinea opposition candidate Cellou Dalein Diallo said on Monday he had won the first round of the Oct. 18 presidential election, but his claim was quickly disputed by the electoral commission and the government, setting the stage for a stand-off.

PROTESTS

Nigerians protesting against what they condemn as police brutality must end their daily demonstrations and enter into dialogue with the government on law enforcement reforms, the youth minister said on Monday.

OIL

Over 100,000 people in Uganda and Tanzania have been hurt by human rights violations linked to the Total's (TOTF.PA) oil operations in Uganda, two French activist groups said in a report on Tuesday. 

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