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African Markets - Factors to watch on Oct 7

Published 07/10/2020, 05:39
Updated 07/10/2020, 05:42
© Reuters.
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NAIROBI, Oct 7 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

GLOBAL MARKETS

Asian stock markets edged higher on Wednesday, brushing off Wall Street's weaker finish, which came after U.S. President Donald Trump abruptly broke off economic stimulus negotiations with lawmakers.

OIL PRICES

Oil prices slipped on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected build-up in U.S. crude stocks.

SOUTH AFRICA MARKETS

South Africa's rand firmed slightly on Tuesday as risk appetite improved after U.S. President Donald Trump left hospital following treatment for COVID-19.

KENYA MARKETS

The Kenyan shilling was flat on Tuesday, as dollar inflows from sectors like horticulture and remittances met importer demand.

EQUITIES

Nigerian stocks posted their biggest daily gain in 5-1/2 years on Tuesday, after shares rose for the 12th straight day as money market liquidity flowed into equities, traders said.

NIGERIA REFINERIES

Nigeria aims to end the country's so-called oil-for-fuel swaps system in the near future and rely instead on oil products from local refineries, which it hopes to have running again by 2023, the head of Nigeria's national oil company NNPC said on Tuesday.

MALI POLITICS

Leaders of the West African regional bloc have lifted sanctions imposed on Mali following the Aug. 18 military coup that ousted President Ibrahim Boubacar Keita, the group said on Tuesday.

CENTRAL BANK

Zambia's new central bank governor Christopher Mvunga said on Tuesday he will uphold the operational independence of the Bank of Zambia in line with the law. 

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