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African Markets - Factors to watch on Oct 9

Published 09/10/2020, 05:37
Updated 09/10/2020, 05:42
© Reuters.
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NAIROBI, Oct 9 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.

GLOBAL MARKETS

Asian shares inched close to 2-1/2-year highs on Friday as revived hopes for a U.S. stimulus deal eclipsed weaker-than-expected jobs data, while mainland Chinese markets jumped after a week-long holiday.

WORLD OIL PRICES

Oil prices eased a few cents early in trading on Friday in a breather at the end of a week of big gains propelled by a strike in Norway that raised the prospect of supply from the major producer being slashed by up to 25%.

SOUTH AFRICA MARKETS

South Africa's rand inched firmer in tentative trade on Thursday as renewed hope for more U.S. stimulus soothed investor sentiment toward riskier currencies.

KENYA MARKETS

The Kenyan shilling was stable on Thursday with importer dollar demand matched by inflows from remittances and agricultural exports.

NIGERIA BUDGET

Nigerian President Muhammadu Buhari presented a record 13.08 trillion naira ($34.4 billion) budget for 2021 to lawmakers on Thursday, an increase from last year as the country tackles the crisis brought about by the coronavirus pandemic.

SUB-SAHARAN AFRICA GROWTH

The coronavirus crisis is expected to drive a 3.3% contraction in sub-Saharan African economies in 2020 and could push 40 million people into extreme poverty, the World Bank said on Thursday.

UGANDA DEBT

Banks in Uganda plan to appeal a court ruling issued on Wednesday that has effectively declared illegal certain syndicated loans - representing at least $1.5 billion worth of debt - an industry body said on Thursday.

DEBT

Zambia has in the past few months engaged Chinese creditors to try to secure the suspension of debt service falling due from May 1 to Dec. 31, the ministry of finance said on Thursday.

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