Gold prices edge up amid Fed rate cut hopes; US-Russia talks awaited
The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Friday.
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EVENTS:
*Nigeria central bank to hold interest rate meeting
GLOBAL MARKETS
Asian share prices inched higher on Friday as economic
stimulus around the world eased fears over slowing growth,
while crude oil prices climbed on concerns that last
weekend's attacks on Saudi Arabia's oil facilities still
pose supply risks. MKTS/GLOB
WORLD OIL PRICES
Oil prices were on track for a more-than-7% jump this week,
their biggest in months, as early trading on Friday saw
gains extended on fresh tensions in the Middle East after a
key Saudi Arabian supply hub was knocked out in an attack
last weekend. O/R
EMERGING MARKETS
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STOCKS
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SOUTH AFRICA MARKETS
South Africa's rand was slightly weaker on Thursday after
the central bank left its main interest rate on hold as
expected. MARKETS
A company awarded more than $9 billion in an arbitration
case against Nigeria has been ordered by a court in the
capital Abuja to forfeit its local assets to the
government. OIL/THEFT
Nigeria lost $1.35 billion to oil theft in the first six
months of this year and needs a legal task force with
special courts to tackle it, a government committee said on
Thursday. MARKETS
The Kenyan shilling KES= was stable against the dollar on
Thursday with inflows from offshore investors buying
government debt helping soak up pressure from excess
liquidity in the local money market, traders
said. BUDGET
Kenya took the first step towards cutting excessive
government spending and reducing a gaping fiscal deficit
that have driven up borrowing, a draft Treasury budget
review showed on Thursday, but analysts said the cuts do not
go far enough. COCOA
Ghana, the world's second largest cocoa producer, is
expected to produce 850,000 tonnes of cocoa in 2019/20
season, at the lower end of average levels on account of the
swollen shoot disease outbreak, the country's industry
regulator said on Thursday. VIOLENCE
At least 28 people have been killed in a northeastern
province of Democratic Republic of Congo in the past two
days, the UN stabilizing mission in the country (MONUSCO)
said on Thursday. HEALTHCARE
Striking doctors in Zimbabwe marched to parliament on
Thursday to protest the disappearance of their union leader
and press the government to increase their pay after a court
ruled that police should not interfere with the
march. ELECTRICITY
Zambia is in talks with South African state-run power
utility Eskom to import 300 megawatts (MW) of electricity,
Energy Minister Mathew Nkhuwa said on Tuesday, adding prices
could double once imports begin. FASO SECURITY
Islamic State claimed responsibility for one of the
deadliest attacks against the Burkina Faso military in
recent months, the SITE website that tracks militant attacks
reported on Thursday. MARKETS
The Uganda shilling UGX= was stable on Thursday as
importer demand for dollars remained broadly
unchanged. CURRENCIES
The Zambian and Ugandan currencies may stay under pressure
next week while those of Kenya, Tanzania and Nigeria and
likely to remain stable. the latest precious metals report click on GOL/
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