The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Thursday.
- - - - -
EVENTS:
EAST AFRICA - The finance ministers of Kenya, Uganda,
Tanzania and Ethiopia present their 2020/21 budgets to their
respective parliaments. Kenya will start at about 1100 GMT.
GLOBAL MARKETS
Asian shares swung lower on Thursday while bonds rallied
after a downbeat economic outlook from the U.S. Federal
Reserve stoked speculation it would have to add to already
historic levels of stimulus to underpin a recovery.
MKTS/GLOB
WORLD OIL PRICES
Oil prices fell more than 2% on Thursday on worries about
slow demand growth with coronavirus cases rising, U.S. crude
stockpiles hitting an all-time high and the U.S. Federal
Reserve projecting recovery from the pandemic would take
years.
O/R
EMERGING MARKETS
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SOUTH AFRICA MARKETS
South Africa's rand rose against the dollar on Wednesday, as
the U.S. currency weakened amid a cautious mood ahead of the
U.S. Federal Reserve's verdict on the health of the economy.
MARKETS
The Nigerian naira for five-year settlement was quoted at
578.37 to the U.S. dollar on Wednesday, just off a record
low of 584.11 last week, as a shortage of dollars piled on
pressure, while the central bank seeks to bolster the
Nigerian currency.
BUDGET
Nigeria's House of Representatives on Wednesday passed a
revised 10.8 trillion naira ($30 billion) budget based on
oil prices at $28 per barrel.
MARKETS
The Kenyan shilling was under depreciation pressure on
Wednesday as the easing of coronavirus restrictions
jumpstart economic activities and boosts demand for hard
currency.
ELECTION
Ethiopia's parliament approved on Wednesday an extra year in
office for Prime Minister Abiy Ahmed after August elections
were postponed, two days after a leading opposition
politician resigned as speaker of its upper house in
apparent protest at the delay.
MINERAL EXPORTS
Zambia on Wednesday said mines ministry officials will,
starting next month, personally collect samples from mine
sites around the country to prevent mining companies seeking
to undervalue their production to pay less taxes.
INFLATION
The consumer price inflation rate quickened to 11.3% in May,
the statistics office said.
GHANA INCAS DIAGNOSTICS
Ghana's Incas Diagnostics expects the country's regulator to
approve its new COVID-19 antibody test by the end of July,
saying its kits could help health authorities ease pandemic
restrictions.
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