African Markets - Factors to watch on July 24

  • Reuters
  • Stock Market News
African Markets - Factors to watch on July 24
Credit: © Reuters.

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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GLOBAL MARKETS Asian shares skidded from six-month peaks on Friday as Sino-U.S. tensions soured what had been an upbeat week, while the euro held near a 21-month top against the embattled dollar and gold neared a record high. MKTS/GLOB

WORLD OIL PRICES Oil edged up on Friday as the dollar fell to an almost two-year low, although demand concerns stemming from rising coronavirus cases and U.S.-China tensions kept a lid on prices. O/R

EMERGING MARKETS For the top emerging markets news, double click on STOCKS For the latest news on African stocks, click on .J

SOUTH AFRICA MARKETS South Africa's rand trimmed its losses against the dollar on Thursday, after the central bank cut lending rates for a fifth time in a row to support an economy strangled by the COVID-19 pandemic. STOCKS Nigerian stocks climbed to a three-week high on Thursday lifted by gains in its biggest listed firm Dangote Cement, which announced a share buyback this year. MARKETS The Kenyan shilling KES= was under pressure on Thursday due to market players from broad sectors of the economy shoring up their dollar reserves after the shilling weakened to an all time record low during the previous session, traders said. CURRENCIES The Kenyan shilling and the Nigerian naira are expected to weaken in the week ahead, mainly because coronavirus disruptions have led to a dearth of dollars. CORONAVIRUS Uganda on Thursday recorded its first death from the new coronavirus, the ministry of health said, making it one of the last nations on the continent to report a fatality since the pandemic reached it in March. POLITICS A Zimbabwean court on Thursday denied bail to an opposition politician who called for protests against government corruption and rolled over a similar case against a journalist to Friday. PRESIDENT MKAPA Tanzania's former President Benjamin Mkapa, who served from 1995 to 2005, died in the early hours of Friday, President John Magufuli said in a statement. POLITICS West African leaders will hold a virtual extraordinary summit on Monday to propose measures to end the deepening political crisis in Mali after five heads of state met with the government and the opposition in the country's capital city Bamako on Thursday. COBALT A worker at a Zhejiang Huayou Cobalt Co 603799.SS mine in Democratic Republic of Congo has died of COVID-19 and another confirmed COVID-19 case is being treated in hospital, provincial governor Jacques Kyabula Katwe told Reuters. ECONOMY Ghana's economy will grow at its slowest rate in nearly 40 years in 2020 as it reels from the fallout of the coronavirus pandemic, the finance minister said on Thursday, announcing a $17.4 billion support programme. COAST ORANGE

French telecoms provider Orange ORAN.PA on Thursday launched mobile banking operations in Ivory Coast, the third country where it has expanded into digital lending after France and Spain. SUDAN RIGHTS A prominent South Sudanese economist fled to the United States on Thursday and accused South Sudan's President Salva Kiir of ordering a hit squad to kill or kidnap him in Kenya, an allegation immediately denied by the Juba government. the latest precious metals report click on GOL/

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