African Markets - Factors to watch on June 21

  • Reuters
  • Stock Market News
African Markets - Factors to watch on June 21
Credit: © Reuters.

NAIROBI, June 21 (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 stocks struggled on Friday to follow Wall Street's euphoria about a possible U.S. rate cut next month as anxiety over Sino-U.S. trade negotiations clouded investor sentiment in the region. MKTS/GLOB

WORLD OIL PRICES Oil prices rose on Friday, with Brent crude heading for its first weekly gain in five weeks on tensions in the Middle East after Iran shot down a U.S. military drone and on hopes for a drop in U.S. interest rates that may stimulate global growth. 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 inched firmer late on Thursday following a rally to a five-week best after the U.S. Federal Reserve signalled possible interest rate cuts later this year.

PETROLEUM Nigerian President Muhammadu Buhari has appointed a new group managing director of the Nigerian National Petroleum Corporation (NNPC), the state oil firm said on Thursday, one of his first appointments since starting a second term in office last month.

MARKETS The Kenyan shilling KES= was stable against the dollar on Thursday with inflows from remittances and horticulture exports helping meet demand from oil importers, traders said. the central bank governor said he was not concerned by this month's falls in the shilling and the weakness was not linked to plans to invalidate the old 1,000 shilling note.

ELECTRICITY Kenya has cut its target for expanding its electricity output by 2030 by nearly 30% as demand is growing more slowly than expected, its energy minister was quoted as saying.

COAST TELECOMS The Ivory Coast unit of French telecoms group Orange ORAN.PA aims to invest 180 billion CFA francs ($312 million) this year and next to improve its network and provide new services, its director said on Thursday.

MINING Vedanta Resources said it would take urgent steps to protect its Zambian assets and pursue international arbitration if necessary after a Lusaka court on Thursday rejected its request to be included in liquidation proceedings.

SUDAN BUDGET South Sudanese lawmakers stormed out of a budget presentation by the finance minister on Thursday, with one citing frustrations over non-payment of salaries to civil servants and soldiers.

CURRENCY Zimbabwe's interim currency fell to a new low on the black market on Thursday and local firms were demanding payment in U.S. dollars as a hedge against inflation, which is running at its highest in a decade.

OIL Angola, a key provider of oil to China, has suffered its slowest trading month this year as poor refining margins, high freight rates and subdued demand amid the trade war between Beijing and Washington curbed its sales.

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