African Markets – Factors to watch on Dec 18

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.

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GLOBAL MARKETS

Asian shares fell on Thursday as the tech sector took a beating on renewed angst about AI spending, while investors braced for a wave of central bank meetings set to underscore policy divergence worldwide.

WORLD OIL PRICES

Oil prices rose on Thursday following reports that the U.S. was preparing new sanctions on Russian oil if Moscow does not agree to a Ukraine peace deal, as market participants assessed the supply risks posed by a blockade of Venezuelan oil tankers.

EMERGING MARKETS

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AFRICA STOCKS

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SOUTH AFRICA MARKETS

The South African rand gained on Tuesday after domestic data showed a pickup in the leading business cycle indicator in October from September, and slightly softer than expected inflation in November.

NIGERIA ENERGY

Nigerian President Bola Tinubu has asked the Senate to confirm two new heads for Nigeria’s oil and gas regulators after their predecessors abruptly quit, amid a high stakes clash between one agency and Africa’s richest man, Aliko Dangote.

DEMOCRATIC REPUBLIC OF CONGO WAR

Rwanda-backed M23 rebels have begun withdrawing from the eastern Congolese town of Uvira in an effort to support U.S.-backed peace efforts, their leaders said on Wednesday, promising to complete the pullout by Thursday.

NIGERIA BUDGET

Nigeria’s President Bola Ahmed Tinubu has asked parliament to approve a 43.56 trillion naira ($29.96 billion) spending plan that repeals and re-enacts the 2024 budget to run through December 2025, aiming to end overlapping fiscal cycles from recent years and tighten controls on public finances.

ZIMBABWE MINING

Zimbabwe has reversed plans to double its gold royalty rate to 10%, a new 2026 budget bill showed on Wednesday, following protests by miners and industry groups.

CONGO REPUBLIC DEBT

The Republic of Congo said on Wednesday it would reopen the international bond it issued last month to raise an additional $260 million and will use the funds to refinance part of its domestic debt coming due in January and February.

NAMIBIA REVENUES

Namibia’s diamond revenue has been surpassed by income from other minerals for the first time, the country’s mining chamber said, with record gold prices and higher uranium output helping to offset the impact of weak gem prices.

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((Compiled by Nairobi Newsroom))

((Email: nairobi.newsroom@thomsonreuters.com))