Market News

NAIROBI, June 27 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.

EVENTS:

*Zimbabwe’s statistics office releases consumer inflation data for June.

GLOBAL MARKETS

Asia shares hit their highest level in more than three years on Friday as they tracked a Wall Street rally, though the dollar struggled on concerns about the Federal Reserve’s independence and expectations for early rate cuts.

WORLD OIL PRICES

Oil was set to fall this week with the Iran-Israel ceasefire holding and easing concerns over Middle East supply risks, although prices rose on Friday as the summer driving season ramped up fuel demand in the United States.

SOUTH AFRICA MARKETS

The South African rand was flat in choppy Thursday trading as investors reacted to key U.S. economic indicators and the removal of a South African deputy trade minister.

AFRICA CURRENCIES

The Zambian and Ugandan currencies could strengthen in the next week to Thursday, while Kenya’s and Ghana’s are expected to be broadly stable, traders and analysts said.

ETHIOPIA BANKING

International banks and investors can apply for a licence to operate in Ethiopia immediately, according to a central bank statement, capping the government’s drive to attract more overseas investment into the domestic banking sector.

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SENEGAL BUDGET

Senegal has revised its 2025 budget deficit upward to 7.82% of gross domestic product from an initial forecast of 7.08%, according to the draft revised finance bill seen by Reuters on Thursday.

TOGO POLITICS

Soldiers in Togo used tear gas and batons on Thursday to disperse hundreds of protesters who blocked main roads in the capital to call for the resignation of longtime leader Faure Gnassingbe, Reuters witnesses said.

ZAMBIA BUDGET

Zambia’s Finance Minister Situmbeko Musokotwane asked Parliament on Thursday to approve an additional 33.6 billion kwacha ($1.4 billion) of spending this year, saying the original amount budgeted for was insufficient.

DEMOCRATIC REPUBLIC OF CONGO SECURITY

Congolese negotiators have dropped a demand that Rwandan troops immediately leave eastern Democratic Republic of Congo, paving the way for a U.S.-brokered peace agreement to be signed between the longtime foes on Friday, four sources told Reuters.

((Compiled by Nairobi Newsroom))