MARKET NEWS

Nov 20 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

EVENTS:

Senegal to announce results of parliamentary elections on Wednesday, with analysts and local media anticipating the ruling party will win a majority.

Kenya’s finance ministry is expected to launch hearings to prepare the 2025/26 (July-June) fiscal budget.

Kenya’s KCB Group is due to release its financial results for the first nine months of 2024.

GLOBAL MARKETS

Asian shares were cautious on Wednesday as investors looked ahead to earnings results from AI darling Nvidia where the risk of disappointment is high, while the dollar gave back a little of its recent bumper gains.

WORLD OIL PRICES

Oil edged up on Wednesday amid an escalation in the Ukraine war and signs of growing Chinese crude imports, while rising U.S. crude stocks checked overall price gains.

SOUTH AFRICA MARKETS

The South African rand fell on Tuesday as investors pulled out of riskier assets after President Vladimir Putin updated Russia’s nuclear doctrine amid escalating tensions with the United States over Ukraine.

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KENYA MARKETS

The Kenyan shilling was unchanged on Tuesday as dollar inflows from exports matched demand from the manufacturing sector, one trader said.

GHANA PENSIONS

Ghana is clamping down on private pension fund managers who want to invest in offshore assets on concerns it could worsen pressure on its cedi currency, three industry sources told Reuters.

SOMALILAND ELECTION

Somaliland opposition leader Abdirahman Cirro defeated incumbent president Muse Bihi Abdi in last week’s election, the electoral commission said on Tuesday, setting up a handover of power as the breakaway Somali region pushes for global recognition.

((Compiled by Nairobi Newsroom))