<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JXOFZTDK5VI4ZELV27266DHJHM-820x562.jpg" alt="" class="wp-image-547405" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JXOFZTDK5VI4ZELV27266DHJHM-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JXOFZTDK5VI4ZELV27266DHJHM-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JXOFZTDK5VI4ZELV27266DHJHM-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JXOFZTDK5VI4ZELV27266DHJHM-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JXOFZTDK5VI4ZELV27266DHJHM-1536x1052.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JXOFZTDK5VI4ZELV27266DHJHM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Customers push trolleys as they shop at a Pick n Pay store at the Trade Route Mall, in Lenasia outside Johannesburg, South Africa, February 8, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Oct 28 (Reuters) &#8211; South African retailer Pick n Pay, which is listing its discount grocery chain Boxer in Johannesburg through an initial public offering, said on Monday that the base size of the IPO would be towards the upper end of its guidance.



Pick n Pay previously said proceeds from the IPO could be between 6 billion rand and 8 billion rand ($339 million and $452 million).



The retailer said in a statement that the Boxer IPO would include an overallotment option, which was not expected to exceed 500 million rand and would be settled through the issuance of new shares.



An overallotment option grants the underwriter the right to sell more shares than originally planned if demand proves higher than expected. It provides price stability.



The IPO is part of Pick n Pay&#8217;s two-step recapitalisation plan for much needed cash to lower its debt and fix its loss-making core Pick n Pay supermarkets business.



The group also wants Boxer to be accorded a market value which appropriately reflects its &#8220;superior&#8221; growth and return on invested capital.



&#8220;We&#8217;ve been able to obtain unsecured committed term debt and working capital facilities for the Boxer business post the IPO&#8221; from funding partners, Group Chief Finical Officer Lerena Olivier told investors.



Boxer said it has an expected gross drawn term debt of up to 850 million rand and about 2 billion rand of working capital facility.



Pick n Pay will retain a controlling stake in Boxer, Olivier added.



The company targets a dividend pay-out ratio of 40% of Boxer group headline earnings, it said.



Boxer, with 489 stores, is South Africa&#8217;s fastest growing discount grocery chain, with about 68% market share of the discount grocery retail market.



As part of its strategy to grow, Boxer is actively pursuing store expansion, including rollouts to untapped areas, developing its suite of value-added services and expanding its supply chain with additional distribution centres where necessary to support new stores, it said.



For its 2025 financial year, Boxer forecasts turnover growth of about 10%-12%, and mid-teens growth in the next three to five years. It aims to double turnover within five years, the retailer added.



In the 26 weeks ended Aug. 25, turnover rose by 12% to 19.8 billion rand, it said, while its trading profit increased by 11.8% to 809 million rand.



($1 = 17.7137 rand)



(Additional reporting by Alexander Winning; Editing by Jacqueline Wong, Janane Venkatraman and Susan Fenton)

FILE PHOTO: Pick n Pay sales grow but warns on extra costs from power cuts

Boxer IPO in Johannesburg could raise close to $452 million for Pick n Pay

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



Oct 28 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



The yen hit a three-month low on Monday as Japan&#8217;s ruling party lost its parliamentary majority, while oil tumbled after Israel&#8217;s weekend strike on Iran bypassed oil or nuclear targets.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices tumbled more than $3 a barrel on Monday after Israel&#8217;s retaliatory strike on Iran over the weekend bypassed Tehran&#8217;s oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



South Africa&#8217;s rand firmed on Friday while local investors geared up for the country&#8217;s mid-term budget next week.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



The Kenyan shilling was unmoved against the dollar on Friday, data from the London Stock Exchange Group showed.



<h2 class="wp-block-heading" id="h-ghana-security">GHANA SECURITY</h2>



Ghana&#8217;s government on Saturday rejected Reuters reporting on Islamist militants in Burkina Faso that found they are discreetly using neighbouring Ghana&#8217;s north as a logistical and medical base to sustain their insurgency.



<h2 class="wp-block-heading" id="h-imf-nigeria">IMF NIGERIA</h2>



Nigeria is considering a diaspora bond in the United States next year and is targeting remittance inflows of $1 billion a month, its central bank chief told Reuters on Thursday.



<h2 class="wp-block-heading" id="h-kenya-energy">KENYA ENERGY</h2>



Kenya&#8217;s high court on Friday suspended a $736 million deal between a state utility and India&#8217;s Adani Energy Solutions to build and operate power infrastructure including transmission lines.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 28

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg" alt="" class="wp-image-524623" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Oct 28 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Monday.



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



South Africa&#8217;s Johannesburg Stock Exchange will release data on foreigners&#8217; buying and selling of bonds and stocks in the previous week.



South Africa&#8217;s government will hold its weekly auction for Treasury bills.



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



South African grocery retailer Pick n Pay&nbsp;PIKJ.J&nbsp;reported on Monday a wider half-year loss before tax of 1.1 billion rand ($62 million), as trading losses in its core Pick n Pay business grew 9.1%.



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



South Africa&#8217;s rand firmed on Friday, while local investors geared up for the country&#8217;s mid-term budget next week.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.1% higher.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



The yen hit a three-month low on Monday, as Japan&#8217;s ruling party lost its parliamentary majority, while oil tumbled after Israel&#8217;s weekend strike on Iran bypassed oil or nuclear targets.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



The Nasdaq ended higher on Friday, driven by megacap shares, as investors awaited quarterly results from some of Wall Street&#8217;s biggest companies next week.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices fell on Monday as the U.S. dollar held firm, while investors awaited U.S. economic data for fresh insights on the Federal Reserve&#8217;s monetary policy path.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; IMF to assess SA&#8217;s growth prospects



&#8211; SA and Ukraine to sign visa waiver for diplomatic purposes



&#8211; SA needs more prosecutions to combat money laundering, says FATF



(Compiled by Tannur Anders; Editing by Sumana Nandy)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 28

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3ZERF2UFDZL2RNBR2FKVI4RFFM-820x547.jpg" alt="" class="wp-image-547383" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3ZERF2UFDZL2RNBR2FKVI4RFFM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3ZERF2UFDZL2RNBR2FKVI4RFFM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3ZERF2UFDZL2RNBR2FKVI4RFFM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3ZERF2UFDZL2RNBR2FKVI4RFFM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3ZERF2UFDZL2RNBR2FKVI4RFFM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3ZERF2UFDZL2RNBR2FKVI4RFFM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Mokgweetsi Eric Keabetswe Masisi, President of Botswana addresses the &#8220;Summit of the Future&#8221; in the General Assembly Hall of the United Nations Headquarters in New York City, U.S., September 23, 2024. REUTERS/Caitlin Ochs/File Photo</figcaption></figure>



GABORONE, Oct 28 (Reuters)&nbsp;&#8211;&nbsp;Botswana will hold a general election on Wednesday with President Mokgweetsi Masisi competing against three challengers for a second term in the diamond-rich southern African state.



The poll could be competitive, analysts said, although a divided opposition gives the advantage to Masisi&#8217;s Botswana Democratic Party (BDP), which has ruled the country of 2.3 million people since its independence from Britain in 1966.



Botswana has enjoyed stability and relative prosperity thanks to its diamond wealth and small population, which gets free healthcare and education. It is the world&#8217;s top producer by value of the gem.



But a downturn in the diamond market has put a squeeze on revenues in the last few years, and the country has struggled to diversify its economy. Opponents say the BDP has been in power too long and accuse it of economic mismanagement and corruption, which it denies.



&#8220;Our diamonds have not been selling since April so yes, our revenues are down but the economic fundamentals still remain intact,&#8221; said Masisi at a presidential debate last week.



&#8220;We are going to continue with the projects and policies we have come up with that are aimed at putting more money and wealth into the hands of the citizens of this country,&#8221; he said.



One success of his first term was negotiating a new contract with diamond giant De Beers which will give Botswana a greater share of its rough diamonds. He also lifted a ban on elephant hunting which he says benefits rural communities, and instated an import ban on some produce items to help farmers.



His main challenger is Duma Boko of the opposition coalition Umbrella for Democratic Change (UDC).



The other candidates are Dumelang Saleshando of the Botswana Congress Party and Mephato Reatile of the Botswana Patriotic Front, backed by former President Ian Khama who quit the BDP after a feud with Masisi over scrapping the hunting ban and other issues.



Opponents have attacked Masisi&#8217;s economic record, citing rising unemployment, which stands at around 28%.



&#8220;It is not acceptable that a country such as ours which is the fifth richest per capita in Africa still has so many people living in poverty,&#8221; said Boko at the debate.



Botswana actually has the fourth highest gross domestic product (GDP) per capita of countries in sub-Saharan Africa, according to World Bank figures.



Boko has pledged to more than double the minimum wage and increase social grants, saying he would get the money by reducing wasteful spending.



The BDP has faced declining popularity but maintains a large majority in parliament, having won 38 of the 57 contested seats in 2019. The UDC won 15 seats. Voters in Botswana elect parliamentarians, who then elect the president.



Analysts said the opposition is crippled by a lack of funding.



&#8220;The playing field is not even,&#8221; said Ringisai Chikohomero, from the South Africa-based Institute for Security Studies.



After the last election the opposition claimed fraud and challenged the results at the High Court, which dismissed the case.



(Additional reporting and writing by Nellie Peyton; Editing by David Gregorio)

FILE PHOTO: World leaders attend United Nations “Summit of the Future”, in New York

Diamond-rich Botswana votes with President Masisi seeking second term

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1858" height="1045" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/103308639-GettyImages-128384632.jpg" alt="" class="wp-image-547350" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/103308639-GettyImages-128384632.jpg 1858w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/103308639-GettyImages-128384632-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/103308639-GettyImages-128384632-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/103308639-GettyImages-128384632-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/103308639-GettyImages-128384632-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/103308639-GettyImages-128384632-1536x864.jpg 1536w" sizes="auto, (max-width: 1858px) 100vw, 1858px" /><figcaption class="wp-element-caption">View of Iran’s oil industry installations in Mahshahr, Khuzestan province, southern Iran. Kaveh Kazemi | Getty Images</figcaption></figure>



Oil prices slid more than 4% on Monday as Israel’s strikes on Iran over the weekend were dubbed as “limited” by local media, with Citi analysts discounting chances of an escalation that disrupts oil supplies.



Futures for global crude benchmark Brent slid 4.34% to $72.75 a barrel, while U.S. West Texas Intermediate futures dropped 4.54% to $68.52 per barrel.



Israel on Saturday attacked Iran’s military installations in three provinces in response to Tehran launching ballistic missiles at Israel on Oct. 1.



Iranian News agency Tasnim reported the attack, which killed four soldiers, had inflicted “limited damages.” The strike steered clear of oil, nuclear, and civilian infrastructure locations. Local petro news network said that Iran’s oil industry operation is “underway normally” with no disruptions.



For weeks, markets had braced themselves for an Israeli retaliation as Middle East tensions have continued to rise following the attack on Israel by Iran-backed Hamas on Oct. 7 last year.



Oil markets’ key consideration had been a direct engagement between both parties, with concerns of an attack on Iranian oil facilities rising in recent weeks. Iran accounts for up to 4% of global o



“The recent Israel military action is unlikely to be seen by the market as leading to an escalation that impacts oil supply,” Citi analysts wrote in a note on Monday, cutting the bank’s Brent oil forecast by $4 to $70 per barrel over the next three months.



Oil markets are also staring at an oversupply. “With Israel deliberately, and perhaps with some American encouragement, avoiding the targeting of crude oil facilities, the oil market is back to looking at an oversupplied market,” said Andy Lipow, president at Lipow Oil Associates.



Oil production has been increasing not just in key countries such as U.S., Canada and Brazil, but even among smaller players such as Argentina and Senegal, he added.



“Oil prices will remain under pressure for the rest of this year, it may be difficult to see Brent crude oil prices reaching $80 in the foreseeable future,” Lipow told CNBC via email.



The risk premium has come off a few dollars a barrel as the more limited nature of the strikes, including avoiding oil infrastructure, have raised hopes for a de-escalatory pathway, said Saul Kavonic, an energy analyst at MST Marquee.



The spotlight now will be on whether Iran will counter the attack in the coming weeks, which would see risk premium rise again, Kavonic told CNBC, noting that the overall trend still remains one of escalation, with the scope for another round of attacks remaining high.



During a cabinet meeting on Sunday, Iranian President Masoud Pezeshkian emphasized Iran’s right to react to Israel’s attack, but maintained that they do not seek war.



“We do not seek war, but we will defend our country and the rights of our people. We will give a proportionate response to the aggression,” he said.



Market attention will turn to Hamas‑Israel and Israel‑Hezbollah ceasefire talks that resumed over the weekend, director of mining and energy commodities research at Commonwealth Bank of Australia, Vivek Dhar said.



“Despite Israel’s choice of a low‑aggression response to Iran, we have doubts that Israel and Iran’s proxies (i.e. Hamas and Hezbollah) are on track for an enduring ceasefire,” Dhar wrote in a note.

103308639-GettyImages-128384632

Oil prices slide more than 4% after Israel’s ‘limited’ attack on Iran seen as not disrupting supplies

Why Hermès Is Growing While LVMH And Gucci Decline

Lifting the lid: Inside the tech fueling Formula One success

How United Airlines Is Trying To Compete With Delta

Lifting the lid on the tech that makes Formula One happen

Why Formula One bet big on the Las Vegas Grand Prix

How China Uses Mexico To Avoid U.S. Tariffs

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-820x547.jpg" alt="" class="wp-image-546353" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: IMF African Department Director Abebe Aemro Selassie listens to a question during an interview with Reuters at the annual meeting of the International Monetary Fund and the World Bank, in Marrakech, Morocco October 9, 2023. REUTERS/Susana Vera/File Photo</figcaption></figure>



NAIROBI/WASHINGTON, Oct 25 (Reuters)&nbsp;&#8211;&nbsp;Sub-Saharan African nations that depend on commodity exports need to reform their economies to tackle patchy regional economic growth, International Monetary Fund Africa Director Abebe Aemro Selassie said.



The region is expected to grow by 3.6% this year, unchanged from last year and down from an April forecast of 3.8%, the IMF said in its latest World Economic Outlook released this week, with commodity economies lagging their diversified counterparts.



The commodity intensive countries are growing at about half the rate of the rest of the region, the IMF said in the report, with oil exporters struggling the most in what it described as &#8220;subdued and uneven&#8221; regional growth.



&#8220;South Sudan, Nigeria, Angola are all very much in that camp,&#8221; Abebe told Reuters.



While diversified economies such as Senegal and Tanzania are expected to grow at above the regional average, Nigeria will fall short, growing at 2.9%, according to the IMF&#8217;s regional economic outlook for Sub-Saharan Africa launched on Friday.



&#8220;They have had very large macroeconomic imbalances, financing challenges which have held back growth,&#8221; Abebe said.



He said the government in Nigeria needed to &#8220;squarely address&#8221; those challenges, since they had caused high inflation and put pressure on the cost of living.



President Bola Tinubu&#8217;s government has launched a series of reforms it says are aimed at lifting economic growth and attracting investment.



South Africa, whose growth has been curbed by crippling electricity blackouts, is expected to grow by 1.1% this year, the IMF said.



Armed conflicts are also weighing on growth, the IMF said, citing South Sudan&#8217;s oil exports blocked by conflict in neighbouring Sudan, which hosts the crude export pipeline.



&#8220;They (oil exporters) need to find new sources of growth, get more private sector investment &#8211; so working on reforms that will facilitate that is important,&#8221; Abebe said.



Other challenges facing African oil producers include the global transition to green fuels due to climate change, the report said.



<h2 class="wp-block-heading" id="h-small-rebound">SMALL REBOUND</h2>



Sub-Saharan Africa&#8217;s economic growth is expected to improve slightly next year to 4.2%, the IMF report said.



The report found that nearly half of the 20 fastest growing economies in the world this year were in Sub-Saharan Africa, but cautioned that faster growth rates were required to reduce widespread poverty and inequalities.



One of the main obstacles to faster growth include a lack of access to affordable financing, the IMF said, as countries struggle with heavy debt loads and high debt servicing costs.



While some countries have been able to sell bonds on international capital markets this year following a two-year hiatus caused by geopolitical shocks and elevated interest rates in advanced economies such as the United States, the new funding came at a high cost.



&#8220;The old development finance architecture is not delivering, and, if anything, kind of is in the process of disintegrating,&#8221; Abebe said, citing &#8220;very problematic levels&#8221; of official bilateral funding for poor countries.



For countries such as Kenya, where deadly anti-tax hikes protests in June forced the government to withdraw its finance bill for this fiscal year, such development assistance from overseas has been falling in recent years, a senior U.N. official told Reuters.



The solutions lay in ensuring that poor nations continue to access low-priced development financing from bilateral and multilateral lenders, Abebe said.



&#8220;We need also to find ways in which when countries are facing liquidity rather than solvency challenges, more financing can be made available for them to support reforms so they can move on to better times,&#8221; he said.



(Reporting by Duncan Miriri and Karin Strohecker; Graphics by Sumanta Sen; Editing by Alison Williams)

FILE PHOTO: IMF African Department Director Selassie at interview with Reuters during International Monetary Fund and the World Bank meeting in Marrakech

IMF urges African oil exporters’ reforms to boost ‘subdued’ growth

Inside smartphone maker Oppo’s factory in southern China

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg" alt="" class="wp-image-534014" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-768x402.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier’s booth at a forex exchange bureau in Kenya’s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 25 (Reuters) &#8211; The Kenyan shilling was unmoved against the dollar on Friday, data from the London Stock Exchange Group showed.



The shilling traded at 128.50/129.50 to the dollar at 0644 GMT, LSEG data showed, the same as Thursday&#8217;s closing rate.



Traders expect the East African currency to remain in the same range through the end of the month.



(Reporting by Sonia Rao; Editing by Hereward Holland)

LYEEWJTJKRPK3GJPCKWFP3EK7E-820×429

Kenyan shilling unchanged against dollar, LSEG data shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, Oct 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand weakened in early trade on Friday while local investors geared up for the country&#8217;s mid-term budget next week.



At 0751 GMT, the rand traded at 17.6975 against the dollar, about 0.2% softer than its previous close.



The dollar&nbsp;=USD&nbsp;last traded about 0.02% firmer against a basket of currencies.



With little domestic data on the radar on Friday, the risk-sensitive rand will likely take direction from movements in the greenback.



Later on Friday, South African Reserve Bank Governor Lesetja Kganyago will give a talk on monetary policy after the COVID pandemic at the International Monetary Fund and World Bank&#8217;s 2024 annual meeting.



Next week, investors will look to South Africa&#8217;s Medium Term Budget Policy Statement for clues on the fiscal outlook of Africa&#8217;s most industrialised economy. The statement could provide insight into the country&#8217;s budget deficit.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down about 0.1% in early trade.



South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, the yield down 3 basis points to 9.335%.



(Reporting by Tannur Anders; Editing by Alison Williams)

Illustration photo of South African rand

South African rand softer; focus on mid-term budget next week

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Oct 25 (Reuters) &#8211; The Ugandan shilling was slightly weaker on Friday on the back of hard-currency demand from energy importers, traders said.



At 1029 GMT commercial banks quoted the shilling at 3,663/3,673 to the dollar, compared to Thursday&#8217;s close of 3,660/3,670.



(Reporting by Elias Biryabarema; Editing by Alexander Winning)

Ugandan Economy Following Rate Cut

Ugandan shilling falls slightly on energy sector FX demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YUCOFABSI5MCHIS24B6SOTQZLQ-820x550.jpg" alt="" class="wp-image-546297" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YUCOFABSI5MCHIS24B6SOTQZLQ-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YUCOFABSI5MCHIS24B6SOTQZLQ-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YUCOFABSI5MCHIS24B6SOTQZLQ-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YUCOFABSI5MCHIS24B6SOTQZLQ-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YUCOFABSI5MCHIS24B6SOTQZLQ-1536x1030.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YUCOFABSI5MCHIS24B6SOTQZLQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view of the Reserve Bank of Zimbabwe (RBZ)&#8217;s head office in Harare, Zimbabwe, July 17, 2024. REUTERS/Philimon Bulawayo</figcaption></figure>



JOHANNESBURG, Oct 25 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s consumer inflation surged to 37.2% month on month in October in local currency terms,&nbsp;data&nbsp;showed on Friday, after a&nbsp;sharp&nbsp;devaluation in the southern African country&#8217;s currency.



Zimbabwe&#8217;s central bank allowed the local gold-backed currency to fall over 40% in late September, to 24.3902 to the U.S. dollar. The currency has since fallen further, to 27.6880 to the dollar as of Friday, according to the central bank&#8217;s website.



In September, before the devaluation, consumer inflation was at 5.8% month on month in local currency terms.



The ZiG, which stands for Zimbabwe Gold, is Zimbabwe&#8217;s sixth attempt at a stable currency in 15 years after a bout of hyperinflation under leader Robert Mugabe. It was launched in April.



(Reporting by Tannur Anders; Additional reporting by Nyasha Chingono; Editing by Alexander Winning)

home

Boxer IPO in Johannesburg could raise close to $452 million for Pick n Pay

African Markets – Factors to watch on Oct 28

South African Markets – Factors to watch on Oct 28

Diamond-rich Botswana votes with President Masisi seeking second term

Oil prices slide more than 4% after Israel’s ‘limited’ attack on Iran seen as not disrupting supplies

Why Hermès Is Growing While LVMH And Gucci Decline

Lifting the lid: Inside the tech fueling Formula One success

How United Airlines Is Trying To Compete With Delta

Lifting the lid on the tech that makes Formula One happen

Why Formula One bet big on the Las Vegas Grand Prix

How China Uses Mexico To Avoid U.S. Tariffs

IMF urges African oil exporters’ reforms to boost ‘subdued’ growth

Inside smartphone maker Oppo’s factory in southern China

Kenyan shilling unchanged against dollar, LSEG data shows

South African rand softer; focus on mid-term budget next week

Ugandan shilling falls slightly on energy sector FX demand

Zimbabwe inflation surges after currency devaluation

News Tips

Advertise With Us

home

Boxer IPO in Johannesburg could raise close to $452 million for Pick n Pay

African Markets – Factors to watch on Oct 28

South African Markets – Factors to watch on Oct 28

Diamond-rich Botswana votes with President Masisi seeking second term

Oil prices slide more than 4% after Israel’s ‘limited’ attack on Iran seen as not disrupting supplies

Why Hermès Is Growing While LVMH And Gucci Decline

Lifting the lid: Inside the tech fueling Formula One success

How United Airlines Is Trying To Compete With Delta

Lifting the lid on the tech that makes Formula One happen

Why Formula One bet big on the Las Vegas Grand Prix

How China Uses Mexico To Avoid U.S. Tariffs

IMF urges African oil exporters’ reforms to boost ‘subdued’ growth

Inside smartphone maker Oppo’s factory in southern China

Kenyan shilling unchanged against dollar, LSEG data shows

South African rand softer; focus on mid-term budget next week

Ugandan shilling falls slightly on energy sector FX demand

Zimbabwe inflation surges after currency devaluation

News Tips

Advertise With Us

Newsletters