
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_CIDD5VLOYFI5TPX6WPF3O56PXY.avif" alt="" class="wp-image-552864"/><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



<p>GABORONE, Nov 11 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s Vice President Ndaba Gaolathe will double as finance minister, new President Duma Boko said on Monday, announcing the first ministerial positions in his cabinet.</p>



<p>In a shock election result earlier this month, Boko&#8217;s Umbrella for Democratic Change coalition ousted the party that had ruled the southern African country for nearly six decades.</p>



<p>Analysts say mounting economic grievances, particularly among young people, contributed to Boko&#8217;s landslide victory.</p>



<p>High on Gaolathe&#8217;s to-do list will be lifting economic growth, which the International Monetary Fund projects will slow to 1% this year mainly due to lower diamond production.</p>



<p>&#8220;We are in a dire economic and financial situation. He has a huge job in his hands. He has to steer us through these choppy and turbulent waters,&#8221; Boko said during a&nbsp;press&nbsp;conference, referring to Gaolathe.</p>



<p>Boko also named an opposition lawmaker as deputy heath minister and an independent lawmaker as deputy agriculture minister.</p>



<p>He has not yet revealed the new mining minister, a job that is especially closely watched as Botswana is the world&#8217;s top diamond producer by value.</p>



<p>Boko told reporters that more cabinet appointments would be announced in the coming days.</p>



<p>(Reporting by Brian Benza; Additional reporting by Nellie Peyton; Writing by Tannur Anders; Editing by Alexander Winning and Angus MacSwan)</p>


https___cloudfront-us-east-2.images.arcpublishing.com_reuters_CIDD5VLOYFI5TPX6WPF3O56PXY

Botswana vice president will double as finance minister


<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>



<p>NAIROBI, Nov 11 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.</p>



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



<p>Hong Kong stocks led declines in Asia on Monday after Beijing&#8217;s latest stimulus fell short of investor expectations, overshadowing Wall Street&#8217;s record highs from Friday and futures pointing to further strength at the reopen.</p>



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



<p>Oil prices extended declines on Monday as the threat of a supply disruption from a U.S. storm eased and after China&#8217;s stimulus plan disappointed investors seeking fuel demand growth in the world&#8217;s No. 2 oil consumer.</p>



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



<p>The South African rand fell on Friday as a turbulent trading week, dominated by Donald Trump&#8217;s victory in the U.S. presidential election, drew to a close.</p>



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



<p>The Kenyan shilling was unchanged against the dollar on Friday, but could weaken towards the end of the year as foreign currency demand increases across all sectors, one trader said.</p>



<h2 class="wp-block-heading" id="h-mauritius-election">MAURITIUS ELECTION</h2>



<p>Mauritius held a parliamentary election on Sunday in which Prime Minister Pravind Kumar Jugnauth and his main rivals all promised to tackle a cost of living crisis in the Indian Ocean archipelago.</p>



<h2 class="wp-block-heading" id="h-mali-mining">MALI MINING</h2>



<p>Australian gold miner Resolute Mining confirmed on Sunday that the company&#8217;s CEO Terence Holohan and two other employees have been temporarily detained by government officials in Mali.</p>



<h2 class="wp-block-heading" id="h-ghana-cocoa">GHANA COCOA</h2>



<p>Ghana, the world&#8217;s number two cocoa producer, has raised the fixed farmgate price paid to cocoa farmers for the second time this 2024/25 season to help boost farmers&#8217; incomes, President Nana Akufo-Addo said.</p>



<h2 class="wp-block-heading" id="h-mozambique-election">MOZAMBIQUE ELECTION</h2>



<p>Mozambique&#8217;s largest hospital said on Friday that at least three people were killed and 66 injured during clashes between police and protesters the previous day over a disputed election.</p>



<h2 class="wp-block-heading" id="h-malawi-central-bank-rate">MALAWI CENTRAL BANK RATE</h2>



<p>Malawi&#8217;s central bank said on Friday that its Monetary Policy Committee (MPC) had decided to keep its policy rate unchanged at 26.0%.</p>



<p>((Compiled by Nairobi Newsroom))</p>


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Nov 11


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, Nov 11 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Monday, with local unemployment figures a highlight among this week&#8217;s economic data releases.</p>



<p>At 0707 GMT, the rand traded at 17.5850 against the dollar, within touching distance of Friday&#8217;s closing level of 17.5875.</p>



<p>The rand was highly volatile last week as global financial markets digested Donald Trump&#8217;s U.S. election victory and the Federal Reserve&#8217;s latest monetary policy decision.</p>



<p>This week, local factors may be back in the driving seat, analysts say.</p>



<p>Statistics South Africa will publish third-quarter unemployment numbers on Tuesday, with September manufacturing output also due on Tuesday and September mining production on Thursday.</p>



<p>The benchmark 2030 government bond was slightly weaker in early deals, with the yield up 1 basis point to 9.18%.</p>



<p>(Reporting by Tannur Anders; Editing by Alexander Winning)</p>


South African Economy As Inflation Rate Rises For First Time In 2017

South African rand stable; local jobs data in focus this week


<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>



<p>NAIROBI, Nov 11 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Monday, as inflows from the agriculture and tourism sectors matched demand from general goods importers and oil marketing companies, traders said.</p>



<p>At 0701 GMT, commercial banks quoted the shilling at 128.50/129.50 to the dollar, the same as Friday&#8217;s closing rate.</p>



<p>(Reporting by Sonia Rao; Editing by George Obulutsa)</p>


LYEEWJTJKRPK3GJPCKWFP3EK7E-820×429

Kenyan shilling steady; FX inflows from tourism, agriculture meet demand


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-820x562.jpg" alt="" class="wp-image-427280" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-1536x1052.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/77VC4ZKBPBPJFFYBYJIHNWEQ6I-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>



<p>JOHANNESBURG, Nov 11 (Reuters) &#8211; South African retailer Pick n Pay gave a price range of 42 rand to 54 rand ($2.39 to $3.07) per share for the initial public offering (IPO) of up to 40% of its discount grocery chain Boxer.</p>



<p>The IPO is part of Pick n Pay&#8217;s two-step recapitalisation plan to lower its debt and fix its loss-making core Pick n Pay supermarkets business.</p>



<p>Boxer, with 489 stores, is South Africa&#8217;s fastest-growing discount grocery chain.</p>



<p>Pick n Pay said in a statement that the offer would open at 9 a.m. (0700 GMT) on Monday and close at noon (1000 GMT) on Friday, Nov. 22.</p>



<p>The offer is for up to 202,380,953 shares, or 40.3%, of the issued share capital of Boxer. The shares are expected to be listed on the Johannesburg Stock Exchange on Nov. 28.</p>



<p>($1 = 17.6034 rand)</p>



<p>(Reporting by Alexander Winning; Editing by Christopher Cushing and Kim Coghill)</p>


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

Pick n Pay gives price range for IPO of up to 40% of Boxer


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-820x547.jpg" alt="" class="wp-image-552808" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/NJ2MN73ZIBPIVI4JIKXJJHMY2E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ghana&#8217;s former president and current main opposition National Democratic Congress (NDC) party presidential candidate John Dramani Mahama, 65, addresses supporters during a political campaign launch ahead of December polls, in Tamale, Ghana, July 27, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



<p>ACCRA, Nov 11 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s main opposition leader John Dramani Mahama looks set to win December&#8217;s presidential election, an opinion poll showed on Monday, placing him ahead of his main challenger, ruling party candidate Muhamudu Bawumia.</p>



<p>Former president Mahama, 65, and current Vice President Bawumia, 60, are the two main contenders for the Dec. 7 election to replace President Nana Akufo-Addo, who is stepping down in January after two terms as head of the gold- and cocoa-producing nation. Eleven other candidates are also running.</p>



<p>Global InfoAnalytics, an Accra-based research group, released poll results on Monday that saw Mahama winning 52%, followed by 41.3% for Bawumia. The poll has a 1.9% error margin.</p>



<p>It found that voters were mainly concerned about the economy, jobs, education and infrastructure.</p>



<p>Mahama invested heavily in infrastructure during his 2012-17 presidency, when he faced criticism for power shortages and economic instability. His government was also embroiled in corruption allegations, although Mahama was never directly accused.</p>



<p>He is running again as the candidate of the main opposition National Democratic Congress (NDC).</p>



<p>Bawumia, an economist and&nbsp;former&nbsp;central banker, is running for the ruling New Patriotic Party (NPP), which grappled with Ghana&#8217;s worst economic crisis in a generation.</p>



<p>Both candidates have presented plans to boost the economy and improve livelihoods.</p>



<p>Ghana, the world&#8217;s second largest cocoa producer, defaulted on most of its $30 billion external debt in 2022 after years of overstretched borrowing.</p>



<p>Akufo-Addo&#8217;s government secured a 3-year, $3 billion bailout from the International Monetary Fund in 2023 and is now on the final lap of a painful process required for the money to be disbursed.</p>



<p>The Economist Intelligence Unit predicted an NDC win in October due to the NPP&#8217;s economic record. Fitch Solutions published a similar forecast that month.</p>



<p>Both Mahama and Bawumia are from northern Ghana, a historic NDC stronghold where the NPP has been making inroads.</p>



<p>Political analyst Alidu Seidu of the University of Ghana said the election would probably be a very close contest between the two.</p>



<p>Results were difficult to predict and a run-off vote was likely, he said.</p>



<p>No party has ever won more than two consecutive terms in Ghana&#8217;s democratic history.</p>



<p>(Editing by Sofia Christensen and Giles Elgood)</p>


Ghana’s NDC party campaign launch ahead of December elections, in Tamale

Main Ghana opposition leader tipped to win presidential vote, poll shows


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-820x573.jpg" alt="" class="wp-image-551746" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2I5GGBSV3RLKLARXG4AKQ6YF4I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A municipal worker attempts to unclog a flooded road in Newlands during heavy rains in Cape Town, South Africa, July 9, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



<p>JOHANNESBURG, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;South Africa is concerned by the impact Donald Trump&#8217;s election as the next president of the United States may have on talks to tackle climate change, its environment minister said on Friday.</p>



<p>Trump&#8217;s election and the collapse of Germany&#8217;s coalition government this week have come right before COP29 talks aimed at curbing global warming, which scientists blame for destructive hurricanes, floods and heatwaves across the world this year.</p>



<p>&#8220;We are concerned about America because we don&#8217;t know what they&#8217;re going to do &#8230; how (it) is going to approach COP,&#8221; South African Environment Minister Dion George told Reuters.</p>



<p>&#8220;Mr. Trump said that he would withdraw from the Paris Agreement, but we don&#8217;t know what will happen,&#8221; George added in a telephone interview on Friday.</p>



<p>International partners are concerned that the prospect of an administration led by Trump, who has called climate change a hoax, will de-motivate poor and middle-income countries who want rich nations to shoulder more of its financial burden.</p>



<p>South Africa, which is one of the world&#8217;s top 15 greenhouse gas emitters and accounts for 30% of the continent&#8217;s emissions, has accepted $11.6 billion from rich nations, mainly in loans, for a switch from coal to renewable energy.</p>



<p>This is seen as a potential model for other &#8216;Global South&#8217; countries who say financing pledges of $100 billion, which took years to come through, are insufficient.</p>



<p>&#8220;It&#8217;s certainly not enough. We need another target,&#8221; George said. &#8220;But then the question is: as the voter base is shifting in developed economies, are they actually going to pay it?&#8221;</p>



<p>The South African minister said he had been reassured by German officials that Europe&#8217;s stance at the COP29 climate talks will not be hurt by Berlin&#8217;s political crisis.</p>



<p>George said that Jennifer Morgan, Germany&#8217;s state secretary for international climate action, had contacted him to say it will be up to the European Union to maintain leadership.</p>



<p>&#8220;Their position is not changed and that is how they will approach COP,&#8221; George said, adding: &#8220;They&#8217;re on Team Europe. The European Union and German have clearly set out their objectives.&#8221;</p>



<p>(Reporting by Tim Cocks; Editing by Alexander Smith)</p>


Cold front in Cape Town

South Africa concerned Trump election will impact climate talks


<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-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was slightly weaker in early trade on Friday, tracking the dollar which was back on the front foot.</p>



<p>At 0700 GMT, the rand traded at 17.3650 against the dollar, down 0.2% on its previous close.</p>



<p>The dollar was up 0.1% against a basket of global currencies.</p>



<p>It has been a wild week for currency markets.</p>



<p>The rand tanked on Wednesday when U.S. election results showed Donald Trump had won the presidential race, but it reversed direction on Thursday and closed stronger than Wednesday&#8217;s market open.</p>



<p>With no major domestic economic data due on Friday, the rand is likely to take its cue from offshore drivers.</p>



<p>Inflation-linked government bonds will be auctioned as usual on Friday by South Africa&#8217;s central bank.</p>



<p>The benchmark 2030 government bond was marginally stronger in early deals, with the yield down 2 basis points to 9.175%.</p>



<p>(Reporting by Alexander Winning; Editing by Christopher Cushing)</p>


South African Rand Rebound Snaps Streak of Weekly Losses

South African rand slips against stronger dollar


<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>



<p>JOHANNESBURG, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Friday.</p>



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



<p>Inflation-linked bond auction</p>



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



<p>Fashion retailer TFG reports half-year results</p>



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



<p>South African assets recouped the previous day&#8217;s losses on Thursday ahead of a Federal Reserve interest rate announcement as the dollar gave back some of its gains linked to Donald Trump&#8217;s U.S. election win.</p>



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



<p>Asian stocks rose broadly on Friday as investors digested the Federal Reserve&#8217;s message for careful interest rate cuts even with expectations for big fiscal spending under incoming President Donald Trump. </p>



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



<p>U.S. stocks closed higher on Thursday, after the Federal Reserve announced a cut of 25 basis points in interest rates, extending a sharp rally sparked by Donald Trump&#8217;s return as U.S. president.</p>



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



<p>Gold prices eased on Friday but hovered around the $2,700 level, as traders assessed the impact of Donald Trump&#8217;s presidency and its implications for the U.S. interest rate outlook.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



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



<p>&#8211; Clicks and Dis-Chem lead recovery in retail sector</p>



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



<p>&#8211; Pick n Pay has 100 new malls in its sights</p>



<p>&#8211; Mantashe seeks partners for SA&#8217;s new oil company</p>



<p>(Compiled by Alexander Winning)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Nov 8


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



<p>Nov 8 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.</p>



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



<p>Asian stocks rose broadly on Friday, tracking Wall Street&#8217;s overnight rise to record highs, as investors digested the Federal Reserve&#8217;s message for careful interest rate cuts even with expectations for big fiscal spending under incoming President Donald Trump.</p>



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



<p>Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will affect U.S. oil and gas output declined while the market continues to weigh how President-elect Donald Trump&#8217;s policies might affect supplies.</p>



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



<p>South African assets recouped the previous day&#8217;s losses on Thursday ahead of a Federal Reserve interest rate announcement as the dollar gave back some of its gains linked to Donald Trump&#8217;s U.S. election win.</p>



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



<p>The Kenyan shilling was steady against the dollar on Thursdays, as foreign exchange inflows from the tourism and tea sectors matched demand, one trader said.</p>



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



<p>The Kenyan and Nigerian currencies are expected to weaken against the dollar in the next week to Thursday alongside the currencies of Ghana, Uganda and Zambia, traders said.</p>



<h2 class="wp-block-heading" id="h-mozambique-politics">MOZAMBIQUE POLITICS</h2>



<p>Mozambican police fired tear gas at thousands of protesters in the capital Maputo on Thursday during the biggest demonstration yet against the long-ruling Frelimo party, which was declared the winner of a disputed election last month.</p>



<h2 class="wp-block-heading" id="h-barrick-mali">BARRICK MALI</h2>



<p>Barrick Gold, the world&#8217;s No. 2 gold miner, is confident of concluding talks for a new mining code with Mali&#8217;s junta-led government before the end of the year, CEO Mark Bristow told Reuters on Thursday.</p>



<h2 class="wp-block-heading" id="h-safaricom-results">SAFARICOM RESULTS</h2>



<p>Kenya&#8217;s biggest telecoms operator, Safaricom, lowered its full-year earnings guidance on Thursday, after reporting a sharp fall in net income due to the depreciation of Ethiopia&#8217;s birr currency.</p>



<p>((Compiled by Nairobi Newsroom))</p>


Stock market report. 3d illustration

African Markets – Factors to watch on Nov 8


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="527" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-820x527.jpg" alt="" class="wp-image-551277" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-820x527.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-1536x988.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A protester runs after teargas was fired at a crowd gathering during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7, 2024. REUTERS/Siphiwe Sibeko.</figcaption></figure>



<p>MAPUTO, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;Mozambican police fired tear gas at protesters in the capital Maputo on Thursday in the biggest demonstration yet against the long-ruling Frelimo party which was declared the winner of a disputed election last month.</p>



<p>Anger has mounted since election authorities said Frelimo had won the Oct. 9 vote, extending its 49-year rule. Human rights groups say at least 18 people have been killed in the police crackdown on protests since then.</p>



<p>The election was hotly contested, with many young people supporting independent candidate Venancio Mondlane, who says the vote was rigged and called for a week of protests culminating on Thursday.</p>



<p>Civil society groups and Western observers also said the election was unfair and that results were altered. A Frelimo spokesperson did not respond to requests for comment.</p>



<p>The party has been accused of vote-rigging in previous polls and has denied it, sparking smaller protests last year.</p>



<p>Police were deployed in full force on Thursday as large groups of mostly young men barricaded streets with burning tires and waved homemade signs in support of Mondlane.</p>



<p>A Reuters witness saw a police officer firing a handgun in the direction of a crowd of protesters in a Maputo township.</p>



<p>&#8220;There has never been something like this in the country,&#8221; said Adriano Nuvunga, director of Mozambique&#8217;s Centre for Democracy and Human Rights.</p>



<p>&#8220;Whatever the outcome&#8230; the young people have gained their voice,&#8221; he said.</p>



<p>President Filipe Nyusi has not spoken since the protests escalated. His defence minister has threatened to deploy the army and warned against attempts to grab power.</p>



<p>Mozambique&#8217;s Constitutional Council has not yet certified the election results, a process that usually takes around two months.</p>



<p>On Tuesday it ordered the electoral commission to clarify within 72 hours why there had been discrepancies in the number of votes counted in the presidential, legislative and provincial elections, according to a letter seen by Reuters.</p>



<p>An electoral commission spokesperson did not immediately respond to a request for comment.</p>



<p>&#8220;(The outcome) comes down to what the Constitutional Council decides, I suspect. But the anger is palpable and I don&#8217;t know what they can say that will calm things down,&#8221; said Louw Nel, a political analyst at Oxford Economics Africa.</p>



<p>South Africa has closed its main border crossing for security reasons, and its foreign ministry advised its citizens against all but essential travel to Mozambique.</p>



<p>South African logistics company Grindrod on Thursday said it had suspended port and terminal operations in Mozambique.</p>



<p>(Reporting by Siphiwe Sibeko, Siyabonga Sishi and Manuel Mucari; Additional reporting and writing by Nellie Peyton;Editing by Alexander Winning and Ros Russell)</p>


Mozambique opposition party leads national shutdown against election outcome

Mozambique opposition stages biggest protest yet as police crack down


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/</figcaption></figure>



<p>NAIROBI, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;The Kenyan central bank&#8217;s Monetary Policy Committee will hold its rate-setting meeting on Dec. 5, the bank said on Thursday.</p>



<p>At its last meeting in October, the bank slashed its benchmark lending rate KECBIR=ECI to 12.00%, down from 12.75%, in a move aimed at stimulating credit to the private sector.</p>



<p>(Reporting by George Obulutsa; Editing by Hereward Holland)</p>


A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi

Kenya’s central bank to hold next rate-setting meeting on Dec 5


<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>



<p>KAMPALA, Nov 7 (Reuters) &#8211; The Ugandan shilling traded flat on Thursday, although hard currency demand from energy importers was seen pressurising the local unit, traders said.</p>



<p>At 0830 GMT commercial banks quoted the shilling at 3,675/3,685, same level as Wednesday&#8217;s close.</p>



<p>(Reporting by Elias Biryabarema; Editing by Hereward Holland)</p>


Ugandan Economy Following Rate Cut

Ugandan shilling flat, under pressure from fuel importers


<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>



<p>JOHANNESBURG, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand recouped some losses on Thursday, a day after emerging market assets took a hit following Donald Trump&#8217;s win in the U.S. election.</p>



<p>At 0820 GMT, the rand traded at 17.5175 against the dollar, over 0.7% stronger than its previous close. The local currency fell about 2.5% against the greenback at one point on Wednesday amid volatile trading.</p>



<p>The dollar slipped from a four-month high and was last down 0.3% against a basket of currencies, ahead of an interest rate decision by the Federal Reserve later in the day.</p>



<p>The Fed is expected to reduce rates by 25 basis points, while market focus will also be on further clues from the U.S. central bank on the way forward.</p>



<p>Locally, data released by South Africa&#8217;s central bank earlier showed the country&#8217;s net foreign reserves rose to $61.197 billion at the end of October from $61.029 billion in September.</p>



<p>On the stock market, the Top-40 index was last up 0.7%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 10 basis points to 9.3%.</p>



<p>(Reporting by Bhargav Acharya; Editing by Christina Fincher)</p>


Illustration photo of South African rand

South African rand recoups some losses against dollar


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg" alt="" class="wp-image-506011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller serves a client with Kenya shilling notes at the cashier&#8217;s booth of a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Nov 7 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Thursdays, as foreign exchange inflows from the tourism and tea sectors matched demand, one trader said.</p>



<p>The shilling traded at 128.50/129.50 to the dollar at 0647 GMT, LSEG data showed, the same as Wednesday&#8217;s closing rate.</p>



<p>(Reporting by Sonia Rao; Editing by Hereward Holland)</p>


HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenyan shilling unchanged on tourism, tea FX inflows


<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>



<p>JOHANNESBURG, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Thursday.</p>



<h2 class="wp-block-heading" id="h-economic-event">ECONOMIC EVENT</h2>



<p>October reserves data</p>



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



<p>The South African rand plunged against a buoyant dollar on Wednesday as &#8220;Trump trades&#8221; surged, after Donald Trump won the U.S. election.</p>



<p>On the Johannesburg Stock Exchange the blue-chip Top-40 index closed about 1.6% down.</p>



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



<p>Asia-Pacific equity markets were mixed on Thursday as investors weighed the implications of a Donald Trump presidency, while also eyeing monetary policy decisions from the U.S. Federal Reserve and other major central banks later in the day. </p>



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



<p>U.S. stocks rallied sharply to close at record highs on Wednesday after Republican Donald Trump won the 2024 U.S. presidential election in a stunning comeback four years after being voted out of the White House. </p>



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



<p>Gold prices touched a more than three-week low on Thursday, as the dollar strengthened after Donald Trump&#8217;s win in the U.S. presidential election, while focus was also on the Federal Reserve&#8217;s interest rate decision later in the day.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



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



<p>&#8211; Chinese firm set to complete buyout of SA’s largest geyser maker</p>



<p>&#8211; FNB partners with BankservAfrica for real-time cross-border payments</p>



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



<p>&#8211; Trump’s incoming trade tirade could cause trouble for SA</p>



<p>&#8211; &#8216;Enormous&#8217; impact: Millions lost daily as SA mineral exports blocked from entering Mozambique</p>



<p>(Compiled by Bhargav Acharya)</p>


South African Markets – Factors to watch on Nov 7


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-820x521.jpg" alt="" class="wp-image-551177" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-1536x975.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A pedestrian walks on a sideway outside the Safaricom mobile phone customer care centre in the central business district of Nairobi, Kenya, November 10, 2021. REUTERS/Monicah Mwangi</figcaption></figure>



<p>NAIROBI, Nov 7 (Reuters) &#8211; Kenya&#8217;s biggest telecoms operator, Safaricom, lowered its full-year earnings guidance on Thursday, after reporting a sharp fall in net income due to the depreciation of Ethiopia&#8217;s birr currency.</p>



<p>The company won the first licence to operate in Africa&#8217;s second most populous country, with about 120 million people, in 2022, following the liberalisation of the sector.</p>



<p>Despite strong customer growth, it has had a bumpy ride so far due to security, inflation and currency challenges.</p>



<p>Safaricom said the group&#8217;s half-year earnings before interest and taxes (EBIT) grew 31.9% year-on-year, but expected full-year earnings to ease to 94 billion to 100 billion Kenyan shillings ($731 million to $778 million) from 103 billion to 109 billion previously.</p>



<p>The company, partially owned by South Africa&#8217;s Vodacom and Britain&#8217;s Vodafone, posted a 14.0% increase in group service revenue to 181.4 billion shillings for the period to the end of September.</p>



<p>However, the group&#8217;s net income fell 17.7% on the year, dented by a depreciation of 106% in Ethiopia&#8217;s birr currency, an effect of the government&#8217;s free float of the unit, said Peter Ndegwa, Safaricom&#8217;s group chief executive officer.</p>



<p>&#8220;Despite the short-term challenges, we remain confident in the long-term commercial success of our Ethiopian business, and we are very encouraged by the commercial acceleration,&#8221; Ndegwa said.</p>



<p>Ethiopia adopted a market-determined foreign exchange rate in late July in a raft of reforms aimed at liberalising its financial sector to secure a new International Monetary Fund lending programme, and advance a long-delayed debt overhaul.</p>



<p>Launched two years ago, Safaricom&#8217;s Ethiopia arm will take a further year to break even because of the country&#8217;s foreign exchange reforms, achieving profit in the 2027 financial year, Ndegwa said.</p>



<p>&#8220;Due to the uncertainty of what (exchange) rate we will have at the end of the year, we are guiding that any 10 percentage points change in terms of currency depreciation, would result (in) about eight billion shillings &#8230; in terms of balance sheet impact,&#8221; he said.</p>



<p>Chief Finance Officer Dilip Pal said that while the impact of the birr&#8217;s exchange rate correction created a substantial drag in half-year results, the impact on the group&#8217;s full-year results would be &#8220;much lower&#8221;.</p>



<p>Its shares on the Nairobi Securities Exchange, where it is the largest company, were down 2.75% by 0744 GMT.</p>



<p>($1 = 128.5000 Kenyan shillings)</p>



<p>(Reporting by Hereward Holland; Editing by Bate Felix and Clarence Fernandez)</p>


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Reuters

Botswana vice president will double as finance minister

African Markets – Factors to watch on Nov 11

South African rand stable; local jobs data in focus this week

Kenyan shilling steady; FX inflows from tourism, agriculture meet demand

Pick n Pay gives price range for IPO of up to 40% of Boxer

Main Ghana opposition leader tipped to win presidential vote, poll shows

South Africa concerned Trump election will impact climate talks

South African rand slips against stronger dollar

South African Markets – Factors to watch on Nov 8

African Markets – Factors to watch on Nov 8

Mozambique opposition stages biggest protest yet as police crack down

Kenya’s central bank to hold next rate-setting meeting on Dec 5

Ugandan shilling flat, under pressure from fuel importers

South African rand recoups some losses against dollar

Kenyan shilling unchanged on tourism, tea FX inflows

South African Markets – Factors to watch on Nov 7

Safaricom trims forecast on Ethiopia’s birr depreciation

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