<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-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

<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)

A general view of the Reserve Bank of Zimbabwe (RBZ)’s head office in Harare

Zimbabwe inflation surges after currency devaluation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="604" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-820x604.jpg" alt="" class="wp-image-546279" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-820x604.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-300x221.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-122x90.jpg 122w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-768x566.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-1536x1131.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Daniel Chapo, presidential candidate of the ruling Frelimo party casts his vote during the general elections at Inhambane, in the southern Mozambique, October 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



MAPUTO, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s ruling party Frelimo has retained power in this month&#8217;s national election, extending its five-decade rule in the Southern African state as the opposition accused it of fraud.



Frelimo&#8217;s Daniel Chapo, 47, will succeed President Filipe Nyusi to become Mozambique&#8217;s fifth president since its independence from Portugal in 1975. Nyusi is stepping down after serving the maximum two terms.



Chapo won over 70% of votes, the electoral commission said on Thursday. Venancio Mondlane, backed by the Podemos party, came second with 20% of votes, displacing former rebel movement Renamo, which had been the official opposition party but whose candidate came third this time around.



In the parliament, Frelimo increased its number of seats to 195 out of 250, more than the 184 it had before.



Observers have said the Oct. 9 election was not free and fair. A European Union mission reported irregularities during counting and alteration of results at the local and district level, problems which have marred most polls since Frelimo first allowed multi-party elections in 1994.



The electoral commission has declined to comment on allegations of vote-rigging. A Frelimo spokesperson did not reply to requests for comment.



Shortly after Chapo was declared winner, Mozambique&#8217;s sole dollar bond, maturing in 2031, fell for a fourth day, TradeWeb data showed as investors assessed the risk of unrest. 



Mondlane, who holds sway over many of the country&#8217;s young voters and claims he is the true election winner, has already called for nationwide protests on Thursday and Friday. Groups of protesters started to gather in the capital Maputo after the result was announced.



Police on Monday used teargas and gunfire to disperse opposition supporters protesting the murder of a Podemos lawyer and party official two days earlier, raising tensions.



Chapo, a lawyer, is seen as a business-friendly choice who analysts say is likely to maintain the status quo, including a fight against Islamist insurgents in the north and partnerships with companies like Exxon Mobil and TotalEnergies, which are trying to get major gas projects off the ground.



The country of nearly 35 million people is struggling with a large debt burden and worsening climate shocks, including drought and cyclones.



(Additional reporting by Siyabonga Sishi and Siphiwe Sibeko in Maputo, Bhargav Acharya and Tannur Anders in Johannesburg, and Libby George in London;Writing by Nellie Peyton;Editing by Alexander Winning and Aurora Ellis)

FILE PHOTO: Frelimo candidate Daniel Chapo casts his vote

Mozambique’s ruling party retains power in contested election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-820x547.jpg" alt="" class="wp-image-546260" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/2WVNT2DZKNM3JC4HV2CAJRSE2A-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view of molten copper at Anglo American&#8217;s smelter in Chagres, Chile, obtained by Reuters on April 26, 2024. Anglo American/Handout via REUTERS/File Photo</figcaption></figure>



JOHANNESBURG, Oct 25 (Reuters)&nbsp;&#8211;&nbsp;The speed at which Anglo American shifts to becoming a copper-focused miner may well dictate its ultimate fate &#8211; survival as an independent operator, or absorption by a bigger rival such as BHP Group, which earlier this year failed to buy the group.



BHP walked away from a $49 billion bid to acquire Anglo in May after it was rebuffed three times. With a six-month block on another approach set to expire at the end of November, a deal is again under scrutiny.



Anglo was able to convince investors during BHP&#8217;s approach that it had a better plan to grow value, focused on shedding underperforming platinum, diamonds and coal to focus on copper, a metal key for the energy transition.



If that succeeds, the higher value that comes with copper assets may help keep Anglo safe, one portfolio manager at a Cape Town fund manager said.



But the longer it takes to achieve a transformation, the more likely it is that investors will be tempted by another bid.



Investors with shares in both companies told Reuters that even though they expect BHP CEO Mike Henry to renew his pursuit for the London-listed miner, the timing and even the rationale for such an approach could be shaped by whether Anglo can grow beyond the grasp of cash-rich rivals.



Anglo CEO Duncan Wanblad is rushing to sell coking coal mines in Australia and nickel assets in Brazil while spinning off platinum mines in South Africa. The company is also weighing whether to sell or separately list its De Beers diamonds unit.



Anglo&#8217;s world-class copper assets in Latin America are the prize for rivals seeking increased exposure to copper.



But its copper mines are still dogged by operational issues. On Thursday, it said copper output declined 13% in the third quarter, though the company remains on course to meet this year&#8217;s output guidance of 730,000 tons to 790,000 tons.



Anglo declined to comment. BHP did not respond to emailed requests for comment.



<h2 class="wp-block-heading" id="h-choosing-the-moment">CHOOSING THE MOMENT</h2>



Anglo&#8217;s shares rose as much as 4.3% in London on Monday amid a broad uptick in mining stocks, but have shed most of the premium they added in the wake of BHP&#8217;s approach.



If Anglo&#8217;s valuation takes time to catch up with its restructuring, it could present a golden opportunity for BHP.



According to a source at a top investor in both companies, a restructured Anglo creates more value for BHP, which is still wary of the risks associated with absorbing South African assets.



&#8220;If I was BHP, I would say let Anglo do most of the heavy lifting, the restructuring it promised it will do by end 2025,&#8221; the source told Reuters.



Any potential new bid should come when some of the restructuring is expected to completed by June or July next year, they added.



BHP may have to wait until Anglo spins off its platinum business by mid-2025 to make the deal less complex, UBS Group analysts said. &#8220;We expect Anglo to re-rate as the group simplifies,&#8221; UBS said. &#8220;If not, we see potential for another takeover approach.&#8221;



Christiaan Bothma, an investment analyst at Johannesburg-based money manager Sanlam Private Wealth, which has shares in both companies, told Reuters it would &#8220;make sense&#8221; for BHP to wait for Anglo to do the asset separation for them.



But he added: &#8220;The counter argument to this would be if they wait (too) long, Anglo&#8217;s valuation premium may be too high or iron ore prices too low (BHP&#8217;s primary currency).&#8221;



(Reporting by Felix Njini in Johannesburg, Editing by Veronica Brown, Pratima Desai and Jan Harvey)

FILE PHOTO: A general view of molten copper at Anglo American’s smelter in Chagres

Can Anglo’s copper pivot help thwart renewed takeover bid?

<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/MSJ5YKFIENLXFNSFEOJVDGTYHY-820x547.jpg" alt="" class="wp-image-546212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MSJ5YKFIENLXFNSFEOJVDGTYHY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MSJ5YKFIENLXFNSFEOJVDGTYHY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MSJ5YKFIENLXFNSFEOJVDGTYHY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MSJ5YKFIENLXFNSFEOJVDGTYHY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MSJ5YKFIENLXFNSFEOJVDGTYHY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MSJ5YKFIENLXFNSFEOJVDGTYHY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Governor of the South African Reserve Bank, Lesetja Kganyago, gestures during an interview with Reuters in Centurion, South Africa April 3, 2024. REUTERS/James Oatway/File Photo</figcaption></figure>



WASHINGTON, Oct 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand has further room to strengthen if the government in Pretoria pushes ahead with reforms and prudent policies, the country&#8217;s&nbsp;central bank chief&nbsp;Lesetja Kganyago told Reuters.



The currency of Africa&#8217;s most industrialized nation has been a top emerging market performer, strengthening some 2.5% against the U.S. dollar, since the start of the year while most of the rand&#8217;s peers have suffered losses against the greenback.



&#8220;There should be positive momentum and that positive momentum is not going to be something just driven by the markets,&#8221; Kganyago, the governor of the South African Reserve Bank, said in an interview on Thursday on the sidelines of the International Monetary Fund and World Bank annual meetings in Washington.



&#8220;It&#8217;s going to be whether government continues to act with resolve and stays the path in terms of prudent policies and structural reforms going forward,&#8221; he said, adding that momentum for reforms would not just bolster the currency but could also support the country&#8217;s bonds and stocks.



South Africa&#8217;s National Treasury announced over the summer a number of reforms in the energy, freight, water, and telecommunications sectors, and has pledged to reduce spending and raise revenue as well as take further steps to lower borrowing over the medium-term period.



The rand has enjoyed broad gains since the African National Congress was forced to forge alliances with other political parties after failing to win a parliamentary majority in an election in May &#8211; its first such defeat since the 1994 election that marked the end of white minority rule and apartheid.



&#8220;If you restore investor or consumer confidence, it&#8217;s like a free stimulus for you,&#8221; he said.



Asked about efforts by South African policymakers to lower the inflation target from the current 3%-6% range, Kganyago said work was underway between the National Treasury and the central bank on arriving at the target, and he was hopeful the process would be concluded next year.



&#8220;Where there is absolutely no disagreement on is that the target must be lower. But how far lower?&#8221; he said, adding that the out-of-line target meant the country was losing competitiveness.



(Reporting by Karin Strohecker; Editing by Paul Simao)

MSJ5YKFIENLXFNSFEOJVDGTYHY

South African reforms could push rand higher, central bank chief says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI-820x429.jpg" alt="" class="wp-image-546009" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Customers and workers are seen at a Huawei store at Sandton City mall in Sandton, South Africa February 16, 2022. REUTERS/Siphiwe Sibeko <a href="https://www.reutersagency.com/en/licensereuterscontent/?utm_medium=rcom-article-media&amp;utm_campaign=rcom-rcp-lead" target="_blank" rel="noreferrer noopener">Purchase Licensing Rights</a></figcaption></figure>



JOHANNESBURG, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Huawei&nbsp;HWT.UL&nbsp;Cloud&#8217;s business in South Africa has grown fast over the past five years and it plans to launch more cloud solutions to expand market share to boost revenue, a company executive said on Thursday.



Increased demand for faster computing from South African firms and the government has attracted big cloud operators into the country, with Huawei the first international vendor to host a local &#8216;hyperscale&#8217; cloud data centre in South Africa in 2019.



Huawei Cloud has served more than 1,000 customers from the government, financial services, education and telecoms sectors as well as some media and e-commerce companies, Jacqueline Shi, president of Huawei Cloud Global Marketing and Sales Service told delegates at the company&#8217;s cloud summit in Johannesburg.



&#8220;With this kind of strong support from different customers, our cloud business in South Africa has increased more than 16 times over the past five years,&#8221; Shi said.



She told reporters that the total revenue amount &#8220;is still not so big&#8221;, which has encouraged the company to launch more cloud solutions and capture a larger share of the country&#8217;s market.



The cloud market in South Africa is expected to grow at a compound annual rate of around 26% between 2023 and 2028 to 113 billion rand ($6 billion) in value, according to market research company Africa Analysis.



The adoption of artificial intelligence is also driving spending by corporate customers.



&#8220;Go to cloud or not, is not an option anymore. The question is how far and how to do it quickly,&#8221; Huawei Cloud South Africa Chief Executive Steven Chen told reporters.



The Chinese tech giant, which is going head-to-head with cloud services rivals Microsoft&nbsp;MSFT.O, Amazon&nbsp;AMZN.O&nbsp;and Alphabet&#8217;s&nbsp;GOOGL.O&nbsp;Google for customers in South Africa, has three data centre zones or locations in Johannesburg.



($1 = 17.6962 rand)



(Reporting by Nqobile Dludla; Editing by Emelia Sithole-Matarise)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_44RTBPTQEBOPJJS4DZGDBIRFWI

Huawei Cloud sees fast business growth in South Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING.jpg" alt="" class="wp-image-545991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s currency is seen strengthening against the dollar in the next week to Thursday, while Ghana&#8217;s could weaken and Kenya&#8217;s and Nigeria&#8217;s are expected to be broadly unchanged, traders said.



UGANDA



Uganda&#8217;s shilling&nbsp;UGX=&nbsp;is seen trading with a firming bias in the coming week, helped by hard-currency inflows from charities and commodity exporters.



Commercial banks quoted the shilling at 3,660/3,670 to the dollar, compared to last Thursday&#8217;s close of 3,670/3,680.



&#8220;We normally receive an increase in inflows toward end of month so I anticipate that dynamic to play out in the coming days,&#8221; one trader said.



The shilling will likely trade in a range of 3,640-3,670 to the U.S. currency, he said.



Charities convert some of their donations from foreign currency into shillings to meet operational expenses like salaries.



GHANA



Ghana&#8217;s cedi&nbsp;GHS=&nbsp;could weaken further on seasonal demand for dollars, as companies in the commerce and manufacturing sectors stock up ahead of the festive period.



LSEG data showed the cedi trading at 16.10 to the dollar on Thursday, compared to 15.99 at last Thursday&#8217;s close.



&#8220;FX illiquidity has plagued the local unit in recent sessions and has seen the cedi depreciate considerably as a result. Demand for hard currency has come from both local and offshore participants,&#8221; said Sedem Dornoo, senior trader at Absa Bank Ghana.



&#8220;Locally, demand seems to be driven primarily by the manufacturing sector. In the coming week, I expect to see continued pressure on the cedi as demand for the greenback remains strong,&#8221; he added.



One trader said the central bank&#8217;s forward auctions had not fully dealt with foreign-currency demand on the interbank market, weighing on the cedi.



NIGERIA



Nigeria&#8217;s naira is seen relatively stable, buttressed by central bank interventions to meet rising foreign-currency demand from importers stocking up for the festive season.



The naira&nbsp;NGN=D1&nbsp;was quoted at 1,676 to the dollar on the official market on Thursday, LSEG data showed, compared with a closing rate of around 1,663 naira a week earlier.



The currency was changing hands much weaker in street trading&nbsp;NGNP=&nbsp;at 1,728 naira to the dollar.



&#8220;I don&#8217;t think the central bank will allow it run too far from where we are,&#8221; one trader said.



KENYA



Kenya&#8217;s shilling&nbsp;KES=&nbsp;is expected to remain unmoved as month-end payroll and tax commitments offer support.



Commercial banks quoted the shilling at 128.50/129.50 per U.S. dollar, the same as last Thursday&#8217;s closing rate.



(Reporting by Elias Biryabarema, Christian Akorlie, Chijioke Ohuocha and Sonia Rao; Editing by Alexander Winning)

UGANDA SHILING

AFRICA-FX-Uganda’s currency seen gaining while Ghana’s could drop

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="514" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-820x514.jpg" alt="" class="wp-image-545973" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-820x514.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-768x481.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-1536x962.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/BRICS-SUMMIT-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Officials, including South Africa&#8217;s President Cyril Ramaphosa, Russia&#8217;s President Vladimir Putin and China&#8217;s President Xi Jinping, attend a plenary session in the outreach/BRICS Plus format at the BRICS summit in Kazan, Russia October 24, 2024. REUTERS/Maxim Shemetov/Pool</figcaption></figure>



KAZAN, Russia, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Here&#8217;s a brief summary of the outcome of the BRICS summit:



* XI AND MODI: Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met just two days after New Delhi announced that it had reached a deal with Beijing to resolve a four-year military stand-off on their Himalayan frontier.



* LOTS OF LEADERS ATTENDED: Putin, who wanted to show that the West&#8217;s attempt to isolate Russia over the Ukraine war has failed, was able to attract major leaders such as Xi and Modi, and nearly 20 others including Turkey&#8217;s Tayyip Erdogan. U.N. Secretary-General Antonio Guterres also attended.



* BRICS WAITING LIST: Putin said more than 30 countries had expressed a desire to join the BRICS, though there was little immediate clarity on how the expansion would work.



* UKRAINE WAR: BRICS leaders did raise the Ukraine war with Putin in different formats, but there was no sign that anything specific would be done to end the conflict.



* BRICS MONEY: BRICS predicted its influence would grow and outlined common projects ranging from a grain exchange to a cross-border payments system. Here are the main points.



* MIDDLE EAST: Putin told BRICS leaders that the Middle East was on the brink of a full-scale war after a sharp rise in tension between Israel and Iran. 



(Reporting by Vladimir Soldatkin in Kazan; Guy Faulconbridge and Gleb Bryanski in Moscow; editing by Philippa Fletcher)

Final day of BRICS summit in Russia’s city of Kazan

FACTBOX-The main takeaways from the BRICS summit

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg" alt="" class="wp-image-536645" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/rand2-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand gained against the U.S. dollar early on Thursday, as the greenback eased from a three-month high.



At 0756 GMT, the rand traded at 17.70 against the dollar, about 0.5% stronger than its previous close.



The dollar index was last down 0.22% against a basket of major currencies, pausing a recent rally fuelled by bets on a slower pace of interest rate cuts by the Federal Reserve and a potential second presidency for Donald Trump.



With no major domestic economic data releases due in South Africa for the rest of the week, the risk-sensitive rand is set to take cues from the direction of the dollar.



On the stock market, the Top-40 index was up 0.7%.



South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 12 basis points at 9.39%.



(Reporting by Bhargav Acharya; Editing by Kirsten Donovan)

New South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg

South African rand firms as dollar slips

<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/TG3BU23QHJM5RBLMAA7NS6U5E4-820x547.jpg" alt="" class="wp-image-545857" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TG3BU23QHJM5RBLMAA7NS6U5E4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A worker is seen at Anglo American&#8217;s Los Bronces copper mine in Chile, obtained by Reuters on April 26, 2024. Anglo American/Handout via REUTERS/ File Photo</figcaption></figure>



LONDON, Oct 24 (Reuters) &#8211; Global miner Anglo American on Thursday posted double-digit falls in its third-quarter copper and diamond production but maintained its 2024 guidance for the commodities.



Anglo said its copper output fell 13% in the July to September quarter, while rough diamond production decreased by 25% on cuts due to prolonged lower demand.



Its De Beers diamonds unit is exploring options for further output cuts in future, Anglo said.



For the first nine months of 2024, copper output fell 4% to 575,000 tons and diamond production was down 21% at 18.9 million carats.



Anglo still expects to produce 730,000-790,000 tons of copper and 23-26 million carats of rough diamonds this year, even as it assesses additional production cuts going forward.



Its shares, which have risen around 18% this year, opened up 2.2%.



The mining giant is restructuring its business to mainly focus on energy transition metal copper after fending off a $49 billion takeover offer from bigger rival BHP Group in May.



Copper will make up 60% of Anglo&#8217;s business after it sells its Australian steelmaking coal assets and nickel mines in Brazil, as well as divesting De Beers and its platinum business Amplats in South Africa.



Apart from its copper assets in Chile, Anglo will also retain iron ore mines in South Africa and Brazil, as well as the Woodsmith fertiliser project in the United Kingdom, which it has now slowed down.



Anglo said steelmaking coal&#8217;s production fell by 6% in the third quarter after shutting its Grosvenor mine in Queensland due to an underground fire.



The London-listed miner, the world&#8217;s third-largest exporter of metallurgical coal, lowered its yearly production guidance to 14-15.5 million tons from a previous forecast of 15-17 million.



Anglo said the final round of bidders for the coal assets was in place and it expected to announce the sale agreement within months.



(Reporting by Clara Denina and Felix Njini; Editing by Stephen Coates and Mark Potter)

FILE PHOTO: A worker is seen at Anglo American’s Los Bronces copper mine in Chile

Anglo American copper, diamond output down in Q3, 2024 guidance unchanged

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-1536x976.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller handles U.S. dollar banknotes and Kenya shilling banknotes inside the cashier&#8217;s booth at a forex exchange bureau in downtown Nairobi, Kenya, February 16, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 24 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Thursday, as remittance inflows matched importer foreign exchange demand, one trader said.



The shilling traded at 128.50/129.50 the dollar at 0652 GMT, LSEG data showed, the same as Wednesday&#8217;s closing rate.



&#8220;We had expected that at the end of the month we would have flows that would drive the shilling one way or the other, but activity has really reduced,&#8221; the trader said.



(Reporting by Sonia Rao; Editing by Hereward Holland)

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Diamond-rich Botswana votes with President Masisi seeking second term

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

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

Mozambique’s ruling party retains power in contested election

Can Anglo’s copper pivot help thwart renewed takeover bid?

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