
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



<p>JOHANNESBURG, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was steady against the dollar on Friday, as the local currency held onto recent gains amid improved risk appetite and positive sentiment at home.</p>



<p>At 0758 GMT, the rand traded at 17.1975 against the dollar, not far from its previous close.</p>



<p>The rand has been on an upward trajectory since a big interest rate hike by the Federal Reserve last week, hitting repeated 20-month highs.</p>



<p>Analysts say the improvement in South Africa&#8217;s risk profile following the formation of a coalition government after an election in May has also contributed to the currency&#8217;s strength.</p>



<p>On the stock market, the Top-40 index was down about 0.4%.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 4 basis points to 8.79%.</p>



<p>(Reporting by Bhargav Acharya; Editing by Ros Russell)</p>


Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South African rand holds on to gains against dollar


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg" alt="" class="wp-image-422769" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Central Bank Governor Patrick Njoroge displays  Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. REUTERS/Baz Ratner</figcaption></figure>



<p>NAIROBI, Sept 27 &#8211; Kenya&#8217;s shilling inched higher against the dollar on Friday, supported by an inflow of foreign currency from tea exports and remittances, traders said.</p>



<p>The shilling was trading at 128.25/129.25 to the dollar at 0734 GMT, compared to its closing rate of 128.50/129.50 on Thursday, according to London Stock Exchange Group (LSEG) data.</p>



<p>A slight strengthening of the East African currency is anticipated over the next week, following its steady performance since early August, a trader said.</p>



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


Kenya Central Bank Governor Patrick Njoroge displays the newly designed Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi

Kenyan shilling strengthens on the back of tea exports and remittances


<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>Sept 27 (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-events">EVENTS:</h2>



<p>Zambia&#8217;s finance minister Situmbeko Musokotwane will present the 2025 national budget on Friday.</p>



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



<p>Chinese stocks are headed for the best week since 2008 as Beijing rolled out a huge stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally.</p>



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



<p>Oil prices eased for a third day on Friday and were on track to fall for the week as investors focused on expectations of increased output from Libya and the broader OPEC+ group, although fresh stimulus from top importer China limited losses.</p>



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



<p>South Africa&#8217;s rand edged higher on Thursday, with stronger risk appetite among investors after rate cuts by the U.S. Federal Reserve last week and positive sentiment in the months following May&#8217;s national election.</p>



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



<p>The Kenyan, Ugandan and Nigerian currencies are expected to strengthen in the next week to Thursday, Ghana&#8217;s is forecast to weaken and Zambia&#8217;s could be little changed, traders said.</p>



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



<p>Kenya&#8217;s shilling was steady on Thursday, as the central bank bought dollars to stabilise fluctuations in the market and bolster their reserves, a commercial trader said.</p>



<h2 class="wp-block-heading" id="h-sudan-politics">SUDAN POLITICS</h2>



<p>Sudan&#8217;s army launched artillery and airstrikes in Sudan&#8217;s capital on Thursday in its biggest operation to regain ground there since early in its 17-month war with the Rapid Support Forces (RSF), witnesses and military sources said.</p>



<h2 class="wp-block-heading" id="h-africa-debt-swaps">AFRICA DEBT-SWAPS</h2>



<p>At least five African countries are working on what could be the world&#8217;s first joint &#8220;debt-for-nature&#8221; swap to raise at least $2 billion to protect a coral-rich swathe of Indian Ocean, according to a global conservation group.</p>



<h2 class="wp-block-heading" id="h-uganda-power">UGANDA POWER</h2>



<p>Uganda on Thursday commissioned its largest electricity generation plant, a 600 megawatt (MW) power plant built on the River Nile that cost $1.7 billion, financed with a loan from China.</p>



<h2 class="wp-block-heading" id="h-uganda-world-bank">UGANDA WORLD BANK</h2>



<p>The World Bank said on Thursday it is rolling out measures to ensure the recipients of any fresh lending to Uganda are not discriminated against by a tough anti-gay law.</p>



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


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 27


<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-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 27 (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>Insurer Momentum full-year results</p>



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



<p>South Africa&#8217;s rand edged higher on Thursday, with stronger risk appetite among investors after rate cuts by the U.S. Federal Reserve last week and positive sentiment in the months following May&#8217;s national election.</p>



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



<p>Chinese stocks are headed for the best week since 2008 as Beijing rolled out a stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally. </p>



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



<p>The S&amp;P 500 scored a record closing high and the Dow and Nasdaq rose on Thursday, as Micron Technology shares rallied and a strong U.S. jobless claims report eased labour market concerns.</p>



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



<p>Gold and silver prices retreated on Friday from record highs, but were positioned for weekly gains on growing anticipation of another bumper U.S. interest rate cut this year, as markets awaited an inflation report for guidance. </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; MultiChoice and NBC fork out 3 bln rand on Showmax since April</p>



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


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 27


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg" alt="" class="wp-image-416545" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-300x189.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-143x90.jpeg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-768x484.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-1536x969.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A participant stands near a logo of World Bank at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018.
Johannes Christo | Reuters</figcaption></figure>



<p>KAMPALA, Sept 26 (Reuters)&nbsp;&#8211;&nbsp;The World Bank said it is rolling out measures to ensure the recipients of lending to Uganda are not discriminated against by a tough anti-gay law.</p>



<p>A World Bank spokesperson said the measures, which include an independent monitoring mechanism to ensure compliance, would apply to ongoing and new projects.</p>



<p>Uganda, a mostly conservative country, enacted the Anti-Homosexuality Act (AHA) in May last year, drawing widespread condemnation from the West and sanctions from the United States.</p>



<p>Under the law, same-sex intercourse is punishable by life in prison while those who commit so-called aggravated homosexuality receive the death penalty.</p>



<p>The bank suspended all new lending to Uganda last year after finding that the law contradicts its values.</p>



<p>The World Bank is one of Uganda&#8217;s biggest funders, especially of critical infrastructure such as roads and energy. The funding suspension was seen as a significant blow to its finances.</p>



<p>&#8220;We will not propose any new public financing for Uganda to our board until we are satisfied that&#8230; mitigation measures are in place,&#8221; the bank said.</p>



<p>LGBT activists had asked the bank to keep the ban on funding as long as the law remains in force, they said in a statement this week.</p>



<p>&#8220;The World Bank&#8217;s mitigation measures are a facade, designed to provide the illusion of protection,&#8221; said Richard Lusimbo, a top official at Convening for Equality (CFE), a Ugandan LGBT activist group.</p>



<p>(Reporting by Elias Biryabarema; Editing by Sonia Rao, Hereward Holland and Ros Russell)</p>


106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report

World Bank says it aims to protect projects in Uganda from anti-LGBT law


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-820x547.jpg" alt="" class="wp-image-535260" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A loader is seen at the Klipfontein Colliery near Balmoral, in the Mpumalanga province, South Africa September 11, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



<p>JOHANNESBURG, Sept 26 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s donor-funded climate programme has spent just over a sixth of its allotted $11.6 billion, with a focus on expanding the power grid and preventing its coal-mining region slipping into decline as it shifts to renewables, two sources said.</p>



<p>A donor and a South African official involved in the plan, neither of whom were willing to be named because they were not authorised to speak publicly, said about $1.9 billion had been spent, half of it on policy-based loans to the government.</p>



<p>Of the rest, about $488 million had gone towards electricity, a breakdown seen by Reuters showed. The remaining quarter was for projects to revive the coal belt province, Mpumalanga, a planned green hydrogen hub and skills training, among other things.</p>



<p>Britain, France, Germany, the European Union and United States initially pledged $8.5 billion at COP26 climate talks in 2021. That figure &#8211; all but a fraction of it in the form of concessional loans &#8211; grew last year, as Denmark, Canada, Spain, the Netherlands and Switzerland joined the initiative.</p>



<p>Owing to its complexity, the number of donors involved and South Africa&#8217;s internal politics, the climate programme has been moving more slowly than planned, and South Africa has told donors it will not meet its 2030 emissions-reduction targets.</p>



<p>Environment Minister Dion George was quoted in the national press this month as saying that German officials had told him South Africa was moving away from fossil fuels too slowly.</p>



<p>A spokesperson for the German embassy declined to comment.</p>



<h2 class="wp-block-heading" id="h-easy-win">EASY WIN?</h2>



<p>Africa&#8217;s most industrialised nation, where 80% of the power is generated from coal, is seen as an easy win for donor-assisted green energy programmes, with its well-developed infrastructure and abundant sun and wind.</p>



<p>But politicians are nervous about winding down a 160-year-old coal business that directly employs 90,000 people and supports whole communities, even while it poisons their air and water.</p>



<p>&#8220;It&#8217;s about &#8230;the mine workers, the coal truckers&#8230;the entire ecosystem (around coal) whose material interests are threatened,&#8221; said Joanne Yawitch, head of the Just Energy Transition at President Cyril Ramaphosa&#8217;s climate commission.</p>



<p>Yawitch said the focus was on new skills and economic opportunities for coal-belt residents, especially its most vulnerable: informal workers, youths and women.</p>



<p>&#8220;With South Africa&#8217;s levels of poverty and unemployment&#8230;if we don&#8217;t take care of the needs of that community&#8230;(the) transition&#8230;will just be resisted all the way.&#8221;</p>



<p>Burning coal has rendered South Africa one of the world&#8217;s most carbon intensive economies, central bank data shows. South Africa is in the top 15 greenhouse gas emitters, ahead of France and Britain.</p>



<p>The policy loans have funded reforms such as a law enacted last month to bring private companies and competition into a power sector long dominated by state monopoly Eskom, the donor source said.</p>



<p>Grants are only $676 million of the total, and Ramaphosa has complained that they make up too small a portion.</p>



<p>(Reporting by Tim Cocks; Editing by Kirsten Donovan)</p>


FILE PHOTO: A loader is seen at the Klipfontein Colliery

Focus on coal miners, power grid as South Africa spends just sixth of climate aid


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-820x547.jpg" alt="" class="wp-image-534859" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1228701729-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A logo sits on display outside an Investec Plc bank offices in Pretoria, South Africa, on Wednesday, Sept. 23, 2020. South Africas biggest lenders were faced with the pressing need to raise provisions to protect against souring loans, while demand for credit slumped as the coronavirus lockdown took a toll on business customers. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, Sept 25 (Reuters) &#8211; South African lender Investec has opened an office in the Dubai International Financial Centre (DIFC), it said on Wednesday, in a bid to access deep pools of wealth from wealthy families and individuals in the region.</p>



<p>The DIFC has been luring global banks, asset and wealth managers as well as hedge funds, and it is now seeing rising interest from South African entities as investors look for safe havens, a neutral political stance and favourable policies.</p>



<p>Investec will offer its clients advisory and arranging services in private banking, wealth and investment management, and corporate and investment banking, Cumesh Moodliar, CEO of Investec Bank Limited said in a statement.</p>



<p>&#8220;We see a sustained emergence of high-net-worth individuals in Dubai and the Gulf as the region offers connectivity, quality services and growth opportunities for domestic and international companies,&#8221; Moodliar said.</p>



<p>By setting itself up in DIFC, Investec can use Dubai as a gateway to more than $3 trillion of private wealth, Salmaan Jaffery, Chief Business Development Officer of DIFC Authority said.</p>



<p>The Investec Group operates in two anchor geographies, South Africa and the United Kingdom, as well as the United States, Ireland, the Channel Islands, Mauritius, India and Continental Europe.</p>



<p>Investec did not say how many staff it would have in its new DIFC office.</p>



<p>(Reporting by Nqobile Dludla; Editing by Hugh Lawson)</p>


South African Banks as Nation Endures Longest Recession

South African lender Investec opens office in Dubai’s DIFC


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-820x576.jpg" alt="" class="wp-image-534754" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A street money changer counts South African Rands in Harare, Zimbabwe,  file.  REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



<p>JOHANNESBURG, Sept 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand extended its recent rally on Wednesday, strengthening to a fresh 20-month high against the dollar.</p>



<p>At 0810 GMT, the rand traded at 17.22 against the U.S. currency, 0.3% stronger than its previous close and its strongest level since early February 2023.</p>



<p>Analysts have partly attributed the rand&#8217;s current strength to positive sentiment in the wake of interest rate cuts by the South African Reserve Bank (SARB) and U.S. Federal Reserve.</p>



<p>&#8220;We are likely to continue to trade in a R17.20/R17.40 range for now,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>On Thursday South Africa-focused investors will shift their focus to August producer inflation figures, which will shed further light on the extent to which price pressures are easing.</p>



<p>Slowing consumer inflation helped convince the SARB to cut rates last week.</p>



<p>Earlier on Wednesday central bank data showed a composite leading business cycle indicator rose 0.7% month on month in July. The indicator reflects vehicle sales, business confidence, money supply and other factors in Africa&#8217;s most industrialised economy.</p>



<p>The Johannesburg Stock Exchange&#8217;s Top-40 index was up 1.5% after touching a new high earlier in the session.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was slightly weaker, with the yield up 1.5 basis points to 8.86%.</p>



<p>(Reporting by Bhargav Acharya, additional reporting by Ankika Biswas in Bengaluru; Editing by Alexander Winning and Toby Chopra)</p>


FILE PHOTO: A street money changer counts South African Rands in Harare

South African rand firms to fresh 20-month high


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg" alt="" class="wp-image-524644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-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>



<p>KAMPALA, Sept 25 (Reuters) &#8211; The Ugandan shilling posted gains against the dollar on Wednesday, on the back of some foreign exchange inflows from non-governmental organisations (NGOs), traders said.</p>



<p>At 0913 GMT commercial banks quoted the shilling at 3,688/3,698, compared to Tuesday&#8217;s close of 3,695/3,705.</p>



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


UGANDA SHILLING

Ugandan shilling firms on charity FX inflows


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-820x546.jpg" alt="" class="wp-image-534772" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TM6VXL4FUVOHBJQ24CV24SK2JM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Riot police members operate during a demonstration against Kenya&#8217;s proposed finance bill 2024/2025 in Nairobi, Kenya, June 25, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



<p>NAIROBI, Sept 25 (Reuters)&nbsp;&#8211;&nbsp;Kenyan police out of uniform and with no official identification fired live rounds at demonstrators at the country&#8217;s parliament complex in Nairobi on June 25, Amnesty International said on Wednesday.</p>



<p>That day saw &#8220;the use of officers without identity badges, uniforms or vehicles marked as police cars actively shooting at protesters and arresting others&#8221;, Irũngũ Houghton, Amnesty&#8217;s Kenya director, told Reuters as the rights group published a press release detailing its reconstruction of the events.</p>



<p>The national police did not respond to Reuters&#8217; requests for comment on the Amnesty statement.</p>



<p>More than 50 people were killed in months-long protests over a controversial finance bill, creating President William Ruto&#8217;s biggest crisis since taking office in 2022. Ruto abandoned the legislation in June and sacked almost his entire cabinet.</p>



<p>The rallies began peacefully, later turning violent. On June 25, the bill was scheduled for a third reading, and some demonstrators briefly stormed parliament. The police opened fire.</p>



<p>The rights group said its reconstruction of the day&#8217;s events was conducted with five partners and based on interviews with 23 witnesses and analysis of dozens of videos and photographs.</p>



<p>As unarmed demonstrators entered parliament, men in civilian clothes were &#8220;seen on camera firing rifles and handguns towards the crowd and in the air&#8221;, Amnesty said.</p>



<p>&#8220;Researchers counted at least 45 shots fired within 56 seconds.&#8221;</p>



<p>Three witnesses saw at least six bodies of protesters who they believed were shot dead at the parliament complex, the rights group said.</p>



<p>&#8220;I saw my friend going down,&#8221; said one person interviewed for the report, whose name was withheld. &#8220;He was shot.&#8221;</p>



<p>Amnesty&#8217;s report said images showed groups of men in civilian clothes carrying weapons and working alongside the police.</p>



<p>Amnesty also said Kenyan police that day unlawfully fired tear gas and beat and arbitrarily detained peaceful demonstrators, while some protesters threw back tear gas canisters at officers, hurled stones, broke windows and took flags.</p>



<p>(Writing by Paul Carsten; editing by Ammu Kannampilly and Alex Richardson)</p>


FILE PHOTO: Demonstration against Kenya’s proposed finance bill 2024/2025 in Nairobi

Kenyan police in plainclothes fired on Nairobi protesters, Amnesty says


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Sept 25 (Reuters) &#8211; Kenya&#8217;s shilling was steady against the dollar on Wednesday, helped by companies converting foreign currency ahead of quarterly tax payments, traders said.</p>



<p>At 0728 GMT, the shilling traded at 128.50/129.50 to the U.S. dollar, the same as Tuesday&#8217;s closing rate, LSEG data showed.</p>



<p>The East African currency strengthened sharply in early 2024 as concerns eased that the government would default on a $2 billion Eurobond that matured in June, but it has remained rangebound since early August.</p>



<p>(Reporting by Sonia Rao; Editing by Alexander Winning)</p>


ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling steady on quarterly tax payments


<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-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 25 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Wednesday.</p>



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



<p>The South African Reserve Bank will publish the country&#8217;s leading indicator for July</p>



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



<p>South Africa&#8217;s rand strengthened to a fresh 20-month high against the dollar on Monday after a slight hiccup in the morning session.</p>



<p>On the stock market, the Top-40 index closed up 1.22%.</p>



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



<p>Chinese stocks made brisk gains on Wednesday, extending their stimulus-fueled rally to a second day, even as equities in the rest of the region struggled and crude oil retreated from a multi-week high.</p>



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



<p>The S&amp;P 500 and Dow ended at record highs on Tuesday, shrugging off weak consumer confidence data, as mining stocks surged following China&#8217;s announcement of a sweeping stimulus package.</p>



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



<p>Gold hit a record high on Wednesday, boosted by a softer U.S. dollar and hopes of more interest rate cuts, while investors looked for new signals for the Federal Reserve&#8217;s interest rate trajectory. </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; Eskom targets revenue of R1.4-trillion from 2026-2028</p>



<p>&#8211; Musk says he had ‘great meeting’ with Ramaphosa</p>



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



<p>&#8211; SA manufacturers fear they are paying the price for Pretoria&#8217;s cosy relationship with Beijing</p>



<p>&#8211; Huawei&#8217;s SA workforce is now majority local, from 90% foreign two years ago</p>



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


South African Markets – Factors to watch on Sept 25


<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, Sept 25 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.</p>



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



<p>Chinese stocks surged on Wednesday, lifting regional markets and helping extend a stimulus-fueled global rally that also underpinned risk-sensitive currencies, while Brent crude hovered near a three-week high.</p>



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



<p>Oil prices fell on Wednesday as investors reassessed the ability of China&#8217;s stimulus plans to boost the economy enough to drive more fuel demand growth in the world&#8217;s largest crude importer.</p>



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



<p>South Africa&#8217;s rand strengthened to a fresh 20-month high against the dollar on Monday after a slight hiccup in the morning session.</p>



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



<p>Kenya&#8217;s shilling strengthened slightly against the dollar on Tuesday, bolstered by hard currency inflows from the diaspora and foreign investors following the U.S. Federal Reserve&#8217;s interest rate cut last week.</p>



<h2 class="wp-block-heading" id="h-somalia-security">SOMALIA SECURITY</h2>



<p>Somalia accused Ethiopia of smuggling weapons on Tuesday amid fears that arms going into the conflict-riven Horn of Africa nation could end up in the hands of Islamist militants.</p>



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


African Markets – Factors to watch on Sept 25


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-820x548.jpg" alt="" class="wp-image-534713" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-1536x1026.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/QSN67BH42NJVPGIAZRVXWLIJVI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. President Joe Biden looks on while attending the Clinton Global Initiative, in New York, U.S., September 23, 2024. REUTERS/Elizabeth Frantz/File Photo</figcaption></figure>



<p>WASHINGTON, Sept 24 (Reuters)&nbsp;&#8211;&nbsp;U.S. President Joe Biden will travel to Germany and Angola Oct. 10-15, the White House said on Tuesday, in what will be his first visit to Africa as president.</p>



<p>Biden&#8217;s first stop will be Germany, where he will express appreciation to Germany for supporting Ukraine&#8217;s defense against Russia, among other issues, according to the White House.</p>



<p>While in Angola Oct. 13-15, Biden will meet with President Joao Lourenco. The two leaders will discuss increased collaboration on shared priorities, including bolstering economic partnerships, and enhancing peace and security, the White House said.</p>



<p>Biden had hoped to visit Angola late last year but the trip was postponed after the outbreak of the Israel-Hamas war in October. Biden has pledged closer U.S. partnership with democracies on the African continent, as Beijing invests heavily in the region.</p>



<p>(Reporting by Jasper Ward; Editing by Eric Beech)</p>


U.S. President Joe Biden visits New York

Biden to travel to Germany, Angola next month


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-820x547.jpg" alt="" class="wp-image-534695" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/37HZYNFOE5LE3CMVPDV6SEO76Y-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A turbine of the WindFloat Atlantic Project, a floating offshore wind-power generating platform, is seen 20 kilometres off the coast in Viana do Castelo, Portugal, September 23, 2021. REUTERS/Violeta Santos Moura/File Photo</figcaption></figure>



<p>NEW YORK, (Reuters) &#8211; World leaders on Tuesday called for far more investment in renewable energy to tackle climate change, with developing nations saying they need financial support to make the transition.</p>



<p>Speaking at a Global Renewables Summit, Kenyan President William Ruto made the case for investing in renewables in Africa as part of the global pledge made at last year&#8217;s COP28 summit to triple clean energy capacity by 2030.</p>



<p>&#8220;Africa receives less than 50% of global investment in renewable energy despite being home to 60% of the world&#8217;s best solar opportunities,&#8221; Ruto told the summit, which is being held on the sidelines of the U.N. General Assembly</p>



<p>The continent is rich in resources needed for development, he said, but can&#8217;t always access those resources due to the current mix of &#8220;unreliable or expensive energy.&#8221;</p>



<p>Barbados Prime Minister Mia Mottley said that fossil fuel subsidies outnumber renewable energy subsidies, which makes it more expensive for small states to develop clean energy projects.</p>



<p>&#8220;Small states face the reality that the cost of renewable energy &#8230; will probably be higher than traditionally fossil fuels,&#8221; she said.</p>



<p>Recent reports, including one by the International Energy Agency, suggest that tripling the world&#8217;s renewable capacity is feasible within this decade. But the effort will require robust regulation including strong rules for issuing project permits as well as investments in building out transmission and battery storage.</p>



<p>Azerbaijan, which is hosting this year&#8217;s COP29 climate summit in November, said it was planning to rally governments to make a new global pledge to increase electricity storage sixfold.</p>



<p>Earlier in the day, a coalition of some of the world&#8217;s biggest companies, finance houses and cities called Mission 2025 urged governments to adopt policies that they said could unleash up to $1 trillion in clean energy investments by 2030. The policies include setting new capacity targets and offering tax credits or long-term electricity contracts that would encourage investment.</p>



<h2 class="wp-block-heading" id="h-we-did-it">&#8220;WE DID IT&#8221;</h2>



<p>Giving his final major speech on climate change at a forum attended by clean energy business leaders, U.S. President Joe Biden celebrated his $369 billion signature climate law.</p>



<p>&#8220;We were told it couldn&#8217;t get done and we did it,&#8221; he said of passing the Inflation Reduction Act in 2022, adding that the legislation has since encouraged innovation and created hundreds of thousands of jobs.</p>



<p>&#8220;Private companies have announced investments of over $1 trillion in clean manufacturing,&#8221; he told the event. &#8220;We are just getting started.&#8221;</p>



<p>Some companies and investors are looking at artificial intelligence technologies with excitement for the solutions they might bring but there is also concern about the energy-intensive data centers that are needed to power them.</p>



<p>AI is &#8220;a problem, and it&#8217;s part of the solution,&#8221; Andres Gluski, the chief executive officer of U.S. power firm AES Corporation told Reuters in an interview.</p>



<p>&#8220;With AI, we could come up with new materials that are better for batteries, that are better than copper,&#8221; he said.</p>



<p>&#8220;If we have labor shortages, AI will help us. If we have to do demand management, AI will help us.&#8221;</p>



<p>(Reporting by Valerie Volcovici and Simon Jessop in New York; Additional reporting by Laila Kearney. Editing by Katy Daigle, David Evans, Aurora Ellis and Edwina Gibbs)</p>


FILE PHOTO: A turbine of the WindFloat Atlantic Project, a floating offshore wind-power generating platform, is seen 20 kilometers off the coast in Viana do Castelo

World leaders call for investment in clean energy, developing nations seek help


<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="538" data-id="534082" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JOTI3ZVACRID7LGCY2HKAAOB2U.avif" alt="" class="wp-image-534082"/><figcaption class="wp-element-caption">View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo <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>
</figure>



<p>Sept 23 (Reuters)&nbsp;&#8211;&nbsp;Canadian miner First Quantum Minerals&nbsp;FM.TO&nbsp;said on Monday it has temporarily suspended operations in the area of a fatal accident at its Kansanshi copper mine in Zambia.</p>



<p>The company said it has launched an internal investigation into the accident in which one of its employees died following an incident involving a tracked dozer and a light vehicle.</p>



<p>&#8220;The site of the accident was immediately secured and operations in the area of the accident have been temporarily suspended and will resume once it is determined that it can be done so in a safe manner,&#8221; the Toronto-based miner said in a statement.</p>



<p>The Kansanshi mine, which produced 134,827 tonnes of copper and 68,970 ounces of gold last year, has faced safety challenges in the past.</p>



<p>Two of First Quantum&#8217;s contractors at its Zambia operations, including one at the Kansanshi,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3CS25H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">had died in November</a>&nbsp;last year in separate accidents.</p>



<p>(Reporting by Sourasis Bose in Bengaluru; Editing by Tasim Zahid)</p>



<p></p>


View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Purchase Licensing Rights

First Quantum suspends some work at Zambia mine after fatal accident


<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, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s shilling&nbsp;KES=&nbsp;was unchanged against the U.S. dollar on Monday, data from the London Stock Exchange Group showed.</p>



<p>At 1039 GMT, commercial banks quoted the shilling at 128.50/129.50 per dollar, the same as Friday&#8217;s closing rate.</p>



<p>The shilling has been relatively stable for several months,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3EZ12H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">after rallying</a>&nbsp;in the first half of 2024 as concerns eased that the East African country would default on a $2 billion Eurobond that matured in June.</p>



<p>(Reporting by Hereward Holland; Editing by Anait Miridzhanian)</p>



<p></p>


Reuters

South African rand holds on to gains against dollar

Kenyan shilling strengthens on the back of tea exports and remittances

African Markets – Factors to watch on Sept 27

South African Markets – Factors to watch on Sept 27

World Bank says it aims to protect projects in Uganda from anti-LGBT law

Focus on coal miners, power grid as South Africa spends just sixth of climate aid

South African lender Investec opens office in Dubai’s DIFC

South African rand firms to fresh 20-month high

Ugandan shilling firms on charity FX inflows

Kenyan police in plainclothes fired on Nairobi protesters, Amnesty says

Kenyan shilling steady on quarterly tax payments

South African Markets – Factors to watch on Sept 25

African Markets – Factors to watch on Sept 25

Biden to travel to Germany, Angola next month

World leaders call for investment in clean energy, developing nations seek help

First Quantum suspends some work at Zambia mine after fatal accident

Kenyan shilling stable, LSEG data shows

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Reuters

South African rand holds on to gains against dollar

Kenyan shilling strengthens on the back of tea exports and remittances

African Markets – Factors to watch on Sept 27

South African Markets – Factors to watch on Sept 27

World Bank says it aims to protect projects in Uganda from anti-LGBT law

Focus on coal miners, power grid as South Africa spends just sixth of climate aid

South African lender Investec opens office in Dubai’s DIFC

South African rand firms to fresh 20-month high

Ugandan shilling firms on charity FX inflows

Kenyan police in plainclothes fired on Nairobi protesters, Amnesty says

Kenyan shilling steady on quarterly tax payments

South African Markets – Factors to watch on Sept 25

African Markets – Factors to watch on Sept 25

Biden to travel to Germany, Angola next month

World leaders call for investment in clean energy, developing nations seek help

First Quantum suspends some work at Zambia mine after fatal accident

Kenyan shilling stable, LSEG data shows

News Tips

Advertise With Us

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