
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="486" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UGANDA-COFFEE.jpg" alt="" class="wp-image-533967" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UGANDA-COFFEE.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UGANDA-COFFEE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UGANDA-COFFEE-135x90.jpg 135w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Roasted coffee beans are seen on display in Bogota, Colombia June 5, 2019. REUTERS/Luisa Gonzalez</figcaption></figure>



<p>KAMPALA, Sept 23 (Reuters)&nbsp;&#8211;&nbsp;The value of Uganda&#8217;s coffee exports in August soared 82.9% versus a year earlier helped by higher global prices, the state-run sector regulator said in a report on Monday.</p>



<p>Uganda is Africa&#8217;s largest exporter of the beans which are, alongside gold, the country&#8217;s biggest sources of foreign exchange.</p>



<p>In August Uganda shipped 837,915 60-kilogram bags of coffee worth $221.6 million, according to the Uganda Coffee Development Authority (UCDA).</p>



<p>&#8220;The value of coffee exports was higher as global coffee prices continue to rise as dry conditions in Brazil and Vietnam are seen to affect coffee crop yields,&#8221; UCDA said in the report.</p>



<p>Uganda&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3AU2BC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">exported</a>&nbsp;743,517 60-kilogram bags in August last year, worth $121.64 million.</p>



<p>Uganda earned $1.4 billion from coffee exports in the 12 months to August, up from $918.4 million last year, continuing a general upward trend in earnings in recent years, the UCDA said.</p>



<p>(Reporting by Elias Biryabarema; editing by Hereward Holland and Jason Neely)</p>


Roasted coffee beans on display in Bogota, Colombia

Value of Uganda’s coffee exports up 83% in August, regulator says


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="554" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-820x554.jpg" alt="" class="wp-image-533948" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-820x554.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SA-JOBSEEKERS.jpg 1080w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Job seekers wait beside a road for casual work offered by passing motorists, in Eikenhof, south of Johannesburg, South Africa, September 19, 2024. REUTERS/Siphiwe Sibeko/File Photo&nbsp;<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&nbsp;Rights</a></figcaption></figure>



<p></p>



<p>JOHANNESBURG, Sept 23 (Reuters) &#8211; The head of South Africa&#8217;s flagship Black economic empowerment programme plans to introduce additional incentives and potential fines to improve corporate participation and curb exploitation of the system meant to tackle the country&#8217;s gross inequality, he said.</p>



<p>The African National Congress, which had ruled unchallenged for 30 years until it lost its parliamentary majority in May elections, is under intense pressure to improve the lives of Black people left disadvantaged by decades of white minority rule.</p>



<p>The empowerment law enacted in 2003 created a scorecard system that encourages companies to hire and promote Black people by offering them tax breaks and access to government contracts.</p>



<p>Two decades later, unemployment is five times higher for Black people than for white people and income inequality is the worst in the world, according to the World Bank, and critics say the empowerment policy has not worked.</p>



<p>&#8220;There&#8217;s no society that can be viable with (this) level of inequality,&#8221; Tshediso Matona, head of the Broad-based Black Economic Empowerment Commission told Reuters.</p>



<p>Under the voluntary programme, companies earn points in categories such as Black ownership, management control and skills development.</p>



<p>However, Matona says some companies inflate their scores by falsely listing Black people as managers, a practice commonly known in South Africa as &#8220;fronting&#8221;, a crime under the law.</p>



<p>The commission, which refers cases of infringement to state prosecutors, has received 1,348 complaints of fronting since 2017, said Matona. He added, without saying how many cases had been sent to trial, that no one had yet been convicted of fronting largely because the criminal justice system was &#8220;still figuring out how to work with the B-BBEE regulation&#8221;.</p>



<p>Listed companies are required to disclose their Black empowerment status in annual reports, but fewer and fewer are doing so. In 2022, only 141 of about 400 listed companies submitted a report.</p>



<p>Matona said he hoped to enhance company incentives for compliance while &#8220;naming and shaming&#8221; and possibly fining those which fail to submit the reports.</p>



<p>President Cyril Ramaphosa has said he wants to focus on showing companies the advantages of Black empowerment, but that if they refuse to comply then penalties would be needed.</p>



<p>&#8220;On this one (Black empowerment), we are unequivocal,&#8221; Ramaphosa told reporters over a week ago, describing racial inequality as an &#8220;existential challenge&#8221; for South Africa.</p>



<p>&#8220;It must be done, and it will be done.&#8221;</p>



<p>Matona would not be drawn on the specifics of the proposals but said incentives could focus on increasing recognition for companies that invest in skills and enterprise development and should not be &#8220;too obsessed about ownership in existing businesses&#8221;.</p>



<p>He said he hoped to have amendments to the law tabled in parliament within 12 months.</p>



<p>Any inclusion of punitive measures could set the ANC on a collision course with its coalition partner, the pro-business Democratic Alliance party, which has said it would resist them.</p>



<p>&#8220;Businesses don&#8217;t exist for altruistic purposes, we must accept that,&#8221; said DA labour spokesperson Michael Bagraim.</p>



<p><strong>&#8216;BLACKWASHING&#8217; AND TRAINING LOOPHOLES</strong></p>



<p>A common criticism of the affirmative action system is that it made a small number of political insiders extremely wealthy through shareholding deals, especially in its early years.</p>



<p>Economist Duma Gqubule said his research &#8211; based on an analysis of companies&#8217; annual reports and shareholding plans &#8211; found Black ownership of the 50 biggest firms listed on the Johannesburg bourse was barely 1%, far below the official average figure of about 30%.</p>



<p>This was because legal loopholes allowed firms to count Black shareholders even after they sold their stake, or to use shareholding structures that artificially increase Black ownership, a practice Gqubule described as &#8220;Blackwashing&#8221;.</p>



<p>Matona blamed a lack of oversight of independent agencies which issue Black empowerment scorecards and said the industry needed regulation.</p>



<p>His attempt to shift the focus away from ownership to skills development and training also has loopholes, consultants and trainees Reuters spoke to said.</p>



<p>To get skills points companies must pay for training courses for Black people, but they don&#8217;t have to hire them. Some engage a consultancy to find them disabled people to train, because these earn more points, the head of one such consultancy said.</p>



<p>This often leaves Black job seekers in a cycle of training.</p>



<p>&#8220;They keep on promising us that they will hire us but they&#8217;ve never done that,&#8221; said Nonhle Mnguni, a 22-year-old woman in Soweto who has done such courses in business administration, banking, freight forwarding and call centre work since leaving high school.</p>



<p>Giles Von Broembsen, CEO of property management company Pretor Group, said his company ran training programmes for employees, more than half of whom are Black, but that he could only earn points by sending them on a training course elsewhere.</p>



<p>&#8220;The points and the scoring and the system is all very laudable, but it&#8217;s not practical,&#8221; he said.</p>



<p>While some political and economic analysts agree with Matona&#8217;s approach to push for more compliance, others want the law repealed, saying it adds unnecessary bureaucracy which increases business costs and deters foreign investment.</p>



<p>&#8220;I think the whole thing should be repealed,&#8221; said political analyst Moeletsi Mbeki. &#8220;(The state) should help entrepreneurs to develop new businesses, irrespective of their race.&#8221;</p>



<p>(Reporting by Nellie Peyton and Olivia Kumwenda-Mtambo; Editing by Estelle Shirbon and Emelia Sithole-Matarise)</p>


Job seekers wait beside a road for casual work offered by passing motorists, in Eikenhof, south of Johannesburg, South Africa, September 19, 2024. REUTERS/Siphiwe Sibeko/File Photo Purchase Licensing Rights

South Africa seeks to reform faltering Black empowerment system


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="444" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg" alt="" class="wp-image-422268" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-148x90.jpg 148w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020.  REUTERS/Mike Hutchings</figcaption></figure>



<p>JOHANNESBURG, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;The South African rand softened in early trade on Friday, cooling off after strong gains in a week that saw interest rate cuts by both the U.S. Federal Reserve and the South African Reserve Bank (SARB), plus a local inflation print.</p>



<p>At 0715 GMT, the rand traded at 17.50 against the dollar, about 0.1% weaker than its previous close.</p>



<p>The local unit has gained about 1.4% against the greenback this week.</p>



<p>&#8220;The rand is likely to remain within a R17.40/R17.70 range in the short term as it tracks international moves but we could see further profit-taking, given the rand&#8217;s recent strong run,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>The Fed cut interest rates by 50 bps on Wednesday, weakening the dollar and boosting the risk-sensitive rand.</p>



<p>Also on Wednesday, data showed that South Africa&#8217;s annual inflation rate fell to 4.4% last month, the lowest since April 2021 and just below the mid-point of the central bank&#8217;s 3% to 6% target range.</p>



<p>The SARB joined the easing club when it announced a 25 basis point (bps) rate cut on Thursday, the first time interest rates have been reduced in four years.</p>



<p>&#8220;We believe that the SARB has now entered a cycle of rate cuts,&#8221; said Volkmar Baur, Commerzbank FX analyst, in a research note.</p>



<p>&#8220;Further rate cuts are likely to follow, but these should not weigh on the rand if they are accompanied by structural improvements in the economy,&#8221; Baur added.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index was little changed in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was slightly weaker in early deals, as the yield gained 3 basis points to 8.88%.</p>



<p>(Reporting by Tannur Anders; Editing by Ros Russell)</p>


South African Rand coins are seen in this illustration picture

South African rand cools after strong gains in data-filled week


<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="(max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcement, 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>South Africa&#8217;s government will hold its weekly auction of inflation-linked bonds.</p>



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



<p>South African petrochemicals company Sasol and state-owned power utility Eskom will sign agreement on sustainable energy solutions.</p>



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



<p>The South African rand held onto early gains on Thursday following the South African Reserve Bank&#8217;s (SARB) decision to cut interest rates for the first time in over four years, after a super-sized interest rate cut by the U.S. Federal Reserve.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index .JTOPI closed about 1.3% higher.</p>



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



<p>Asian shares extended their rally on Friday, bathing in the afterglow of an outsized interest U.S. rate cut, while the yen edged higher as the Bank of Japan held rates steady and stayed upbeat on the economy.</p>



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



<p>The S&amp;P 500 surged to a record high close on Thursday, the day after the Federal Reserve cut interest rates by 50 basis points and indicated more rate cuts were on the horizon.</p>



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



<p>Gold lingered near record high levels on Friday and was on track for a weekly gain after the Federal Reserve&#8217;s recent super-sized interest rate reduction and on signs that further cuts were on the horizon.</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; Reserve Bank eases into cutting cycle as inflation outlook improves</p>



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



<p>&#8211; Regulatory delays in Vodacom tie-up may have cost SA R4bn in new fibre, says Rupert&#8217;s Remgro</p>



<p>(Compiled by Tannur Anders)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 20


<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="(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 20 (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>*Mauritius&#8217; central bank to announce its latest benchmark lending rate decision.</p>



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



<p>Asian shares extended their rally on Friday, bathing in the afterglow of an outsized interest rate cut in the United States, while the yen edged higher as the Bank of Japan held rates steady and stayed upbeat on the economy.</p>



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



<p>Oil prices, which were little changed in early Asian trade on Friday, were on track to end higher for a second straight week following a large cut in U.S. interest rates and declining global stockpiles.</p>



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



<p>The South African rand held onto early gains on Thursday following the South African Reserve Bank&#8217;s (SARB) decision to cut interest rates for the first time in over four years, after a super-sized interest rate cut by the U.S. Federal Reserve.</p>



<h2 class="wp-block-heading" id="h-africa-currencies">AFRICA CURRENCIES</h2>



<p>The Kenyan, Nigerian and Ghanaian currencies are expected to be broadly stable against the dollar in the next week to Thursday, while Zambia&#8217;s is seen under pressure and Uganda&#8217;s could strengthen, traders said.</p>



<h2 class="wp-block-heading" id="h-nigeria-coca-cola">NIGERIA COCA COLA</h2>



<p>Coca-Cola plans to invest $1 billion in its Nigeria operations over the next five years, the country&#8217;s presidency said after a meeting between President Bola Tinubu and senior executives of the soft drinks maker on Thursday.</p>



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



<p>Kenya&#8217;s shilling was unchanged against the U.S. dollar on Thursday, data from the London Stock Exchange Group showed.</p>



<h2 class="wp-block-heading" id="h-zimbabwe-currency">ZIMBABWE CURRENCY</h2>



<p>Five months after its launch, Zimbabwe&#8217;s new currency is under pressure as increased grain imports eat away at foreign reserves, putting at risk the government&#8217;s plan to make it the only currency in the market by 2026.</p>



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



<p>Angola&#8217;s central bank left its main interest rate unchanged at 19.50% in a decision announced on Thursday, after inflation started easing last month.</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 20


<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/E6VGTQJGT5PWVIY65GTH6X443Q-820x547.jpg" alt="" class="wp-image-532541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q.jpg 1080w" sizes="(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>



<p>PRETORIA, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s central bank cut its main interest rate for the first time in more than four years&nbsp;on Thursday, as it said it saw inflation staying below the midpoint of its target range as far out as 2026.</p>



<p>The South African Reserve Bank (SARB) lowered the repo rate by 25 basis points to 8.00%, as predicted by economists polled by Reuters.</p>



<p>South Africa&#8217;s headline consumer inflation came in at 4.4% year-on-year in August, just below the 4.5% midpoint of the target range the central bank aims for.</p>



<p>The rate cut follows the U.S. Federal Reserve&#8217;s decision on Wednesday to begin lowering rates, and makes South Africa the latest emerging market to embark on an easing cycle after early movers in Latin America and central Europe.</p>



<p>Prior to Thursday&#8217;s cut, the SARB had kept the repo rate unchanged at seven policy meetings in a row. Before that it raised rates 10 times consecutively.</p>



<p>For much of the past three years annual inflation has been near the top of the central bank&#8217;s target band or above it, averaging 5.9% in 2023 and 6.9% in 2022.</p>



<p>But it dropped sharply in July and further in August.</p>



<p>The SARB said on Thursday that it thought progress bringing down inflation would be sustained, &#8220;with inflation contained below the 4.5% midpoint of our range through to the end of the forecast horizon, in 2026&#8221;.</p>



<p>On inflation expectations the bank noted they were slowly moving in the right direction, as shown in a recent quarterly survey.</p>



<p>&#8220;As long as headline inflation stabilises at lower levels, we anticipate further progress in re-anchoring expectations around the middle of our target range,&#8221; the SARB said in a statement.</p>



<p>Economic growth is expected to improve in the final two quarters of this year, bolstered by power utility Eskom suspending rolling power blackouts and higher consumer spending spurred by the government&#8217;s &#8220;two-pot&#8221; pension reform.</p>



<p>The rand currency has also benefited from confidence linked to the formation of a coalition government following May&#8217;s election, when the African National Congress party lost its majority in parliament.</p>



<p>(Reporting by Tannur Anders, Bhargav Acharya and Kopano Gumbi; Editing by Alexander Winning and Emelia Sithole-Matarise)</p>


E6VGTQJGT5PWVIY65GTH6X443Q

South Africa central bank joins easing club with 25 basis point rate cut


<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-1161864874-820x547.jpg" alt="" class="wp-image-505638" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Thursday after a super-sized interest rate cut by the U.S. Federal Reserve, and as local investors awaited a rate decision by the South African Reserve Bank (SARB) later in the day.</p>



<p>At 0735 GMT, the rand traded at 17.4650 against the dollar, about 0.4% stronger than its previous close.</p>



<p>The U.S. currency was down around 0.3% against a basket of peers.</p>



<p>The SARB is also widely expected to cut rates on Thursday in what would be its first easing step in more than four years.</p>



<p>Data showed on Wednesday that South Africa&#8217;s annual inflation rate fell to 4.4% last month, its lowest level since April 2021 and just below the mid-point of the SARB&#8217;s 3% to 6% target range.</p>



<p>Even before August&#8217;s inflation figures were released, economists polled by Reuters predicted the SARB&#8217;s repo rate would be lowered by 25 basis points (bps).</p>



<p>&#8220;Markets (are) expecting the central bank to cut by 25 bps. However, there are growing calls for a 50 bps cut after local inflation fell below the mid-point of the SARB&#8217;s target range and on the back of the larger Fed rate cut,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>The Fed cut interest rates by 50 bps on Wednesday, weakening the dollar and boosting the risk-sensitive rand, which hit a 14-month high after the announcement.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index was up about 1% in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was little changed in early deals, with the yield at 8.83%.</p>



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


South African Rand Rebound Snaps Streak of Weekly Losses

South African rand on front foot post-Fed, SARB decision up next


<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="(max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcement, equity and currency market moves may affect South African markets on Thursday.</p>



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



<p>The South African Reserve Bank will announce its interest rate decision.</p>



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



<p>South African insurer Discovery will report its full-year results.</p>



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



<p>The South African rand firmed to a near 14-month high on Wednesday ahead of the U.S. Federal Reserve&#8217;s interest rate cut and after the local inflation rate fell more than expected.</p>



<p>On the stock market, the Top-40 index closed 0.44% lower.</p>



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



<p>The U.S. dollar bounced, long-dated bond yields were up and Asian stocks rose after the Federal Reserve announced a 50 basis point rate reduction and flagged that its easing cycle would be measured.</p>



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



<p>U.S. stocks closed with modest losses on Wednesday, well off their intraday highs, after the Federal Reserve cut interest rates by 50 basis points, the high side of estimates for its first cut in more than four years.</p>



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



<p>Gold prices held steady on Thursday after hitting a record high in the previous session, following the Federal Reserve&#8217;s super-sized interest rate cut.</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; Reserve Bank has ‘ample space’ to cut rates</p>



<p>&#8211; Consumers get relief from a drop in blackouts but battle with rising prices</p>



<p>(Compiled by Tannur Anders; Editing by Sumana Nandy)</p>


South African Markets-Factors to watch on Sept 19


<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="(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 19 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.</p>



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



<p>The dollar bounced, long-dated bond yields were up and Asian stocks rose after the U.S. Federal Reserve announced a 50-basis-point rate cut and flagged that its easing cycle would be measured.</p>



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



<p>Oil prices fell in Asian trading on Thursday after a larger-than-expected Federal Reserve interest rate cut sparked concerns about the U.S. economy.</p>



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



<p>The South African rand firmed to a near 14-month high on Wednesday ahead of an expected U.S. Federal Reserve interest rate cut and after the local inflation rate fell more than expected.</p>



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



<p>The Kenyan shilling fell against the dollar on Wednesday, data from the London Stock Exchange Group showed.</p>



<h2 class="wp-block-heading" id="h-standard-bank-mauritius">STANDARD BANK MAURITIUS</h2>



<p>Standard Bank, Africa&#8217;s largest bank by assets said on Wednesday it will allow small to mid-sized businesses operating on the continent to do their banking with the lender in Mauritius.</p>



<h2 class="wp-block-heading" id="h-botswana-mining">BOTSWANA MINING</h2>



<p>Botswana has awarded Giyani Metals a 15-year mining licence, the company announced on Wednesday, paving the way for it to become the country&#8217;s first battery-grade manganese producer.</p>



<h2 class="wp-block-heading" id="h-ghana-economy">GHANA ECONOMY</h2>



<p>Ghana&#8217;s economy grew by 6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors, the country&#8217;s statistics agency said on Wednesday.</p>



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


African Markets – Factors to watch on Sept 19


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-820x547.jpg" alt="" class="wp-image-532028" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A street vendor balances a box on her head as she makes a sale at Markets of Warwick in the Durban CBD, Durban, South Africa May 31, 2024. REUTERS/Alaister Russell/File photo</figcaption></figure>



<p>JOHANNESBURG, Sept 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s inflation rate fell more than expected last month to its lowest since April 2021, data showed on Wednesday, reinforcing expectations that the central bank will cut interest rates this week.</p>



<p>Headline consumer inflation fell to 4.4% year-on-year from 4.6% in July, just below the 4.5% midpoint of the South African Reserve Bank&#8217;s target range where it likes to see inflation.</p>



<p>The median forecast of analysts polled by Reuters was for a reading of 4.5%.</p>



<p>&#8220;The table is laid for the interest rate cutting cycle to commence,&#8221; said independent economist Elize Kruger.</p>



<p>Easing price pressures from transport, housing, restaurants and hotels contributed to August&#8217;s lower inflation print, data from Statistics South Africa showed.</p>



<p>However food inflation ticked up to 4.7% in annual terms from 4.5% in July, reversing an eight-month downward trend.</p>



<p>The figures hardened expectations that the central bank will cut interest rates on Thursday for the first time in more than four years.</p>



<p>Even before August&#8217;s inflation figures were released, economists polled by Reuters were predicting the central bank would cut its main lending rate by 25 basis points.</p>



<p>(Reporting by Tannur Anders and Kopano Gumbi; Editing by Alexander Winning and Christina Fincher)</p>


A street vendor balances a box on her head as she makes a sale, in Durban

South African inflation falls more than expected, sets stage for rate cut


<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="(max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 18 (Reuters)&nbsp;&#8211;&nbsp;The following economic events, 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>August consumer inflation data at 0800 GMT</p>



<p>July retail sales data at 1100 GMT</p>



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



<p>The South African rand held steady on Tuesday, with investor focus on Wednesday&#8217;s U.S. Federal Reserve policy decision which could see it deliver a big interest rate cut.</p>



<p>In the stock market, the Top-40 index closed 1.2% higher.</p>



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



<p>The dollar ceded some of its overnight gains on Wednesday while Asian stocks put in a mixed display as traders weighed the odds of a super-sized Federal Reserve interest rate cut later in the day.</p>



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



<p>U.S. stocks closed nearly unchanged on Tuesday, giving up earlier gains that had vaulted the S&amp;P 500 and Dow Industrial Average to record highs as investors braced for the first Federal Reserve rate cut in 4-1/2 years. </p>



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



<p>Gold prices were flat on Wednesday as investors weighed chances of an outsized interest rate cut by the Federal Reserve later in the day. </p>



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



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



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



<p>&#8211; GNU ministers’ actions boost confidence, says JSE boss Leila Fourie</p>



<p>&#8211; Prasa spent R3.8bn on irregular expenditure, says auditor-general</p>



<p>(Compiled by Tannur Anders)</p>


South African Markets – Factors to watch on Sept 18


<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="(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 18 (Reuters)&nbsp;&#8211;&nbsp;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>The dollar ceded some of its overnight gains on Wednesday while Asian stocks put in a mixed display as traders weighed the odds of a super-sized Federal Reserve interest rate cut later in the day.</p>



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



<p>Oil prices steadied on Wednesday, after rising in the previous two sessions, as investors await the U.S. Federal Reserve&#8217;s anticipated interest rate cut, with the potential for more violence in the Middle East supporting the market.</p>



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



<p>The South African rand held steady on Tuesday, with investor focus on Wednesday&#8217;s U.S. Federal Reserve policy decision which could see it deliver a big interest rate cut.</p>



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



<p>The Kenyan shilling was unchanged on Tuesday as dollar inflows from the tourism sector balanced demand from the manufacturing sector, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-imf">KENYA IMF</h2>



<p>The International Monetary Fund said on Tuesday it has held productive discussions with the Kenyan government on its plans to address the country&#8217;s economic and fiscal challenges, after nationwide protests forced it to abandon planned tax hikes.</p>



<h2 class="wp-block-heading" id="h-jp-morgan-africa">JP MORGAN AFRICA</h2>



<p>JPMorgan Chase CEO Jamie Dimon plans to travel to Africa in mid-October in a push by the biggest U.S. lender to expand on the continent, four sources familiar with the matter told Reuters, his first trip there in seven years.</p>



<h2 class="wp-block-heading" id="h-ghana-politics">GHANA POLITICS</h2>



<p>Ghana&#8217;s main opposition National Democratic Congress (NDC) party on Tuesday held nationwide protests against alleged voter roll irregularities, demanding an independent forensic audit to rid the register of errors for free and fair elections.</p>



<h2 class="wp-block-heading" id="h-south-sudan-oil">SOUTH SUDAN OIL</h2>



<p>South Sudan and Sudan have made progress towards restarting the pumping of South Sudan&#8217;s crude oil through a pipeline running to a port in its neighbour, South Sudan&#8217;s finance minister and the president&#8217;s office said.</p>



<h2 class="wp-block-heading" id="h-senegal-economy">SENEGAL ECONOMY</h2>



<p>Senegal&#8217;s slower economic growth, its widening fiscal deficit and a potential delay in International Monetary Fund financing could cloud the outlook ahead of Nov. 17 parliamentary elections, analysts say.</p>



<h2 class="wp-block-heading" id="h-mali-security">MALI SECURITY</h2>



<p>Mali said on Tuesday that its capital Bamako was under control after insurgents attacked a gendarmerie training school and other strategic areas before dawn, firing gunshots that reverberated around the city.</p>



<h2 class="wp-block-heading" id="h-zimbabwe-electricity">ZIMBABWE ELECTRICITY</h2>



<p>Zimbabwe is struggling to get independent energy projects built to help ease a prolonged power shortage due to lack of funding and economic instability, a government official has said.</p>



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


African Markets – Factors to watch on Sept 18


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



<p>JOHANNESBURG, Sept 17 (Reuters)&nbsp;&#8211;&nbsp;The South African rand held steady in early trade on Tuesday, with investor focus on Wednesday&#8217;s U.S. Federal Reserve policy decision which could see it deliver a big interest rate cut.</p>



<p>At 0750 GMT, the rand traded at 17.6250 against the dollar, not far from its Monday closing level of 17.6225.</p>



<p>Markets are certain the Fed will cut rates when it makes its policy announcement on Wednesday and are leaning towards more aggressive easing in the world&#8217;s biggest economy.</p>



<p>&#8220;Markets have started positioning themselves for a 50bps (basis points) rate cut by the Fed,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. monetary policy in addition to domestic factors.</p>



<p>On Wednesday, local investors will look to South Africa&#8217;s August consumer inflation figures and on Thursday, the South African Reserve Bank will announce its policy decision.</p>



<p>Economists polled by Reuters predict a 25-basis-point rate cut by the central bank of Africa&#8217;s most industrialised economy.</p>



<p>On the stock market, the Top-40 index was up about 0.6% in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was also firmer in early deals, as the yield slipped 2 basis points to 8.805%.</p>



<p>(Reporting by Tannur Anders; Editing by Emelia Sithole-Matarise)</p>


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

South African rand steadies, markets focus on Fed rate cut


<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="(max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 17 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcement, equity and currency market moves may affect South African markets on Tuesday.</p>



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



<p>South Africa&#8217;s government will hold its weekly auction of long-term bonds.</p>



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



<p>South African insurer OUTsurance will report its full-year results.</p>



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



<p>The South African rand gained on Monday against a weaker dollar, as markets geared up for a week packed with interest rate announcements and a local inflation print.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index&nbsp;closed down about 0.1%.</p>



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



<p>Asian stocks gained on Tuesday while the dollar and U.S. Treasury yields came under pressure, with just a day to go before the expected start of the Federal Reserve&#8217;s easing cycle that could see policymakers deliver an outsized rate cut.</p>



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



<p>The S&amp;P 500 eked out a slight gain in a subdued session while the Nasdaq fell on Monday, weighed down by a drop in technology stocks as investors assessed the likelihood of an upsized rate cut from the U.S. Federal Reserve this week.</p>



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



<p>Gold prices hovered near a record high on Tuesday, ahead of the anticipated start of the U.S. interest rate reduction cycle, which could see policymakers deliver an outsized cut.</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; Exporters choose SA’s neighbours amid delayed port privatisation</p>



<p>&#8211; Ramaphosa in talks with Elon Musk about Starlink</p>



<p>(Compiled by Tannur Anders)</p>


South African Markets – Factors to watch on Sept 17


<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="(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 17 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.</p>



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



<p>Asian stocks wobbled on Tuesday while the dollar and U.S. Treasury yields came under pressure, with just a day to go before the expected start of the Federal Reserve&#8217;s easing cycle that could see policymakers deliver an outsized rate cut.</p>



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



<p>Oil prices extended gains on Tuesday as the market eyed U.S. output concerns in the aftermath of Hurricane Francine and expectations of lower U.S. crude stockpiles.</p>



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



<p>The South African rand gained on Monday against a weaker dollar, as markets geared up for a week packed with interest rate announcements and a local inflation print.</p>



<h2 class="wp-block-heading" id="h-nigeria-inflation">NIGERIA INFLATION</h2>



<p>Nigeria&#8217;s inflation rate fell for a second consecutive month in August, down to 32.15% year-on-year from 33.40% in July, statistics agency data showed on Monday.</p>



<h2 class="wp-block-heading" id="h-nigeria-petroleum">NIGERIA PETROLEUM</h2>



<p>Nigerian state oil firm NNPC Ltd on Monday increased the price of petrol by 11%, the second increase in two weeks and a day after it started purchasing the fuel from the giant Dangote oil refinery on the outskirts of Lagos.</p>



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



<p>Kenya&#8217;s shilling was steady on Monday, and was expected to gain ground, bolstered by dollar inflows from tea exporters, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-debt">KENYA DEBT</h2>



<p>Kenya&#8217;s auditor general has started to examine the country&#8217;s debt to ascertain the amounts owed to various creditors, Finance Minister John Mbadi told Reuters on Monday.</p>



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



<p>Cocoa arrivals at ports in top grower Ivory Coast had reached 1.733 million metric tons by Sept. 15 since the start of the season on Oct. 1, down 25.3% from the same period last season, exporters estimated on Monday.</p>



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



<p>Ghana has lost more than a third of its 2023/24 cocoa output to smuggling, a top official from the cocoa marketing board (Cocobod) told Reuters, as low local prices and payment delays push some farmers to sell to increasingly sophisticated trafficking rings.</p>



<h2 class="wp-block-heading" id="h-angola-oil">ANGOLA OIL</h2>



<p>Angola will load a total of 33 crude oil cargoes in November, a trade source citing a preliminary loading programme told Reuters.</p>


African Markets – Factors to watch on Sept 17


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg" alt="" class="wp-image-373504" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1920x1280.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-600x400.jpg 600w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



<p>JOHANNESBURG, Sept 16 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Monday, as markets geared up for a week packed with interest rate announcements and a local inflation print.</p>



<p>At 0720 GMT, the rand traded at 17.66 against the dollar, about 0.6% firmer than its previous close.</p>



<p>&#8220;There are many moving parts to consider this morning that will have an important role to play in determining SA&#8217;s economic future over the next few months,&#8221; said ETM Analytics in a research note.</p>



<p>On Wednesday, local investors will look to South Africa&#8217;s August consumer inflation figures. Consumer inflation fell to 4.6% year-on-year in July, only just above the level the South African central bank aims for, 4.5%.</p>



<p>Another reading near the target would further cement expectations for a rate cut from the South African Reserve Bank (SARB) on Thursday. Economist polled by Reuters predict a 25 basis point cut.</p>



<p>&#8220;Most of this week&#8217;s attention will fall on the SARB&#8217;s interest rate decision&#8230; However, the domestic MPC (Monetary Policy Committee) is just one of three important central banks deciding on monetary policy,&#8221; ETM Analytics added.</p>



<p>The U.S. Federal Reserve will announce its policy decision on Wednesday. Markets are betting the central bank of the world&#8217;s biggest economy will cut rates but are divided on the size of the cut.</p>



<p>The Bank of England is expected to keep its main lending rate unchanged when it announces its decision on Thursday.</p>



<p>South Africa&#8217;s benchmark 2030 government bond also gained in early deals, as the yield slipped 6.5 basis points to 8.85%.</p>



<p>(Reporting by Tannur Anders; Editing by Alex Richardson)</p>


101416618-rand

South African rand gains, interest rates in focus this week


<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="(max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 16 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.</p>



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



<p>The Johannesburg Stock Exchange will release data on foreigners&#8217; buying and selling of bonds and stocks during the previous week.</p>



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



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



<p>The South African rand firmed on Friday against a weaker dollar, as markets weighed up bets on the size of a rate cut expected in the United States on Sept. 18.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.4% up.</p>



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



<p>Asian stocks dithered and the dollar slipped on Monday in a week that is almost certain to see the start of an easing cycle in the United States, with investors flirting with the chance of an outsized move.</p>



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



<p>Wall Street&#8217;s main indexes closed higher on Friday as investors homed in on the chance of a bigger interest rate cut by the Federal Reserve, with rate-sensitive small cap stocks outperforming.</p>



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



<p>Gold prices surged to record highs on Monday, driven by a softer dollar and expectations of a larger interest rate reduction by the U.S. Federal Reserve.</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-fin-24">FIN 24</h2>



<p>&#8211; Ramaphosa opens door to revisit NHI, tells Motsoaledi it is time to talk</p>



<p>&#8211; Transnet in court over multibillion-rand deal with Filipino ports giant at key Durban terminal</p>



<p>(Compiled by Tannur Anders; Editing by Peter Graff)</p>


Economy

Value of Uganda’s coffee exports up 83% in August, regulator says

South Africa seeks to reform faltering Black empowerment system

South African rand cools after strong gains in data-filled week

South African Markets – Factors to watch on Sept 20

African Markets – Factors to watch on Sept 20

South Africa central bank joins easing club with 25 basis point rate cut

South African rand on front foot post-Fed, SARB decision up next

South African Markets-Factors to watch on Sept 19

African Markets – Factors to watch on Sept 19

South African inflation falls more than expected, sets stage for rate cut

South African Markets – Factors to watch on Sept 18

African Markets – Factors to watch on Sept 18

South African rand steadies, markets focus on Fed rate cut

South African Markets – Factors to watch on Sept 17

African Markets – Factors to watch on Sept 17

South African rand gains, interest rates in focus this week

South African Markets – Factors to watch on Sept 16

News Tips

Advertise With Us

Economy

Value of Uganda’s coffee exports up 83% in August, regulator says

South Africa seeks to reform faltering Black empowerment system

South African rand cools after strong gains in data-filled week

South African Markets – Factors to watch on Sept 20

African Markets – Factors to watch on Sept 20

South Africa central bank joins easing club with 25 basis point rate cut

South African rand on front foot post-Fed, SARB decision up next

South African Markets-Factors to watch on Sept 19

African Markets – Factors to watch on Sept 19

South African inflation falls more than expected, sets stage for rate cut

South African Markets – Factors to watch on Sept 18

African Markets – Factors to watch on Sept 18

South African rand steadies, markets focus on Fed rate cut

South African Markets – Factors to watch on Sept 17

African Markets – Factors to watch on Sept 17

South African rand gains, interest rates in focus this week

South African Markets – Factors to watch on Sept 16

News Tips

Advertise With Us

Newsletters