<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI.jpg" alt="" class="wp-image-537498" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-135x90.jpg 135w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">An employe holds loaves of bread at a supermarket in Nairobi, Kenya May 8, 2017. REUTERS/Baz Ratner/File photo</figcaption></figure>



NAIROBI, Oct 2 (Reuters) &#8211; Kenya&#8217;s inflation fell to 3.6% year-on-year in September from 4.4% a month earlier, the statistics office said on Wednesday.



On a month-on-month basis inflation was at 0.2% from 0.0% a month earlier, the Kenya National Bureau of Statistics said in a statement.



The Kenyan government targets an inflation rate of between 2.5% and 7.5% in the medium term.



The central bank is due to announce its next interest rate decision on Oct. 8.



It cut its benchmark lending rate by 25 basis points in August, saying there was scope to ease policy gradually as inflation had fallen below the midpoint of its target range.



(Reporting by George Obulutsa; Editing by Tom Hogue)

K2XDS6QNTRJ3NESUKLUN7X52ZI

Kenya’s inflation falls to 3.6% in Sept

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-820x573.jpg" alt="" class="wp-image-537495" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan Minister of Energy and Mineral Development Ruth Nankabirwa Ssentamu gestures during an Interview at the African Energy Week in Cape Town, South Africa, October 17, 2023. REUTERS/Esa Alexander</figcaption></figure>



KAMPALA, Oct 2 (Reuters)&nbsp;&#8211;&nbsp;Uganda has formed a state-owned mining company to manage the government&#8217;s equity interests in mining operations, its minister for energy and mineral development, Ruth Nankabirwa, said.



All mining activities in the east African country have previously been done by private firms after obtaining exploration and mining licenses.



Under a new mining law approved in 2022, the government can compulsorily take a 15% free carry stake in all mining operations in the country.



The move is part of broader efforts to expand Uganda&#8217;s share of the value from its mineral wealth, following in the footsteps of other African countries such as Tanzania.



&#8220;This company will manage the state&#8217;s commercial interests in the mining industry. It will do so through strategic partnerships with young developers in the private sector,&#8221; Nankabirwa told a mining conference in Kampala on Tuesday.



President Yoweri Museveni&#8217;s government has also been pushing investors in the sector to process minerals and add value domestically instead of exporting them in raw form.



In April, Uganda launched its first tin refining company by mining firm Woodcross resources, which refines tin ore to 99.9% purity.



Chinese-backed Sunbird Resources has also been licensed to mine limestone for cement production in Karamoja region in Uganda&#8217;s northeast region, while Australia&#8217;s Ionic Rare Earths IXR.AX has been licensed to mine and process rare earths.



Ugandan geologists say the country has large deposits of a range of minerals including gold, cobalt, copper, iron ore, rare earths, among others.



(Reporting by Elias Biryabarema; Editing by George Obulutsa and Rashmi Aich)

Interview with Ugandan Minister of Energy and Mineral Development Ruth Nankabirwa Ssentamu at the African Energy Week in Cape Town

Uganda sets up state-owned firm to take stakes in mining operations

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA.jpg" alt="" class="wp-image-529012" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TJORLERHRFO4NIRPMFSZ32CFMA-768x525.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: An oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo</figcaption></figure>



Oil watchers are now seeing a genuine threat to crude supplies after Iran launched a ballistic missile attack on Israel, escalating conflict in the Middle East.



Iran on Tuesday launched the strike on Israel in retaliation for its recent killing of Hezbollah leader Hassan Nasrallah and an Iranian commander in Lebanon.



Iranian oil infrastructure may soon become a target for Israel as it considers a countermove, analysts told CNBC.



“The Middle East conflict may finally impact oil supply,” said Saul Kavonic, senior energy analyst at MST Marquee. “The scope for a material disruption to oil supply is now imminent.”



These latest developments could be a gamechanger, after a prolonged period of “geopolitical risk fatigue” during which traders brushed off threats of oil supply disruptions stemming from the situation in the Middle East as well as Ukraine, he said.



Up to 4% of global oil supply is at risk as the conflict now directly envelopes Iran, and an attack or tighter sanctions could send prices to $100 per barrel again, Kavonic added.



Iran’s latest missile attack followed Israel’s deployment of ground troops into southern Lebanon, intensifying its offensive against Hezbollah, the Iran-backed militant group. Most of the 200 missiles launched were intercepted by Israeli and U.S. defenses, and there were no reported fatalities in Israel as a result of the attack.



The attack came on the heels of Israel’s deployment of ground forces into south Lebanon, escalating its offensive on Hezbollah, the Iran-backed militant group. Oil prices gained over 5% in the previous session following the missile strike, before tapering to a 2% climb. Global benchmark Brent is now trading 1.44% higher at $74.62 a barrel, while U.S. West Texas Intermediate futures rose 1.62% to $70.95 per barrel.



Since the armed Israel-Hamas conflict started Oct. 7 of last year, disruptions to the oil market has been limited. The oil market also remains under pressure as increased production from the U.S. add to the supply picture, and sputtering Chinese demand have depressed prices, said Andy Lipow, president at Lipow Oil Associates.



Iran is the third largest producer among the Organization of the Petroleum Exporting Countries, producing almost four million barrels of oil per day, according to data from the Energy Information Administration.



<h2 class="wp-block-heading" id="h-new-phase-of-the-war"><a></a>New phase of the war?</h2>



Other analysts echoed Kavonic’s warning.



“As Israel turns from Gaza to Lebanon and Iran, the war is entering a new and more energy-related phase,” Bob McNally, president of Rapidan Energy Group, told CNBC, adding that he expects Israel’s retaliation for the missile attack to be “disproportionately large.”



“It’s going to get worse before it gets better,” he said.



Ross Schaap, head of research at GeoQuant, which leverages structural and high-frequency data to generate political risk scores, said that the organization’s risk analysis model of the Israel-Iran conflict, which has remained in three standard deviations of the average trend over the past 12 years, saw a significant spike after the latest missile strikes.



These results indicate that “much bigger events” are expected, said Schaap said.



Josh Young, CIO of Bison Interests, who is similarly observing an increasing likelihood of a potential strike on Iranian oil infrastructure oil supply disruption,&nbsp;said that this marks a “significant escalation” by Iran.



Should Iranian exports go offline due to an attack, Young predicts that oil prices will surge to more than $100 per barrel.

FILE PHOTO: An oil pump jack outside Almetyevsk, Russia

Oil watchers now see a real threat of supply disruptions after latest Iran-Israel escalation

<a href="https://www.cnbc.com/2024/07/16/trump-iran-kill-plot-secret-service.html">Iran</a>&nbsp;on Tuesday launched a ballistic missile attack on&nbsp;<a href="https://www.cnbc.com/2024/09/24/we-have-much-more-on-the-way-if-they-will-continue-israels-president-warns-hezbollah.html">Israel</a>&nbsp;in retaliation for its recent killing of&nbsp;<a href="https://www.cnbc.com/2024/09/29/israel-pounds-lebanon-pressuring-hezbollah-after-killing-its-leader.html">Hezbollah</a>&nbsp;leader&nbsp;<a href="https://www.cnbc.com/2024/09/28/hezbollah-leader-hassan-nasrallah-killed-in-strike-israeli-army-says.html">Hassan Nasrallah</a>&nbsp;and an Iranian commander in&nbsp;<a href="https://www.cnbc.com/2024/10/01/israeli-forces-launch-ground-offensive-in-lebanon-as-markets-eye-escalation-.html">Lebanon</a>.



The attack came on the heels of&nbsp;<a href="https://www.cnbc.com/2024/09/30/israeli-military-says-limited-operation-against-hezbollah-targets-in-southern-lebanon-has-begun.html">Israel</a>’s deployment of ground forces into south Lebanon, escalating its offensive on Hezbollah, a militant group backed by Iran.



“In response to the martyrdom of Martyr Haniyeh, Seyyed Hassan Nasrallah, and Martyr Nilforoushan, we have targeted the heart of the occupied territories,” the&nbsp;<a href="https://www.cfr.org/backgrounder/irans-revolutionary-guards" target="_blank" rel="noreferrer noopener">Islamic Revolutionary Guard Corps</a>&nbsp;said in a statement after missiles began appearing in the skies over Israel.



“Should the Zionist regime respond to Iran’s operation, it will face crushing attack,” said the IRGC, Iran’s paramilitary organization.



Abbas Nilforoushan was an Iranian Revolutionary Guards deputy commander, who was killed with Nasrallah in a bombing by Israel last Friday in Beirut, Lebanon.



<a href="https://www.cnbc.com/2024/07/31/iran-says-hamas-leader-ismail-haniyeh-was-assassinated-in-tehran.html">Ismail Haniyeh</a>&nbsp;was the political commander of the&nbsp;<a href="https://www.cnbc.com/2024/08/07/hamas-new-political-leader-yahya-sinwar-is-seen-as-more-extreme.html">Hamas</a>&nbsp;terror group, who was killed in July by an Israeli strike on Tehran, the capital of Iran. Israel has been engaged in a brutal war on Hamas since the group launched the Oct. 7 terror attack on Israel from Gaza.



There were only two people reported lightly injured from shrapnel from the missile attack in the Tel Aviv area, according to Israeli authorities. There were also some minor injuries reported across Israel involving people moving to safe spaces.



The Israel Defense Forces announced that citizens were allowed to leave protected spaces across the country just after 1:30 p.m. ET.



A White House official on Tuesday warned that any direct attack on Israel by Iran “will carry severe consequences for Iran.”



“We are actively supporting defensive preparations to defend Israel against this attack,” the official said.



That official and a Defense Department official said that Iran was expected to target military and government sites, not civilian locations.



Sirens wailed around Israel during Tuesday’s attack.



President&nbsp;<a href="https://www.cnbc.com/joe-biden/">Joe Biden</a>&nbsp;met Tuesday afternoon with Vice President&nbsp;<a href="https://www.cnbc.com/kamala-harris/">Kamala Harris</a>&nbsp;and national security officials to discuss the attack, the White House said.



“They reviewed the status of U.S. preparations to help Israel defend against attacks and protect U.S. personnel,” White House senior deputy press secretary Emilie Simons said in a post on the social media site X.



<a href="https://il.usembassy.gov/security-alert-u-s-embassy-jerusalem-26/" target="_blank" rel="noreferrer noopener">The U.S. Embassy in Jerusalem</a>&nbsp;directed all U.S. government employees and their families in Israel to “shelter in place until further notice.”



The embassy in the same notice said it “reminds U.S. citizens of the continued need for caution and increased personal security awareness as security incidents, including mortar and rocket fire and unmanned aircraft system UAS intrusions, often take place without warning.”



“The security environment remains complex and can change quickly depending on the political situation and recent events,” the notice said.



Iran’s suspected planned attack came a day after Israeli ground forces crossed into south&nbsp;<a href="https://www.cnbc.com/2024/10/01/israeli-forces-launch-ground-offensive-in-lebanon-as-markets-eye-escalation-.html">Lebanon</a>&nbsp;as part of an attack on Hezbollah.



The number of Israeli troops who have entered Lebanon is in “the low hundreds,” an Israeli official told NBC News.



Iran Foreign Minister Abbas Araghchi has said the killing of Nasrallah and a senior Revolutionary Guards commander in that attack “will not go unanswered.” Araghchi said the United States was “complicit in this crime.”



The&nbsp;<a href="https://www.cnbc.com/quotes/.DJI/">Dow Jones Industrial Average</a>&nbsp;fell more than 250 points by 10 a.m. ET, spurred by a surge in the cost of&nbsp;<a href="https://www.cnbc.com/2024/10/01/crude-oil-prices-today.html">West Texas Intermediate crude oil</a>, on fears of heightened tensions in the petroleum-rich Middle East.



The WTI November contract was up nearly 3% by midmorning, hovering shy of $70 a barrel.



In April, Iran launched an attack on Israel that included more than 300 drones and ballistic missiles after two top Iranian commanders were killed by an Israeli airstrike in Syria.



Most of the missiles and drones were shot down by the Israeli and U.S. militaries.

108041641-1727803778574-gettyimages-2175285671-AFP_36HV2BQ

Iran launches missile attack on Israel for killing of Hezbollah leader, general

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-820x519.jpg" alt="" class="wp-image-537208" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-1536x971.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s incoming deputy President Rigathi Gachagua waves to supporters as he arrives for his swearing-in ceremony in Nairobi, Kenya September 13, 2022. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Oct 1 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;sparliament on&nbsp;Tuesday tabled a motion to impeach Deputy President Rigathi Gachagua for gross violation of the constitution, the&nbsp;speaker said,&nbsp;as local media reported that he had fallen out with President William Ruto.



Over one third of lawmakers signed a motion presented by Mwengi Mutuse, an MP allied with Ruto&#8217;s coalition, that accuses Gachagua of, among other things, denying people &#8220;equal opportunities for public service appointments and allocation of public resources,&#8221; according to the document.



A rift between Ruto and Gachagua has spilt into the open in recent days, with Gachagua saying he has been sidelined while denying accusations linking him and associates to violent protests earlier in the year, in which demonstrators overran parliament.



The director of communications at Gachagua&#8217;s office did not immediately respond to Reuters&#8217; request for comment.



&#8220;A special motion before the House presents an unprecedented constitutional moment in our democracy,&#8221; said parliamentary speaker Moses Wetang&#8217;ula.



&#8220;Without doubt, it summons this house to test for the first time, under the 2010 constitution, the provisions of our constitution relating to the removal from office by impeachment of the deputy president.&#8221;



(Reporting by Hereward Holland; Editing by Bate Felix and Sharon Singleton)

FILE PHOTO: Kenya’s in-coming deputy President Rigathi Gachagua waves to supporters as he arrives for his swearing-in ceremony in Nairobi

Kenya’s parliament tables motion to impeach deputy president, speaker says

How Investors Can Play The Stock Market Ahead Of The 2024 Election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, Oct 1 (Reuters)&nbsp;&#8211;&nbsp;Major shareholders at the International Monetary Fund are urging Kenya to request an IMF assessment of corruption and governance issues as part of a push to unlock lending that has been stalled by the shelving of tax hikes, two diplomatic sources said.



Disbursement of around $600 million under an IMF plan that expires next year has been held up since the Kenyan government in June withdrew $2.7 billion in tax increases in response to mass protests.



The demonstrations, in which more than 50 people were killed, brought to the fore issues of corruption and misgovernance, with young protesters complaining that their taxes were being used to fund politicans&#8217; lavish lifestyles.



Western governments have been encouraging a governance diagnostic, or IMF assessment, of corruption and governance vulnerabilities, said the two sources. They spoke on condition of anonymity to discuss private conversations.



A governance diagnostic must be requested by the country in question. One source said such a request would facilitate discussions about further IMF support.



Kenya&#8217;s finance ministry did not respond to requests for comment. Spokespeople at the Washington-based IMF did not immediately respond to a request for comment.



The IMF has published governance diagnostic reports on 14 countries since 2014, including Ukraine, Cameroon and Sri Lanka, and additional diagnostics are underway, according to the Fund&#8217;s website.



Kenyan authorities are looking for fresh revenue-raising measures after rescinding the tax increases.



Finance Minister John Mbadi said in August that the government would have to restore some measures from the scrapped bill. However, last month Mbadi said he would seek suggestions from the public on new legislation to boost revenue.



Diplomatic sources say the government will need to present a credible plan to narrow its fiscal deficit before the IMF will consider new disbursements.



(Reporting by Aaron Ross; Additional reporting by Karin Strohecker in London; Editing by Gareth Jones)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

Western nations urge Kenya to seek IMF review of corruption issues, sources say

<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>



KAMPALA, Oct 1 (Reuters) &#8211; The Ugandan shilling posted gains on Tuesday, helped by dollar inflows from non-governmental organisations, traders said.



At 0915 GMT, commercial banks quoted the shilling at 3,663/3,673, stronger than Monday&#8217;s closing rate of 3,682/3,692.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

UGANDA SHILLING

Uganda shilling firms; charity dollar inflows help

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="572" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-820x572.jpg" alt="" class="wp-image-532434" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-1536x1071.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A vendor shows a ten Zimbabwe gold-backed (ZiG) note along a street in Harare, Zimbabwe, July 17, 2024. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, Oct 1 (Reuters) &#8211; Zimbabwe&#8217;s bankers on Tuesday warned the central bank about the impact of any future shocks to the local currency to avoid eating into people&#8217;s incomes and eroding public confidence after a 43% devaluation last week.



&#8220;Every time you have such big shocks there are people who will lose out. The proper thing is to avoid significant huge shocks and maybe have small movement in the rate going forward,&#8221; Bankers Association of Zimbabwe (BAZ) president Lawrence Nyazema told Reuters.



The ZiG, which stands for Zimbabwe Gold, is the southern African country&#8217;s sixth attempt at a stable currency in 15 years after a bout of hyperinflation under former longtime leader Robert Mugabe.



But authorities have struggled to persuade a sceptical population to stop carrying out transactions in foreign currencies.



The ZiG&#8217;s devaluation comes follows it losing more than 47% on the black market in the five months after its launch, with some economists saying its death was imminent.



Nyazema said it was too early to call the demise of the new unit, describing last week&#8217;s move by the central bank as a &#8220;reset&#8221; to the economy.



&#8220;I don&#8217;t think we are seeing the death of the currency but we have our work cut out for us. We have to do more work in terms of convincing the citizens that the money is stable. We needed to reset, and now that we have reset we need to stick to our promises,&#8221; Nyazema said.



He added: &#8220;It is up to the monetary authorities to come up with the right set of measures to bring stability and make sure that such significant movements are not frequent.&#8221;



Since the devaluation, the ZiG has further slipped from Friday&#8217;s rate of 24.3902 to 25.1305 on Tuesday.



Bankers also warned against a rushed move to remove the U.S dollar from circulation before a 2030 deadline, saying it sent the wrong signal to investors.



&#8220;If we were to wake up tomorrow morning and say we are back to mono currency there is likely going to be confusion not only internally but the rest of the world, whom we have told we will have a multi currency up to 2030,&#8221; Nyazema said.



Before the ZiG began its big slide, the government had been hoping to make the gold-backed currency the sole currency unit by 2026.



(Reporting by Nyasha Chingono, editing Nelson Banya and Hugh Lawson)

A vendor shows a ten Zimbabwe gold-backed (ZiG) note along a street in Harare

Zimbabwe bankers wary of more shocks after sharp ZiG devaluation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="571" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-820x571.jpg" alt="" class="wp-image-537121" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-820x571.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-1536x1070.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows an enrichment shop at a processing plant of fertilizer producer EuroChem VolgaKaliy developing the Gremyachinskoe potash deposit in Volgograd region, Russia September 3, 2024. REUTERS/Kirill Braga/File photo</figcaption></figure>



JOHANNESBURG, Oct 1 (Reuters)&nbsp;&#8211;&nbsp;South African manufacturing activity increased in September, recovering from the previous month&#8217;s slump as demand rose and an interest rate cut boosted sentiment, the Absa-sponsored purchasing managers&#8217; index survey showed on Tuesday.



Absa&#8217;s seasonally adjusted PMI for the factory sector rose to 52.8 points in September from 43.6 in August, above the 50-point mark that shows growth.



&#8220;Both domestic and export demand showed signs of improvement&#8230; On the local consumer front, the recent interest rate cut adds to the expectation of a possible more positive demand story going forward,&#8221; local bank Absa, which sponsors the survey, said in a statement.



&#8220;The positive PMI results suggest that the manufacturing sector is stabilising after a turbulent period, although challenges remain, particularly in employment,&#8221; Absa said in a statement.



The 9.2-point jump in the index in September more than made up for the 8.8-point drop in August.



(Reporting by Tannur Anders; Editing by Bhargav Acharya and Hugh Lawson)

EuroChem VolgaKaliy plant in Volgograd region

Absa PMI shows South African factory activity grew in September

<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>



JOHANNESBURG, Oct 1 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened in early trade on Tuesday, ahead of a purchasing managers&#8217; index (PMI) for the domestic manufacturing sector.



At 0747 GMT, the rand traded at 17.32 against the dollar, about 0.3% softer than its previous close.



The Absa PMI for September is set to be released at 0900 GMT and should shed light on conditions in South Africa&#8217;s manufacturing sector.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index traded about 0.6% up.



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 8 basis points to 8.925%.



(Reporting by Tannur Anders)

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

South African rand slips ahead of manufacturing PMI

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



NAIROBI, Oct 1 (Reuters) &#8211; Kenya&#8217;s shilling was unchanged against the dollar on Tuesday and was expected to gain ground during the session, helped by inflows from the agriculture sector, traders said.



At 0633 GMT, the shilling traded at 128.50/129.50 per dollar, the same as Monday&#8217;s closing rate.



(Reporting by Sonia Rao; Editing by George Obulutsa)

LYEEWJTJKRPK3GJPCKWFP3EK7E-820×429

Kenya shilling stable; to strengthen due to farm sector dollar inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.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>



JOHANNESBURG, Oct 1 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Tuesday.



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



South Africa September manufacturing sector PMI



South Africa September vehicle sales



South African government&#8217;s weekly long-term bonds auction



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



South African lender Capitec half-year results



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



The South African rand slipped on Monday as it took a breather after two weeks of gains following an improvement in investor sentiment towards the currency.



On the stock market, the Top-40 .JTOPI index closed 1.26% lower.



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



Asian stocks pulled back from two-and-half-year highs and the dollar firmed following comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Middle-East tension kept risk sentiment in check.



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



The S&amp;P 500 sputtered to a record high close on Monday, rebounding from a brief setback after Federal Reserve Chair Jerome Powell said the U.S. central bank is in no hurry to implement further interest rate cuts.



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



Gold prices were hovering below recent record peaks on Tuesday after U.S. Fed chair tempered expectations for more substantial interest rate cuts this year, with investors looking forward to a series of labour data this week for further insights.



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



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



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



&#8211; Nersa a &#8216;bottleneck&#8217; for new renewable energy projects, says industry



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



&#8211; Fuel price shocker: Some areas to miss out on large cuts this week as port woes bite



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets -Factors to watch on Oct 1

<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>



NAIROBI, Oct 1 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Asian stocks eased near two-and-half-year highs on Tuesday and the U.S. dollar firmed following hawkish comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Mid-East tension kept risk sentiment in check.



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



Oil prices were little changed on Tuesday as stronger supply prospects and tepid global demand growth outweighed worries that escalating tensions in the Middle East could impact output from the key exporting region.



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



The South African rand slipped on Monday as it took a breather after two weeks of gains following an improvement in investor sentiment towards the currency.



<h2 class="wp-block-heading" id="h-nigeria-loan">NIGERIA LOAN</h2>



The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday.



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



Kenya&#8217;s shilling was stable on Monday, with dollar inflows from tea exports matching month-end importer demand, traders said.



<h2 class="wp-block-heading" id="h-kenya-politics">KENYA POLITICS</h2>



Kenyan lawmakers plan to launch impeachment proceedings against Deputy President Rigathi Gachagua, accusing him of undermining the government, parliament&#8217;s majority leader said, reflecting a widening rift between President William Ruto and his deputy.



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



Barrick Gold Corp and the Mali government have decided to find a resolution to existing claims and disputes over the Loulo and Gounkoto gold mines in the West African country, the company said on Monday.



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



Ivory Coast has raised the fixed farmgate price paid to cocoa farmers by 20% to 1,800 CFA francs ($3.09) per kg for the main crop of the new season, the West African country&#8217;s agriculture minister said on Monday.



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



Mozambique&#8217;s central bank cut its main interest rate for the fifth meeting in a row on Monday, saying the inflation outlook remained favourable.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 1

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-820x429.jpg" alt="" class="wp-image-537080" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Labourers work at a mine near the town of Rubaya in the Eastern Democratic Republic of Congo, August 13, 2019. REUTERS/Baz Ratner/File Photo</figcaption></figure>



Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Rebels in eastern Democratic Republic of Congo have consolidated control over the Rubaya coltan-mining region, imposing a production tax estimated to generate around $300,000 in monthly revenue, the United Nations security council heard on Monday.



The M23 movement, a Tutsi-led organization purportedly backed by Rwanda, seized the area, which produces minerals used in smartphones and computers, following intense fighting in April.



Bintou Keita, head of the U.N. mission in Congo, told the Security Council that trade from minerals in the Rubaya area accounts for over 15% of global tantalum supply.



Congo is the world&#8217;s top producer of tantalum which is considered a critical mineral by the United States and the European Union.



&#8220;This generates an estimated $300,000 in revenue per month to the armed group,&#8221; Keita said. &#8220;This is deeply concerning and needs to be stopped.&#8221;



&#8220;The criminal laundering of the DRC&#8217;s natural resources smuggled out of the country is strengthening armed groups, sustaining the exploitation of civilian populations, some of them reduced to de-facto slavery, and undermining peace-making efforts,&#8221; Keita added.



The majority of Congo&#8217;s mineral resources are situated in the east, a region plagued by conflict over land and resources between several armed factions. The situation has deteriorated since the resurgence of the M23 rebellion in March 2022.



Thousands have been killed and over 1 million displaced since the resurgence in fighting.



Manufacturers are under scrutiny to ensure that metals used in products such as laptops and batteries for electric vehicles are not sourced from conflict zones like eastern Congo.



Keita said that as profits from mining have surged, armed groups have become militarized entrepreneurs, making them stronger both militarily and financially.



&#8220;Unless international sanctions are imposed on those benefiting from this criminal trade, peace will remain elusive, and civilians will continue to suffer,&#8221; Keita said.



(Reporting by Sonia Rolley; Editing by Bate Felix and Christina Fincher)

LDWFYV477FOM5BRKZCR7HIOFT4

UN says Congo rebels generating $300,000 monthly in seized mining area

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X-820x461.jpeg" alt="" class="wp-image-537077" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A customer watches stock market at a stock exchange in Hangzhou, China, on September 27, 2024.  Costfoto | Nurphoto | Getty Images</figcaption></figure>



BEIJING — The rocket higher in Chinese stocks so far looks different from the market bubble in 2015, analysts said.



Major mainland China stock indexes surged by more than 8% Monday, extending a winning streak on the back of stimulus hopes. Trading volume on the Shanghai and Shenzhen stock exchanges hit 2.59 trillion yuan ($368.78 billion), surpassing a high of 2.37 trillion yuan on May 28, 2015, according to Wind Information.



Over six months from 2014 to 2015, the Chinese stock market doubled in value, while leverage climbed, Aaron Costello, regional head for Asia at Cambridge Associates, pointed out Monday.



This time around, the market hasn’t run up as much, while leverage is lower, he said. “We’re not in the danger zone yet.”



Stock market leverage by percentage and value were far higher in 2015 than data for Monday showed, according to Wind Information.



The Shanghai Composite in June 2015 soared past 5,100 points, a level it has never regained since a market plunge later that summer. MSCI that year delayed adding the mainland Chinese stocks to its globally tracked emerging markets index. Also hitting sentiment was Beijing’s back-and-forth on a crackdown on trading with borrowed funds and a surprise devaluation of the Chinese yuan against the U.S. dollar.



This year, the yuan is trading stronger against the greenback, while foreign institutional allocation to Chinese stocks has fallen to multi-year lows.



The Shanghai Composite closed at 3,336.5 on Monday, before mainland exchanges closed for a week-long holiday commemorating the 75th anniversary of the People’s Republic of China. Trading is set to resume on Oct. 8.



In the runup to the 2015 market rally, Chinese state media had encouraged stock market investment, while loose rules allowed people to buy stocks with borrowed funds. Beijing has long sought to build up its domestic stock market, which at roughly 30 years old is far younger than that of the U.S.



<h2 class="wp-block-heading" id="h-strong-policy-signals"><a></a>Strong policy signals</h2>



The latest market gains follow announcements in the last week of economic support and programs to encourage institutions to put more money into stocks. The news helped stocks rebound from roughly their lowest levels of the year. The CSI 300 rallied by nearly 16% in its best week since 2008.



Chinese President Xi Jinping on Thursday led a high-level meeting that called for halting the real estate market’s decline as well as strengthening fiscal and monetary policy. The People’s Bank of China last week also cut interest rates and the amount existing mortgage holders need to pay.



“The policy is much stronger and [more] concerted this time than 2015. That said, the economy faces greater headwind[s] right now compared to back then,” said Zhu Ning, author of “China’s Guaranteed Bubble.”



One week of massive stock gains do not mean the economy is on its way to a similar recovery.



The CSI 300 remains more than 30% below its February 2021 high, a level that had even surpassed the index’s 2015 high.



“The Japanese experience provides an important perspective, as the Nikkei 225 Index bounced four times by an average of 34 per cent on its way to a 66 per cent cumulative drop from December 1989 to September 1998,” Stephen Roach, senior fellow at Yale Law School’s Paul Tsai China Center, pointed out Tuesday in a blog post that was also published in the Financial Times opinion section.



Economic data for the last few months have pointed to slower growth in retail sales and manufacturing. That raised concerns that China’s gross domestic product would not reach the full-year target of around 5% without additional stimulus.



“I think what’s missing is the key to a lot of this, that has not come out, which would be a truly confidence-boosting measure, is how are they going to fix the local government finances,” Costello said, noting local coffers once relied on land sales for revenue to spend on public services.



While Chinese authorities have cut interest rates and eased some home buying restrictions, the Ministry of Finance has yet to announce additional debt issuance to support growth.



<h2 class="wp-block-heading" id="h-animal-spirits-at-play"><a></a>Animal spirits at play</h2>



Peter Alexander, founder and managing director of Z-Ben Advisors, expects the level of fiscal stimulus — when it’s likely announced in late October — to be less than what markets are hoping for.



It “may have investors a little bit over their skis, as people like to say,” he said Monday on CNBC’s “Street Signs Asia.”



He added in a written response that his experiences in 2007 and 2015 indicate the Chinese stock market rally could last for another three to six months, or abruptly end.



“This is pure animal instincts and the Chinese have been pent up for a stock market rally,” Alexander said. He added that there are market risks from how unprepared the stock trading system was for the surge of buying.



Data on the number of new retail investors in China this year wasn’t publicly available. Reports indicate brokerages have been overwhelmed with new requests, echoing how individuals piled into the stock market nearly a decade earlier. The Shanghai Stock Exchange on Friday said confirming transactions at the market open had been abnormally slow.



<h2 class="wp-block-heading" id="h-looking-for-earnings-growth"><a></a>Looking for earnings growth</h2>



“China was cheap and was missing the catalyst. &#8230; The catalyst has occurred to unlock the value,” Costello said.



“Fundamentally we need to see corporate earnings go up,” he said. “If that doesn’t go up, this is all a short-term pop.”



Beijing’s efforts earlier this year to stem a market rout included changing the head of the securities regulator. Stocks climbed, only to see the rally peter out in May.



A factor that can send stocks past May levels is that earnings per share forecasts have stabilized versus downgrades earlier this year, James Wang, head of China strategy at UBS Investment Bank Research, said in a note Monday.



Lower U.S. interest rates, a stronger Chinese yuan, increased share buybacks and more coordinated policymaker response also support gains, he said. Wang’s latest price target of $70 on the MSCI China index is now just a few cents above where it closed Monday.



— CNBC’s Hui Jie Lim contributed to this report.

108040874-1727707108673-gettyimages-2173990659-cfoto-chinasto240927_np79X

China’s stock surge has echoes of the 2015 bubble. What’s different this time

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-820x547.jpg" alt="" class="wp-image-537074" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Souvenir luggage tags are displayed at a Barrick Gold Corp at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 1, 2020. REUTERS/Chris Helgren</figcaption></figure>



Sept 30 (Reuters) &#8211; Barrick Gold Corp and the Mali government have decided to find a resolution to existing claims and disputes over the Loulo and Gounkoto gold mines in the West African country, the company said on Monday.



The statement from the world&#8217;s second largest miner comes two days after the Malian government arrested four Barrick employees. The two parties have been negotiating a new mining contract that proposes to give Mali&#8217;s military-led authorities greater control over its resources. Mali is one of Africa&#8217;s biggest gold producers.



Barrick said the details&nbsp;of the agreement&nbsp;will be made public once terms of the settlement have been&nbsp;finalized.



Shares of Barrick were trading down by 2% on the Toronto Stock Exchange at 2:16 p.m ET (1816 GMT).



“The current negotiations have proved challenging but we’re encouraged by the government’s recognition of the importance of securing the long-term viability of the Loulo-Gounkoto complex as a substantial contributor to the Malian economy,&#8221; Barrick&#8217;s CEO, Mark Bristow, said in a statement.



The Mali government was not immediately available for comment.



In July Barrick said it had invested over $10 billion in the Malian economy over the past 29 years.



(Reporting by Felix Njini and Felix Bate; writing by Divya Rajagopal; editing by Jonathan Oatis and Leslie Adler)

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Kenya’s inflation falls to 3.6% in Sept

Uganda sets up state-owned firm to take stakes in mining operations

Oil watchers now see a real threat of supply disruptions after latest Iran-Israel escalation

Iran launches missile attack on Israel for killing of Hezbollah leader, general

Kenya’s parliament tables motion to impeach deputy president, speaker says

How Investors Can Play The Stock Market Ahead Of The 2024 Election

Western nations urge Kenya to seek IMF review of corruption issues, sources say

Uganda shilling firms; charity dollar inflows help

Zimbabwe bankers wary of more shocks after sharp ZiG devaluation

Absa PMI shows South African factory activity grew in September

South African rand slips ahead of manufacturing PMI

Kenya shilling stable; to strengthen due to farm sector dollar inflows

South African Markets -Factors to watch on Oct 1

African Markets – Factors to watch on Oct 1

UN says Congo rebels generating $300,000 monthly in seized mining area

China’s stock surge has echoes of the 2015 bubble. What’s different this time

Barrick Gold and Mali government to find resolution for Loulo and Gounkoto gold mines

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