9th August 2024

Good morning! Anglo American's restructuring plan boosts South African stocks, Ethiopia gears up for its first securities exchange launch, Kenya's President Ruto faces protests amid new cabinet appointments, and Somalia advances democratic reforms with a universal suffrage bill.

Here’s your Roosters Crow:

Hope for South Africa Stocks

South Africa's stock market could see a resurgence driven by Anglo American Plc's restructuring and the formation of the country's first coalition government. Improved political stability and the absence of power cuts have enhanced investor confidence, with a potential IPO of De Beers poised to boost trading volumes and market capitalization.

Ethiopia's Securities Exchange to Go Live

Ethiopia's first securities exchange, the Ethiopian Securities Exchange (ESX), will launch in October 2024, marking a milestone in the country's economic reform agenda. The ESX aims to improve capital market accessibility and financial inclusion, offering companies a new avenue for raising capital and providing investors access to various financial instruments.

Kenya Swears in Cabinet

Kenyan President William Ruto swore in his new cabinet amid intensified protests led by opposition leader Raila Odinga. The cabinet, comprising key allies and technocrats, is expected to address economic challenges, but the ongoing unrest highlights the deep political divisions that threaten Ruto's administration.

Somalia Approves Bill for Universal Suffrage

Somalia's cabinet has approved a bill introducing universal suffrage, allowing all eligible citizens to vote in future elections. This move towards greater political inclusivity and stability marks a shift from the clan-based voting system and could have significant implications for the 2026 elections.

Coming Up…

Tomorrow's African economic highlights include South Africa's June mining and manufacturing production data, Nigeria's July inflation rate, and Ghana's consumer price index. These key data releases will be crucial for investors and policymakers, influencing decisions on monetary policy and economic stability.