26 July 2024 Morning Biz News: Key Developments Impacting the Market

 

Cabinet Approves Baynes Hydropower Project

The Namibian Cabinet has given the green light for the implementation of the bi-national Baynes Hydropower Project. This approval also includes the expedited construction of a road to the project site, set to commence in September. The decision follows a June meeting between Angola’s Minister of Energy and Water, Joắo Baptista Borges, and Namibia’s Minister of Mines and Energy, Tom Alweendo. During the meeting, it was revealed that the feasibility study for the Baynes Transmission Interconnection is progressing well and is expected to be completed by mid-2025.

Sibanye Stillwater Delays Financial Results Release

South Africa’s Sibanye Stillwater has announced a delay in the release of its half-year financial results. Originally scheduled for August 29, the release will now take place on September 12. The delay is due to a cyberattack on the company’s IT systems reported on July 11, which caused some disruption to its global operations. However, the company has reported that its systems have largely been restored and is working to ensure no further issues arise.

East African Currencies Remain Stable

Traders anticipate that the Kenyan and Ugandan shillings will remain stable against the US dollar in the upcoming week. Central bank interventions, including dollar sales, are expected to support the currencies, especially against offshore investor demand. Currently, the Kenyan shilling is quoted at 132.50/133.50 per dollar, compared to last week’s rate of 131.00/132.00.

Oil Prices See Slight Increase

Oil prices saw a modest increase on Friday, driven by stronger-than-expected economic data from the United States, which bolstered expectations for higher crude oil demand. Brent crude futures for September rose by 7 cents per barrel, while U.S. West Texas Intermediate crude for September increased to $78.32 per barrel. Despite these gains, concerns over weak economic conditions in major Asian economies, including China and Japan, limited the extent of the rise.

Latest Financial Indicators

• Namibian Dollar: 18.38 to the US Dollar, 19.93 to the Euro, 23.62 to the Pound
• Gold: $2,362.84 per fine ounce
• Brent Crude: $81.71 per barrel
• Bitcoin: $1,216,776.35

Stay tuned for more updates on these and other market developments.