Breaking News today - Thursday 29 October 2026

African Start-up News Headlines:

MNT-Halan parent injects $71 million post-IPO via capital increase. The Dutch holding company behind Egyptian fintech MNT-Halan subscribed to a roughly EGP 4 billion ($71 million) capital increase in the newly listed Egyptian operating entity, according to board minutes dated 26 October and reported on 28 October. The subscription lifts the parent’s stake to about 80% and is intended as fresh capital for balance-sheet support and expansion
Cairo-based NoorNation, founded in 2021 by Ragy Ramadan and Mohamed Khaled, closed a $1.05 million seed round reported on 28 October. Backers are agribusiness group Linah Farms (moving from customer to investor), Catalyst Fund and Saudi firm KBW Ventures. The company builds decentralised solar energy and water systems, including its LifeBox product for off-grid irrigation and desalination, and has completed roughly 66 projects totalling about 7 MW. Linah Farms’ participation follows existing pilots that delivered measurable diesel and electricity savings at its farms and a Sharm El Sheikh resort; the deal includes contracts for additional solar stations. Capital will support expansion of a pay-per-use solar irrigation model aimed at farmers still reliant on diesel pumps.
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Headline News Today

Gold Buying to Boost Reserves in Mozambique

The Bank of Mozambique said on 28 October that it is preparing a plan to buy gold produced in the country to diversify its international reserves. Governor Felisberto Navalha made the statement at the opening of the bank’s 51st Advisory Council meeting in Tete. The central bank is working with the Ministry of Mineral Resources and Energy on the framework. The move follows a rise in the value of the bank’s existing gold holdings, driven mainly by higher international prices. Mozambique projects gold production of about 1,809 kilograms in 2027, up 44 percent from the 2026 estimate.

Major Gas Discovery in Tanzania

Tanzania’s energy minister has announced an estimated 223 billion cubic feet natural gas discovery, at the Kasa-1X ST2 well in the Mnazi Bay area. Energy Minister Juma Homera said the find, which is the country’s first new gas discovery in more than a decade, came from a joint programme by the state-owned Tanzania Petroleum Development Corporation and France’s Maurel & Prom.

Production could begin as early as next month and support domestic supply for power and industry. Maurel & Prom’s earlier technical update estimated roughly 200 billion cubic feet. Tanzania’s existing discovered reserves stand at about 57.5 trillion cubic feet.

Afreximbank Funds Oryx Buyout

Egypt based Afreximbank has disbursed a $975 million facility to help finance the management buy-out of Oryx Energies. The Cairo-based bank acted as sole lender for the transaction involving Oryx Energies SA, the holding company of Addax Energy. The deal places one of Africa’s longest-established independent energy product and services providers under majority African ownership.

Oryx Energies CEO Moussa Diao, who is from Senegal, leads the buying team. The company operates in trading, storage and retail sales of petroleum products across several African countries. Afreximbank said the financing advances African ownership of strategic energy assets and supports energy security

Breaking Business and Market News Shorts:

Market Moves: The South African rand traded near R16.62 to the US dollar. It faced pressure from higher oil prices that raise inflation risks for the import-dependent economy, while markets waited for the US Federal Reserve decision. Gold held in the $4,040–$4,060 per ounce range, little changed to slightly firmer after recent sessions. Brent crude was quoted near $115 per barrel on 28 October. On the Johannesburg Stock Exchange on 28 October, the All Share Index closed at about 109,759, down roughly 0.06 percent.
Namibia’s central bank raised its main interest rate by 25 basis points to 7% on 28 October. The Bank of Namibia’s Monetary Policy Committee took the decision unanimously after meetings on 26 and 27 October. Inflation reached 5.4 percent year on year in September, the highest since January 2024. The bank now expects inflation to average 4.2 percent in 2026 and 4.0 percent in 2027.
Nigeria’s President Bola Tinubu has asked the Senate on to approve a supplementary external borrowing plan of $20.52 billion and €1.045 billion. Senate President Godswill Akpabio read the letter during plenary. The funds are intended for infrastructure and development projects in power, transport, agriculture, health, education and other sectors under the 2026-2027 plan.
Gold futures fell below $4,050 an ounce today, paring gains from earlier in the week after the Federal Reserve kept interest rates unchanged as widely anticipated but provided limited guidance on its next policy move. Two officials dissented in favor of a 25-basis-point rate hike, strengthening market expectations for a potential increase in December amid persistent energy-driven inflation.
Iron ore futures recovered to above CNY 670 a ton after touching a four-year low of CNY 664 on October 27, as the return of steelmaking capacity provided some support despite concerns over rising supply. Hot metal production, a key indicator of iron ore demand, fell by 89,900 tons week-on-week to 1.75 million tons in the week ending October 24

Markets by Numbers

Currencies:

Currency markets indicate the US dollar marginally stronger today. The Greenback is trading against the Euro at 1.1449 while trading against the Pound at 1.3210. The Yen is currently trading at 157.76 to the US dollar. The rand (ZAR), is currently trading at the 16.62 against the US dollar this morning.

Commodities:

Gold futures are down around -0.7% this morning, and currently trading at around $4037.25 per ounce.
Copper prices are -0.34% lower today, with prices currently around $6.6234 per pound
Silver futures are down around -1.4% today, and currently trading at around $53.182 per ounce.
Platinum futures are down around -1.3% this morning, and currently trading at $1519.30, While Palladium is down by around -0.15% today, and currently trading around $1027.50 per ounce.
Lithium is down around -3.9% today, and currently at CNY/T 96 900
Brent crude oil prices are down around -1.1% today, and are currently trading around $114.01, with WTI trading at $101.32 currently
Cocoa futures are down around -2.1% today, and currently trading at $5456 per ton.
Coffee futures are down around -2.3% today, and currently trading at around $2.8675 per pound

Crypto Currencies:

Bitcoin prices are down around 1.68% today, and trading at around $79 898 per coin currently
Ether prices are down around -1.8% this morning, and currently trading around $2312.86

(All prices quoted at approximately 07H40 Central African Time)

African General News Briefs:

The US has imposed sanctions on Rwanda's ministry of defence as of yesterday (28 October) over ongoing conflict in the eastern region of the Democratic Republic of Congo. This as Washington seeks to increase pressure on Kigali and bring an end to the fighting. Clashes have continued in eastern Congo, ‌where rebels, who the UN says are backed by Rwanda, are fighting Congolese forces and the Democratic Forces for the Liberation of Rwanda (FDLR), a Hutu militia rooted in the 1994 genocide.
Russin President, Vladimir Putin, has told African leaders on Wednesday that Russia was their best partner, ‌accusing what he cast as a colonial West of still trying to exploit the continent's resources and using debt to hold back development. Putin was speaking at the third Russia-Africa Summit in Moscow, a two-day event attended by African leaders and government delegations from 48 countries. Putin will also hold one-on-one talks with many of the 22 individual African leaders attending on issues such as trade, security, arms and grain.