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More stocks fell than rose across 17 African exchanges on Thursday, with Uganda leading index gains and Ghana the weakest, while attention shifted to Enoch Godongwana medium-term budget on 21 October and a possible R70 billion revenue windfall.

Africa's largest cement producer has appointed Goldman Sachs and UBS as bookrunners for a London secondary listing that could raise about $1 billion as early as November, with investor meetings due to begin on October 27 in London, South Africa and Dubai.

South Africa's Allan Gray is favouring Nigerian equities over South Korea's Kospi, arguing Nigeria's rally is broad-based while the Kospi is narrowly concentrated.