African Markets – Factors to watch on April 1

PUBLISHED: Thu, 01 Apr 2021 04:30:14 GMT

NAIROBI, April 1 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. – – – – – GLOBAL MARKETS Stocks crept higher on Thursday following their weakest quarter in a year, while higher Treasury yields supported the dollar, as investors parsed the details of a $2 trillion U.S. government spending plan and hoped for strong jobs data later in the week. WORLD OIL PRICES Crude prices rose on Thursday, recouping some of the previous session’s losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent COVID-19 infections in some regions. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa’s rand rallied to its best in a week on Wednesday, after data showed the trade surplus widened in February on increased export activity. KENYA MARKETS Kenya’s shilling was steady on Wednesday, and traders said they expected it to strengthen, due to offshore investor inflows into a Treasury bond sale and release of some money to the government from a new International Monetary Fund programme. KENYA ELECTRICITY Kenya’s President Uhuru Kenyatta has set up a team to review power purchase agreements signed over the years by the state power distributor, which has been making losses in the recent past. KENYA I&M HOLDINGS RESULTS Kenyan lender I&M Holdings IMH.NR said on Wednesday its 2020 full-year pretax profit fell by a quarter to 10.95 billion shillings ($100.09 million), as its loan loss provisions jumped due to effects of the COVID-19 pandemic. STANBIC BANK UGANDA RESULTS Uganda’s biggest lender, Stanbic , posted an 8.9% decline in its pretax profit as the impact of the coronavirus crisis drove up impairments. TANZANIA FINANCE MINISTER Tanzania’s President Samia Suluhu Hassan has picked Mwigulu Nchemba as her finance minister, she said in a televised announcement on Wednesday. DEMOCRATIC REPUBLIC OF CONGO MINING Congo’s state cobalt buyer announced a responsible sourcing standard for artisanal cobalt on Wednesday as it launched its ambitious move to bring all informal cobalt mining in the country under state control. WEST AFRICAN DEVELOPMENT BANK PROJECTS The West African Development Bank will finance projects worth over 5 billion euros ($5.9 billion) in the period from 2021 to 2025 in the eight-nation monetary union, the bank’s president Serge Ekue said on Wednesday. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on

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