African Markets – Factors to watch on March 24

PUBLISHED: Wed, 24 Mar 2021 05:04:16 GMT

NAIROBI, March 24 – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. – – – – – GLOBAL MARKETS Asian shares hit a two-week low on Wednesday, oil weakened further and the dollar neared four-month highs as coronavirus lockdowns in Europe and potential U.S. tax hikes hit risk appetite, leading to a flight to safety. WORLD OIL PRICES Oil prices edged higher on Wednesday as investors looked for bargains following the previous day’s plunge, but gains were capped as pandemic lockdowns in Europe and a build in U.S. crude stocks curbed risk appetite and raised oversupply fears. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on KENYA MARKETS The Kenyan shilling traded stable on Tuesday due to quiet market activity, traders said. SOUTH AFRICA MARKETS South Africa’s rand weakened in on Tuesday as caution prevailed ahead of a closely watched testimony by top U.S. policymakers, with investors looking out for comments on the rise of bond yields. NIGERIA CENTRAL BANK Nigeria’s central bank held its benchmark lending rate at 11.5% on Tuesday, said Governor Godwin Emefiele, who also denied that the country is adopting a new foreign exchange management policy. KENYA BANKS Absa Bank Kenya ABSA.NR on Tuesday reported a 47% drop in 2020 pretax profit reflecting higher impairments due to effects of the pandemic. ETHIOPIA CONFLICT Ethiopian Prime Minister Abiy Ahmed confirmed for the first time on Tuesday that troops from neighbouring Eritrea entered the northern Tigray region during the five-month-old conflict, the first such acknowledgement after months of denials. CONGO ELECTIONS Congo Republic President Denis Sassou Nguesso has been re-elected with more than 88% of the vote, official results showed on Tuesday, extending his 36 years leading the Central African oil producer despite a prolonged economic crisis. ANGOLA OIL ASSETS Switzerland’s top court this month partially ruled against a freeze on $900 million belonging to a jailed Angolan businessman, citing insufficient evidence for money laundering alleged by prosecutors. SUDAN MEDIATION – Sudan’s cabinet has backed an initiative for the United Arab Emirates to mediate in a dispute over Sudan’s border with Ethiopia, and over the Grand Ethiopian Renaissance Dam (GERD), the Sudanese information minister said on Tuesday. 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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