African Markets – Factors to watch on March 26

PUBLISHED: Fri, 26 Mar 2021 04:36:48 GMT
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NAIROBI, March 26 – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. – – – – – GLOBAL MARKETS Asian shares bounced back from a three-month low on Friday thanks to a late-day rally on Wall Street as optimism about the global economic recovery was overshadowed by rising tensions between the West and China.[nL1N2LO06B WORLD OIL PRICES Crude oil producers from Europe, Africa and the United States faced difficulties selling to Asia, especially China, as buyers took cheaper oil from storage while refinery maintenance has reduced demand, industry sources said on Thursday. 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 slipped to a two-week low on Thursday after the central bank kept lending rates unchanged despite a wave of rate increases by other emerging markets. SOUTH AFRICA CENTRAL BANK South Africa’s central bank bucked the trend of emerging markets raising interest rates by keeping its policy level unchanged on Thursday and betting on a long period of low inflation. SOUTH AFRICA COVID-19 The chairman of South Africa’s Ministerial Advisory Committee on COVID-19 (MAC), Professor Salim Abdool Karim, stepped down on Thursday, the health ministry said, following a meeting of the body to mark the first anniversary of its formation. NIGERIA OIL Nigeria’s parliament may pass the long-delayed Petroleum Industry Bill (PIB) in April, the country’s minister of state for petroleum said on Thursday. Nigeria’s state oil firm is spending up to $315 million a month on fuel subsidies for consumers, a burden that is becoming untenable, its head said on Thursday. KENYA MARKETS The Kenyan shilling KES= gained ground on Thursday, helped by slowing importer dollar demand, traders said. WEST AFRICAN MONETARY UNION The West African monetary union (UEMOA) will see combined growth of 5.8% in 2021 as member countries recover from the economic fallout of the coronavirus pandemic, UEMOA President Alassane Ouattara said on Thursday. MOZAMBIQUE INSURGENCY Helicopter gunships exchanged fire with suspected Islamist insurgents as fighting raged for a second day around a gas hub town in northern Mozambique, a security source and a diplomat said. ETHIOPIA RAPE More than 500 rape cases have been reported to five clinics in Ethiopia’s Tigray region, the United Nations said on Thursday, warning that due to stigma and a lack of health services the actual numbers were likely to be much higher. ETHIOPIA KILLINGS Medecins Sans Frontieres (MSF) staff travelling in Ethiopia’s Tigray region saw Ethiopian soldiers shoot dead four civilians, the medical aid agency said on Thursday. 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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