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Africa, Forex

African Markets – Factors to watch on Feb.14

NAIROBI, Feb 14 (Reuters) – 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 edged up on Friday, on course to post the second straight week of gains, helped by hopes governments will make provisions to soften the impact on their economies from the coronavirus epidemic. WORLD OIL PRICES Oil prices were steady on Friday but are set for their first weekly gain in six weeks on the assumption major producers will implement deeper output cuts to offset slowing demand in China, the world’s second-largest crude user. 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 was slightly weaker on Thursday ahead of President Cyril Ramaphosa’s State of the Nation address, with investors treading cautiously before hearing the government’s plans to grow a limping economy. NIGERIA MARKETS Nigeria’s central bank has introduced longer-term contracts on the naira in a move to attract more foreign inflows, shore up its dwindling dollar reserves and stave off a currency devaluation, traders said on Thursday. NIGERIA PETROLEUM Cost increases and uncertainty in Nigeria’s crucial energy sector could lead to a 35% decline in oil output over 10 years as companies delay investments in key oilfields, consultancy Wood Mackenzie said in new research due to be published on Friday. KENYA MARKETS The Kenyan shilling was stable on Thursday and was forecast to trade in a narrow range amid some dollar demand from the energy sector, traders said. UGANDA CENTRAL BANK RATE Uganda’s central bank kept its benchmark lending rate unchanged on Thursday, saying an accommodative monetary policy stance is still needed to support economic growth that could be hit by weak exports. SOMALIA DEBT The World Bank and the International Monetary Fund on Thursday said they had taken a next historic step toward forgiveness of Somalia’s $5.3 billion in debt, with a final decision possible by the end of March. SENEGAL PETROLEUM ConocoPhillips’ sale of a stake in a $4.2 billion Senegal oil and gas project to Woodside Petroleum has been cleared by an international tribunal, resolving a long-running challenge by Australian partner FAR Ltd . MOZAMBIQUE ECONOMY Mozambique’s gross domestic product (GDP) grew 2.03% year on year in the fourth quarter of 2019, versus 2.01% growth in the previous quarter, data from the national statistics office showed. ETHIOPIA POLITICS Ethiopia’s parliament passed a law on Thursday imposing jail terms for people whose internet posts stir unrest, a move the government says is needed to prevent violence ahead of elections but which the United Nations says will stifle free speech. 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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