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Africa, Forex

African Markets – Factors to watch on Nov. 24

NAIROBI, Nov 24 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. – – – – – GLOBAL MARKETS Asian shares climbed on Tuesday as news U.S. President-elect Joe Biden was given the go-ahead to begin his White House transition added to an already brighter mood from progress made on COVID-19 vaccine and the prospects for a speedy global economic revival. WORLD OIL PRICES Brent crude prices hit their highest levels since March as news of a third promising vaccine candidate spurred hopes of a quick recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his presidential transition. 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 gained on Monday, lifted by global optimism over coronavirus vaccines and shrugging off ratings downgrades that are likely to push up government borrowing costs. KENYA MARKETS Kenya’s shilling weakened on Monday due to increased dollar demand from importers across all sectors, traders said, and this should continue as end-of-month and holiday demand from importers was heightened. KENYA IMF Kenya is discussing a $2.3 billion lending programme with the International Monetary Fund for budgetary support, the finance ministry told Reuters on Monday. NIGERIA MARKETS Nigerian stocks fell to a two-week low on Monday after third-quarter data showed the economy was in recession, while the currency eased on the black market due to dollar shortages in the country. ETHIOPIA CONFLICT Ethiopian federal forces were encircling the Tigray region’s capital from around 50 km (30 miles) on Monday, the government said, after giving the Tigray People’s Liberation Front (TPLF) a 72-hour surrender ultimatum. BURKINA FASO ELECTION Incumbent Burkina Faso President Roch Kabore was leading with just three voting districts declared on Monday, the electoral commission said, a day after voting dominated by the threat of Islamist violence. DEMOCRATIC REPUBLIC OF CONGO MINING Trafigura on Monday agreed a five-year cobalt supply deal with Congo’s state buyer under which the commodities trader will finance the creation of controlled artisanal mining zones, buying centres and logistics to trace supply. 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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