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Africa, Forex

African Markets – Factors to watch on Feb. 23

NAIROBI, Feb 23 (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 stocks rebounded from two-week lows struck on Tuesday as rising commodity prices boosted market expectations of an improved growth outlook, a day after rising U.S. Treasury yields and inflation prospects hit U.S. tech shares. WORLD OIL PRICES Oil prices jumped by more than $1 on Tuesday, as U.S. output was slow to return after a deep freeze in Texas shut in crude production last week. 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 weakened on Monday with demand for risk assets dampened by rising yields in the United States and some investor caution ahead of the South African government budget this week. KENYA MARKETS Kenya’s shilling was steady on Monday but was expected to come under pressure in the coming days on end-of-month dollar demand from companies covering expenses, traders said. CONGO VIOLENCE Italy’s ambassador to Democratic Republic of Congo was killed on Monday along with his bodyguard and a World Food Programme driver when their convoy was attacked in the east of the country, Italy and the United Nations said. IVORY COAST COCOA Exceptionally abundant rain over most of Ivory Coast’s cocoa regions last week revived expectations of a healthy April-to-September mid-crop after weeks of drought and heat in central regions, farmers said on Monday. NIGER ELECTIONS Niger’s ruling party candidate Mohamed Bazoum strengthened a lead over his challenger on Monday as vote-counting continued in the West African nation’s presidential run-off, electoral commission data from three-quarters of constituencies showed. NIGERIA OIL Nigerian state oil company NNPC has extended until June its contracts with private companies to swap crude oil for fuels, a company spokesman told Reuters. SUDAN CURRENCY Business on Sudan’s black market slowed to a crawl on Monday and some people sold dollars in banks for the first time in years, a day after authorities devalued the currency by more than 85% to try to secure debt relief and ease an economic crisis. UGANDA ELECTIONS Ugandan opposition leader Bobi Wine said on Monday he was withdrawing a court case challenging presidential election results that handed victory to incumbent Yoweri Museveni, alleging bias by Supreme Court justices hearing the case. 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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