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Africa, Forex

African Markets – Factors to watch on Feb. 24

NAIROBI, Feb 24 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. – – – – – GLOBAL MARKETS Bond markets steadied, the U.S. dollar fell and stocks edged ahead on Wednesday after central banks from Washington to Wellington vowed to keep monetary policy loose for a long time, giving investors enough confidence to seek out riskier assets. WORLD OIL PRICES Oil prices fell in early trade on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut. 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 The South African rand gained sharply on Tuesday afternoon after Federal Reserve Chair Jerome Powell said the U.S. economy needed support for “some time,” comments that hurt the dollar. KENYA MARKETS Kenya’s shilling weakened slightly on Tuesday on strong end-of-month demand for dollars from importers across all sectors, traders said. NIGER ELECTIONS Ruling party candidate Mohamed Bazoum was declared the winner of Niger’s presidential election on Tuesday while his opponent alleged fraud and opposition supporters burned tyres in the streets. ZAMBIA COPPER Zambia produced 882,061 tonnes of copper in 2020, up 10.8% from 796,430 tonnes produced in 2019, Mines Minister Richard Musukwa said on Tuesday, calling it a “historical high” for Africa’s second-largest copper producer. ETHIOPIA LOANS The International Monetary Fund said on Tuesday it had agreed a blueprint for the completion of reviews of Ethiopia’s loan programme, taking account of the impact of the coronavirus and the country’s “domestic security situation”. IVORY COAST COMMODITIES Ivory Coast’s new agricultural commodities exchange will begin operations late next month by listing of raw cashew nuts, kola nuts and corn, its chief executive said on Tuesday. AFRICA VACCINE The African Export-Import Bank (Afrexim) has approved $2 billion to support the acquisition of COVID-19 vaccines for African countries, its president said on Tuesday. UGANDA ELECTIONS The United States is looking at “a range of targeted options” to hold accountable Ugandan security forces who it deemed responsible for abuses against opposition candidates and civil society, State Department spokesman Ned Price 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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