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Africa, Forex

African Markets – Factors to watch on Feb. 25

NAIROBI, Feb 25 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. – – – – – GLOBAL MARKETS Asian stocks jumped on Thursday after U.S. Federal Reserve Chair Jerome Powell reaffirmed interest rates would stay low for a long time, calming market fears that higher inflation might prompt the central bank to tighten the monetary spigot. WORLD OIL PRICES Oil prices rose for a fourth straight session on Thursday to the highest levels in more than 13 months, underpinned by monetary easing policies and lower crude production in the United States. 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 strengthened on Wednesday afternoon, then fell back, as investors digested a budget meant to contain COVID-19 but avoid a debt spiral. KENYA MARKETS The Kenyan shilling was steady on Wednesday and was expected to weaken due to strong end-month demand for dollars from the energy sector and general goods importers, traders said. NIGERIA TRANSPORTATION The Nigerian naira traded at a record intra-day low of 429.75 to the dollar on the over-the-counter spot market, exchange data showed on Wednesday, as banks bid for foreign exchange to meet demand. NIGERIA TRANSPORTATION Nigeria plans to cut import duty on tractors and mass transit vehicles to try to reduce transportation costs and tackle high food prices contributing to double-digit inflation, the finance minister said on Wednesday. GHANA VACCINE The World Health Organization’s global vaccine-sharing scheme COVAX delivered its first COVID-19 shots on Wednesday, as the race to inoculate the world’s poorest people and tame the pandemic accelerates. IVORY COAST AND GHANA COCOA Top cocoa producers Ivory Coast and Ghana need to control supplies and join forces with other producing countries if they want to achieve higher prices, the head of the International Cocoa Organisation (ICCO) said. NIGER ELECTIONS Supporters of Niger’s opposition leader Mahamane Ousmane set up burning barricades and clashed with riot police in the capital Niamey on Wednesday, as the former president declared himself the winner of Sunday’s vote, despite losing the official tally. ZIMBABWE VACCINE Zimbabwe will buy an additional 1.2 million COVID-19 vaccine doses from China at a preferential price, President Emmerson Mnangagwa’s spokesman said on Wednesday, after Beijing agreed to give more free doses to the southern African country. 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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