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Africa, Forex

African Markets – Factors to watch on March 1

NAIROBI, March 1 – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. – – – – – GLOBAL MARKETS Asian shares rallied on Monday as some semblance of calm returned to bond markets after last week’s wild ride, while progress in the huge U.S. stimulus package underpinned optimism about the global economy and sent oil prices higher. WORLD OIL PRICES Oil prices rebounded more than $1 on Monday after the U.S. House of Representatives passed a huge stimulus package, although a drop in China’s February factory activity growth capped gains. 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 firmed on Friday in a recovery rally after a jump in U.S. treasury yields triggered a sharp slide in the previous session to a three-week low. NIGERIA TELECOMS MTN Nigeria MTNN.LG is at an advanced stage in renewing its operating spectrum and licence in Nigeria for another 10 years from September, the local unit of South Africa’s MTN MTNJ.J said on Sunday. NIGERIA VACCINES Nigeria expects to take delivery of 3.92 million doses of the COVID-19 vaccine on Tuesday, the third West African country to benefit from the COVAX facility after Ghana and Ivory Coast, the government’s coronavirus task force said on Sunday. KENYA MARKETS Kenya’s shilling was steady on Friday in a subdued trading day although it could weaken in the coming days as end-of-month pressures could spill over into the first days of the new month, traders said. SOMALIA TLECOMS Somalia awarded its first mobile money licence to Hormuud Telecom on Saturday, in a move aimed at formalising the Horn of Africa country’s digital payments system and integrating it with the global financial infrastructure. EBOLA OUTBREAK The U.S. Centers for Disease Control and Prevention said it was closely following outbreaks of Ebola in Democratic Republic of Congo (DRC) and Guinea, and said the risk of Ebola to the United States was extremely low. BOLLORE CORRUPTION French group Bollore BOLL.PA will pay a 12 million-euro ($14.55 million) fine following a transaction with prosecutors in an alleged bribery case in Africa, France’s financial prosecutor said on Friday. 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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