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Africa, Forex

African Markets – Factors to watch on March 3

NAIROBI, March 3 – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. – – – – – GLOBAL MARKETS Asian shares edged higher on Wednesday as investors shrugged off concerns that stocks may have rallied too far too fast in the past year, and focused instead on optimism that more imminent U.S. stimulus will energise the global economic recovery. WORLD OIL PRICES Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists. 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 Tuesday in a broad, developing world currencies retreat against a strong U.S. dollar, while stocks hit a fresh record high as rising commodity prices lifted assets in the resource-rich region. SOUTH AFRICA DRUGS South African police have seized close to a ton of cocaine worth almost 600 million rand ($40 million) from a ship off the Saldanha coast, close to Cape Town, in one of the country’s largest drug busts, authorities said on Tuesday. KENYA MARKETS Kenya’s shilling KES= traded was stable on Tuesday as demand for dollars remained tepid, traders said. ETHIOPIA PRESS FREEDOM U.S. Secretary of State Anthony Blinken on Tuesday pressed Ethiopian Prime Minister Abiy Ahmed to end hostilities in the northern Tigray region, citing a “growing number of credible reports of atrocities and human rights violations and abuses.” GHANA VACCINES Ghana launched its coronavirus vaccination drive on Tuesday with doses from the global COVAX vaccine-sharing programme, which delivered shipments to other African countries as its vaccine rollout to developing nations accelerates. DRC POLITICS Democratic Republic of Congo’s Senate on Tuesday backed an ally of President Felix Tshisekedi to lead the body, a move that should ease the passage of Tshisekedi’s legislative agenda after two years of gridlock. UGANDA MOTORS Ugandan state auto firm Kiira Motors Corporation says it will commence producing buses by July and aims to put out 1,030 units this year, as it moves to enter a market now served by big players like Isuzu, Man and Taata. 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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