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Africa, Forex

African Markets – Factors to watch on Nov 23

NAIROBI, Nov 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 Asia stocks were mostly lower on Tuesday, tracking a retreat on Wall Street after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the central bank for a second term, reinforcing expectations the U.S. will taper its stimulus soon. WORLD OIL PRICES Oil prices dropped on Tuesday, reversing gains in the previous session, on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as COVID-19 cases flare up in Europe. 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 dipped on Monday, as the U.S. dollar rose on Federal Reserve Chair Jerome Powell’s nomination for another term. KENYA MARKETS The Kenyan shilling was stable on Monday, amid a general slowdown in importer dollar demand, traders said. NIGERIA EQUITIES Flour Mills of Nigeria plans to acquire a 71.69% stake in rival Honeywell Flour Mills at an enterprise value of 80 billion naira ($193.7 million), the companies said on Monday. KENYA COVID-19 VACCINATION A Kenyan government directive that residents must show proof of COVID-19 vaccination by Dec. 21 to access services was welcomed by some businesses on Monday but criticized by others, who said low vaccination rates made it unrealistic. GHANA RATES Ghana’s central bank surprised the market on Monday by raising its prime interest rate 100 basis points to 14.5%, citing inflationary pressures. 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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