The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.
- - - - - GLOBAL MARKETS Asian share markets found some stability on Tuesday after a wave of early selling petered out and Wall Street futures managed a solid bounce, allowing investors to take a breather from coronavirus fears. MKTS/GLOB
WORLD OIL PRICES Oil rose on Tuesday as investors snapped up bargains after crude benchmarks dropped almost 4% in the previous session, but fears that the spreading coronavirus could wreak far greater economic damage than initially thought capped gains. O/R
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SOUTH AFRICA MARKETS South Africa's rand tumbled more than 1% while stocks plunged to a two-month low as a sharp rise coronavirus cases overseas combined with concerns about the upcoming budget speech knocked down local assets. ECONOMY Nigeria's economic growth rose to an annual rate of 2.55% in the three months to the end of December, its highest quarterly growth since a 2016 recession, the statistics office said on Monday. MARKETS Nigerian banking shares .NGSEBNK10 dropped 4.72% on Monday to notch up their biggest decline in nineteen weeks, traders said. AVIATION Nigeria has selected a consortium including Egypt Air to set up an aviation leasing company as part of a government plan to overhaul the country's aviation sector. MARKETS The Kenyan shilling KES= was firm on Monday mainly due to stable demand for dollars by importers, traders said. BUDGET Rwanda's Finance Minister Uzziel Ndagijimana on Monday asked parliament to raise the government's spending for the financial year to June by 4.8%.
WIND FARM
Africa Finance Corporation (AFC) is investing $63 million to build and operate a 60 megawatt (MW) wind farm in Djibouti, the Lagos-based development financier said on Monday. GEMFIELDS Artisanal miners torched a car belonging to miner Gemfields' GEMGE.L, GMLJ.J Mozambique operation on Saturday and attacked the occupants with pickaxes, injuring three employees and one security contractor, the company said. the latest precious metals report click on GOL/
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