African Markets - Factors to watch on March 10

  • Reuters
  • Stock Market News
African Markets - Factors to watch on March 10
Credit: © Reuters.

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

- - - - - EVENTS:

RWANDA- Expecting the latest inflation data from the statistics office.

GLOBAL MARKETS Asian stocks bounced back from a two-month low on Wednesday after bond yields eased following a well-received auction and as Chinese shares found a footing after recent steep falls on policy tightening worries. MKTS/GLOB

WORLD OIL PRICES Oil fell for a third straight session on Wednesday as investors took profits while looking ahead to U.S. inventories data due later in the day for pointers on where prices will head next. O/R

EMERGING MARKETS For the top emerging markets news, double click on STOCKS For the latest news on African stocks, click on .J

SOUTH AFRICA MARKETS South Africa's rand recovered from a two-month low on Tuesday, lifted by investors moving into higher yielding currencies and slightly better than forecast economic growth figures. MARKETS Nigerian stocks dropped to a 10-week low on Tuesday, as banking shares fell and yield-hungry investors eyed debt for returns, traders said. BRITAIN CORRUPTION Britain has agreed to send to Nigeria 4.2 million pounds ($5.84 million) recovered from a former state governor who was jailed for laundering money in Britain, the two countries said on Tuesday. MARKETS The Kenyan shilling KES= was stuck against the dollar on Tuesday and traders said hard currency inflows from offshore investors into government securities could help it to strengthen. ECONOMY Ghana's President Nana Akufo-Addo on Tuesday predicted a sharp economic rebound this year after a pandemic-induced downturn thanks to new mining projects, increased manufacturing and expanded financial services. TOTAL/ENVIRONMENT French energy giant Total TOTF.PA on Monday detailed steps it would take to mitigate the environmental and human impact from its Tilenga project in Uganda and a multibillion-dollar pipeline carrying oil from the country to Tanzania. MARKETS The Ugandan shilling UGX= traded stable on Tuesday from the previous session as slow consumer spending continues to suppress demand for hard currency from importers, traders said. MINING China's Tsingshan Holding Group is set to start developing an iron ore mine and a carbon steel plant in Zimbabwe from May, the African country's information minister said late on Tuesday, three years after the firm first announced the investment deal. CORONAVIRUS/VACCINE Zimbabwe has authorised the emergency use of four COVID-19 vaccines, including Russia's Sputnik V and China's Sinovac, the minister of information said on Tuesday. the latest precious metals report click on GOL/

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