African Markets - Factors to watch on March 3

  • Reuters
  • Stock Market News
African Markets - Factors to watch on March 3
Credit: © Reuters.

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

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GLOBAL MARKETS Global shares and oil prices extended their rebound on Tuesday on mounting speculation policymakers around the world would move to ease the economic fallout from the spreading coronavirus. MKTS/GLOB

WORLD OIL PRICES Oil prices rose for a second day on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that OPEC will order deeper output cuts this week. 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 strengthened on Monday as central banks abroad signalled a willingness to shield their economies against the coronavirus, though the currency was restrained by anticipation of another batch of grim local data. SECURITY An armed gang killed at least 50 people in attacks on villages in the northern Nigerian state of Kaduna on Sunday, Kaduna's governor said on Monday on a visit to the affected communities. OIL Nigerian oil firm Lekoil said on Monday that an audit into the $184 million loan scam uncovered "no evidence of complicity" from any of its company directors or employees. EXPLORATION Somalia has agreed an initial roadmap with a Shell/Exxon RDSa.L , XOM.N joint venture to explore and develop potential offshore oil and gas reserves, the Ministry of Petroleum and Mineral Resources said on Monday. SECURITY Fighting erupted in south Somalia on Monday between the national army and regional forces, amid deepening divisions that help Islamist insurgents and may exacerbate regional frictions. MARKETS The Kenyan shilling KES= was broadly stable on Monday as hard currency inflows from non-governmental organizations and offshore investors buying government debt helped provide support, traders said. MARKETS The Ugandan shilling UGX= traded unchanged on Monday as a recent spike in importer appetite for hard currency weakened. COAST COCOA Below-average rainfall mixed with heat in Ivory Coast's central cocoa-growing regions last week raised concerns over the mid-crop outlook, though there was sufficient moisture in other regions, farmers said on Monday. CORONAVIRUS/HEALTH Senegal's health minister on Monday announced the first case of coronavirus in the country, the second case in sub-Saharan Africa after one was confirmed in Nigeria last week. the latest precious metals report click on GOL/

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