African Markets - Factors to watch on March 31

  • Reuters
  • Stock Market News
African Markets - Factors to watch on March 31

NAIROBI, March 31 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

- - - - - EVENTS: *Kenya and Uganda statistics offices expected to release consumer inflation data for March.

GLOBAL MARKETS Asian stocks were on the backfoot on Wednesday while the safe-haven dollar held near a one-year high as Treasury yields resumed their upward march, hitting sentiment even as Chinese data underpinned signs of a solid global economic recovery. MKTS/GLOB

WORLD OIL PRICES Oil prices rose on Wednesday, paring overnight losses a day ahead of a meeting of OPEC and its allies, with investors betting the producers will largely agree to extend their supply curbs into May. 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 and stocks firmed in late trade on Tuesday, ahead of President Cyril Ramaphosa's address to the nation on the country's response to the COVID-19 pandemic. ECONOMY Sub-Saharan Africa is expected to post economic growth of 2.3%-3.4% this year, the World Bank said in a new report on Wednesday, bouncing back from a pandemic-induced 2.0% contraction last year. BANKING Nigeria's biggest lender Access Bank ACCESS.LG has bought a controlling stake in South Africa's Grobank for around $60 million and will shore up the bank's capital, its chief executive said on Tuesday, becoming the first Nigerian lender to venture into South Africa. MARKETS Kenya's shilling KES= was steady on Tuesday, with muted demand from importers, partly driven by a government decision to put stricter COVID-19 containment measures in the capital Nairobi and four other adjacent regions, traders said. ECONOMY Kenya's central bank has room to cut its benchmark interest rate, its governor said on Tuesday, adding that other interventions were also needed to help economic recovery in the face of a coronavirus-induced slump. PRIVATE EQUITY African private equity raised less cash for investments in 2020 compared with the previous year as a result of the economic fallout of the COVID-19 pandemic, the African Private Equity and Venture Capital Association (AVCA) said. BOND Ghana's finance ministry said on Tuesday it had successfully raised $3 billion on the international debt market using a 4-year zero-coupon bond tranche. SECURITY Tens of thousands of people are feared to have been displaced following a deadly attack by Islamic State-linked insurgents on a gas hub town in northern Mozambique, aid agencies said, as rescuers searched for survivors on Tuesday. the latest precious metals report click on GOL/

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