African Markets – Factors to watch today, Feb 22-Reuters
NAIROBI, Feb 22 (Reuters) – The following company announcements, scheduled economic
indicators, debt and currency market moves and political events may affect African markets on
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SOUTH AFRICA – Finance Minister Pravin Gordhan to deliver his 2017/2018 Budget Speech before Parliament against a backdrop of sluggish economic growth and looming threats of a possible credit downgrade
KENYA – Barclays Bank Kenya expected to release its 2016 full year financial results
Asian stocks rose on Wednesday, joining a record-setting session for global markets as investors cheered upbeat factory activity in Europe and solid earnings on Wall Street.
WORLD OIL PRICES
Oil prices held near multi-week highs on Wednesday after OPEC signalled optimism over its deal with other producers to curb output to clear a glut that has weighed on markets since 2014.
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SOUTH AFRICA MARKETS
South Africa’s rand weakened on Tuesday, while stocks were little changed, with Shoprite topping the Blue-chip index after the retailer reported a rise in half-year profit.
Nigeria’s central bank took a step nearer to outright devaluation of the naira currency on Tuesday, providing 23 commercial banks with a combined $370.8 million at forward exchange rates up to 15 percent weaker than the official rate.
Nigerian President Muhammadu Buhari needs further rest in Britain following medical tests but there is no need to worry about him, his spokesman said on Tuesday, as his deputy launched a 60-day plan to improve the recession-mired economy.
Nigeria wants to borrow at least $1 billion from the World Bank and to sign within months for a $1.3 billion loan from China to fund railway projects, Finance Minister Kemi Adeosun said on Tuesday.
The Kenyan shilling held steady against the dollar on Monday, helped by healthy inflows from exporters weighing against thin demand from manufacturing firms.
Ghana’s President Nana Akufo-Addo said in his first state of the nation address the economy was in a “bad way” but he would press ahead with a plan to create jobs, cut the budget deficit and improve sustainable agriculture.
IVORY COAST COCOA
A cocoa glut in top producer Ivory Coast that has driven down prices and paralysed buying is also fuelling a rise in the smuggling of beans to neighbouring countries, farmers and exporters said on Tuesday.