African Markets – Factors to watch on March 28

0
902
An oil pump jack can be seen in Cisco, Texas, August 23, 2015. REUTERS/Mike Stone

GLOBAL MARKETS
Asian stocks advanced on Tuesday after Wall Street steadied and the dollar bounced from a four-month-low, as anxiety over Donald Trump’s setback on healthcare reform gave way to
tentative hopes for the U.S. President’s planned stimulus policies.

WORLD OIL PRICES
Oil prices edged up on Tuesday on a weaker dollar, but crude continued to be weighed down by surging U.S. production and uncertainty over whether an OPEC-led supply cut is big enough to rebalance the market.

SOUTH AFRICA MARKETS
South Africa’s rand fell against the dollar on Monday after Finance Minister Pravin Gordhan was asked by President Jacob Zuma to return early from an investor roadshow abroad, sparking talk of an imminent cabinet reshuffle.

NIGERIA MARKETS
Nigerian exchange bureaus have incurred forex losses from dollars sourced via the central bank after the value of the naira on the black market rallied following interventions on the official market, the bureaus’ head said on Monday.

NIGERIA CURRENCY
Nigeria set a new naira exchange rate on Monday for consumers with certain foreign expenses and stepped up dollar sales on the official market to narrow the spread with the black market.

NIGERIA BUDGET
Nigeria is likely to pass the 2017 budget into law before May, a lawmaker who chairs a committee on the spending plans in the upper chamber of parliament said on Monday.

KENYA MARKETS
The Kenyan shilling strengthened against the dollar on Monday mainly due to a broadly weaker dollar in global markets.

KENYA RATES
Kenya’s central bank held its benchmark lending rate at 10 percent on Monday as expected, saying
high food prices were to blame for a rise in the rate of inflation.

KENYA-SOMALIA SECURITY
Kenyan troops in Somalia killed 31 Islamist al Shabaab militants in a raid on two of their bases in the southern Somali region of Jubbaland, the Kenyan military said on Monday.

GHANA RATES
Ghana’s central bank slashed its benchmark interest rate on Monday by two percentage points to 23.5 percent, noting signs inflation was trending downwards, in a move that may help spur lending and business activity.

TANZANIA POLITICS
Tanzanian President John Magufuli ordered the immediate release of a popular local musician on Monday, a day after he was arrested for allegedly mocking the government in a song.

UGANDA MARKETS
The Ugandan shilling UGX= edged down on Monday, weighed on by an uptick in demand for dollars among banks and offshore investors into local government securities.

SOUTH SUDAN AID AMBUSH
Rebels said on Monday the South Sudan government should be held responsible for the killing of six aid workers, the deadliest single assault on humanitarian staff in a three-year-old civil war.

ZIMBABWE DOLLARS
When President Robert Mugabe scrapped the Zimbabwe dollar in 2009, most of his people thought this meant the end of runaway money-printing and hyperinflation that had rendered the currency worthless. They may have been wrong.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.