off-the-wire

African Markets - Factors to watch on Feb 8

Kitco Media
By Reuters
Published:
Updated:
Reuters
NAIROBI, Feb 8 - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. - - - - - EVENTS:
*Tanzania's and Mauritius' statistics offices are due to release their respective consumer inflation data for January.


GLOBAL MARKETS Asian equities rose, while the dollar wobbled on Wednesday after less hawkish than feared comments from Federal Reserve Chair Jerome Powell boosted risk appetite and investor hopes that the central bank may soon ease monetary policy. WORLD OIL PRICES Oil prices rose early on Wednesday, extending gains from the previous two days, as the dollar fell after Federal Reserve Chair Jerome Powell sounded less hawkish on interest rates than markets had expected and as U.S. crude stocks surprisingly fell. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa's rand inched higher against the dollar on Tuesday ahead of a speech by Federal Reserve Chair Jerome Powell that could provide further clues on the U.S. interest rate hike path. KENYA MARKETS Kenya's shilling weakened on Tuesday to a new all-time low, undermined by increased dollar demand from manufacturers and oil-retailing companies, traders said. KENYA BUDGET Kenya's finance ministry has tweaked its spending and budget deficit estimates for the current fiscal year that ends in June to show a slight increase in overall expenditure but a narrower deficit. KENYA POWER
Kenya's sole power distributor Kenya Power aims to convert its 2,000 petrol and diesel-driven vehicles to electric over the next four years, it said on Tuesday. GABON MINING Australia's Fortescue Metals Group has entered into a deal with the Gabonese government for the Belinga iron ore project located in the West African nation and plans to begin mining in the second-half of 2023, the company said on Wednesday. GHANA DEBT Ghana has extended the deadline to register for its domestic debt exchange programme to Feb. 10, after some bondholders experienced "technical glitches" while completing the process, the finance ministry said in a statement on Tuesday. ANGOLA MINING Angola will seek a foreign listing for state-owned diamond miner Endiama after an initial public offering at home, its mines minister said, even as the company's operations are affected by links with sanctions-hit Russian miner Alrosa. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on (Compiled by Nairobi Newsroom)

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