African Markets - Factors to watch on Feb 17

Kitco Media
By Reuters
Published:
Updated:
Reuters
NAIROBI, Feb 17 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - GLOBAL MARKETS Asian equities slipped on Friday, while the dollar hovered around six-week highs as economic data and hawkish comments from Federal Reserve officials revived fears that the U.S. central bank will stick to its monetary tightening path. WORLD OIL PRICES Oil prices were on track for weekly losses as strong U.S. economic data heightened concerns that the Federal Reserve would further tighten monetary policy to tackle inflation, a move that could hit fuel demand even as crude stockpiles grow. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on South African stocks, click on SOUTH AFRICA MARKETS


South Africa's rand weakened on Thursday after President Cyril Ramaphosa defended his decision to appoint a minister of electricity to try to end crippling power cuts.


KENYA MARKETS


The Kenyan shilling eased against the dollar on Thursday as foreign-currency demand from the oil sector outstripped dollar inflows from tea exporters and remittances, traders said.


NIGERIA FOREX


Foreign exchange shortages faced by local Nigerian companies may threaten bank liquidity, while a devaluation of the naira precipitated by these shortages would weaken banks' capital, ratings agency Moody's said in a note on Thursday.


GHANA DEBT


Substantive discussions with Ghana's external bondholders are due to start in the next few weeks, the country's Finance Minister Ken Ofori-Atta told parliament on Thursday.


GUINEA SECURITY


At least two people were shot dead and scores wounded or detained at an anti-government protest in Guinea's capital Conakry that started late on Wednesday and continued into Thursday, an opposition coalition said.


NIGERIA CORRUPTION


The United States will repatriate to Nigeria nearly $1 million, which were embezzled by the former governor of an oil-producing state, the U.S. Justice Department said on Thursday.


CONGO MINING


Congo's state auditor has demanded an additional $17 billion of investments from a 2008 infrastructure-for-minerals deal with Chinese investors that is currently being renegotiated, documents seen by Reuters on Thursday showed.


SENEGAL POLITICS


Police fired tear gas to disperse hundreds of supporters of Senegal opposition leader Ousmane Sonko on Thursday after he left court in the capital Dakar where hearings are underway in a libel case against him.


IVORY COAST COCOA


Ivory Coast's Cocoa and Coffee Council (CCC) regulator said on Thursday that some domestic exporters risked defaulting on their cocoa export contracts as they struggle to source beans from the main harvest which ends in March.


ETHIOPIA CHURCH


The influential Ethiopian Orthodox Church said late on Wednesday it had reached an agreement with a breakaway synod from the Oromiya region following deadly violence that killed dozens and led to partial internet shutdowns.


RWANDA RATES


Rwanda's central bank on Thursday raised its key interest rate to 7.0%, up from 6.5%.


NIGERIA CASH


Nigeria's President Muhammadu Buhari on Thursday gave approval to the central bank to extend the deadline to turn in old banknotes by another 60 days after cash shortages stoked anger ahead of presidential and parliamentary elections next week.


For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on

499 1232))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.