African Markets - Factors to watch on Feb 28

Kitco Media
By Reuters
Published:
Updated:
Reuters
NAIROBI, Feb 28 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. - - - - - EVENTS: Uganda's statistics office expected to release consumer inflation data or February. Inflation was 10.4% year-on-year in January.


Kenya's statistics office expected to release consumer inflation data or February. Inflation was 9.0% year-on-year in January.


GLOBAL MARKETS Asian shares nudged higher on Tuesday, tracking small gains on Wall Street, while the U.S. dollar paused after a sharp rally as month-end flows lift sentiment and investors adjust to expectations of more interest rate hikes. WORLD OIL PRICES Oil prices steadied in early Asian trade on Tuesday after falling on strong U.S. manufacturing data that raised worries about further interest rate hikes dampening demand, while analysts predicted another build in American crude inventories. 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


The South African rand regained some ground on Monday against a weaker U.S. dollar, after a stretch of losses that saw it end last week at its lowest level so far this year.


KENYA MARKETS


Kenya's shilling weakened to a fresh low on Monday due to persistent importer demand for dollars, mainly from the oil sector, traders said.


NIGERIA ELECTION


Nigeria's ruling party candidate Bola Tinubu was ahead in the vote count after Saturday's presidential poll, a Reuters tally of provisional results in 20 of 36 states showed on Monday, but opposition parties walked out of the counting process citing concerns of fraud.


ETHIOPIA CONFLICT


Ethiopia is courting support for a motion to cut short a U.N.-mandated inquiry into atrocities in the Tigray war, five diplomats said, in a move that could divide African and Western nations.


AFRICA SOLAR


Kenya is constructing 136 solar-powered mini-grids in far-flung areas not properly served by the national electricity grid, the country's energy minister said on Monday.


UGANDA OIL


A French court on Tuesday could order oil major TotalEnergies to halt the development of an east Africa pipeline in a landmark case based on legislation that makes big companies liable for risks to the environment and human rights.


CONGO SECURITY


The United Nations Humanitarian Air Service (UNHAS) suspended flights in Congo's North Kivu and Ituri provinces following an attack on one of the service's helicopters last week, the World Food Programme (WFP) said on Monday.


FRANCE AFRICA


French President Emmanuel Macron on Monday described the Russian mercenary Wagner Group as the "life insurance of failing regimes in Africa", in comments made before he visits the continent.


CONGO SECURITY


Democratic Republic of Congo's President Felix Tshisekedi said on Monday that a conflict with rebels in the east of the country could disrupt preparations for general elections scheduled for Dec. 20.


GHANA DEBT


Ghana's finance ministry said on Monday it was taking steps to ensure payments of coupons and principals of old bonds resume on March 13 following the conclusion of a domestic debt exchange programme.


SENEGAL CEMENT


The International Finance Corporation (IFC), the World Bank's investment arm, said on Monday it would invest €242 million ($256 million) in Senegal's largest integrated cement manufacturer, Sococim Industries, to boost low-carbon production.


KENYA OIL


Kenya is asking for up to a year to pay for imported oil rather than as soon as it is delivered to relieve pressure on the foreign exchange rate, Energy Minister Davis Chirchir said on Monday.


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