off-the-wire

African Markets - Factors to watch on March 1

Kitco Media
By Reuters
Published:
Updated:
Reuters
NAIROBI, March 1 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. - - - - - GLOBAL MARKETS Asian stocks rebounded from a two-month low on Wednesday as data showing China's manufacturing activity in February expanded at the fastest pace in more than a decade cheered investors, offsetting fears over rising interest rates. WORLD OIL PRICES Oil prices rose for a second day on Wednesday as reports of expanding manufacturing activity in China, the world's biggest crude importer, boosted the outlook for global fuel demand. 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 strengthened on Tuesday after data showed that the country's unemployment rate declined for the fourth consecutive quarter in October-to-December last year.


KENYA MARKETS


Kenya's shilling eased slightly on Tuesday as persistent dollar demand from fuel importers and manufacturers outstripped foreign-currency supply that mostly came from tourism and flower farms, traders said.


NIGERIA ELECTION


Nigeria's ruling party candidate, Bola Tinubu, was declared president-elect of Africa's most populous nation in the early hours of Wednesday after a weekend election that the main opposition parties have disputed.


UGANDA OIL


A French civil court on Tuesday dismissed a fast-track lawsuit brought by campaigners against energy major TotalEnergies TTEF.PA over its oil projects in Uganda and Tanzania, saying the case should be examined in depth in a standard trial.


MOZAMBIQUE GAS


Saipem has agreed to restart a liquefied natural gas (LNG) project in Mozambique for TotalEnergies in July, the chief executive of the Italian energy services group said on Tuesday.


KENYA DEBT


Kenya plans to change the government's debt ceiling from a fixed amount to a proportion of the county's gross domestic product to make debt management more sustainable, President William Ruto's office said on Tuesday.


SUDAN POLITICS


A Sudanese protester was killed on Tuesday after being shot in the chest during a demonstration against military rule, the Central Committee of Sudanese Doctors said in a statement.


KENYA INFLATION


Kenya's inflation rose to 9.2% year-on-year in February from 9.0% a month earlier, the statistics office said on Tuesday, largely driven by food and transport prices.


MALI GOLD


Mali expects industrial gold output to fall by about 3.5% to 63.9 tonnes in 2023 from 66.2 tonnes the previous year, the mines ministry said on Tuesday.


ZAMBIA MINING


Zambia's Mopani Copper Mines has suspended operations at one of its shafts in Kitwe, more than 350 km north of the capital Lusaka, following an accident which led to a worker dying, it said on Tuesday.


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