African Markets - Factors to watch on March 7

Kitco Media
By Reuters
Published:
Updated:
Reuters
NAIROBI, March 7 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. - - - - - GLOBAL MARKETS Asian financial markets were little changed on Tuesday as investors awaited congressional testimony from Federal Reserve Chair Jerome Powell due to start later in the day for clues on the central bank's next move on interest rates. WORLD OIL PRICES Oil prices edged up after industry executives flagged concerns about limited spare capacity in the market and uncertainty over Russian supplies while demand from top crude importer China is recovering. 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 weakened on Monday ahead of a cabinet reshuffle expected in which President Cyril Ramaphosa is likely to name a new deputy. NIGERIA ELECTION Nigerian presidential candidate Atiku Abubakar on Monday led hundreds of supporters in a peaceful protest over the electoral commission's handling of last month's disputed vote which the commission says was won by ruling party candidate Bola Tinubu. KENYA MARKETS Kenya's shilling weakened to a new all-time low on Monday, undermined by sustained dollar demand from the energy and manufacturing sectors while there were little foreign-currency inflows from remittances and exports, traders said. MTN UGANDA RESULTS MTN Uganda , the country's largest telecom company, posted a 20% rise in pretax profit for the full year 2022, boosted by financial technology and data services, it said on Monday. IVORY COAST COCOA Cocoa arrivals at ports in top grower Ivory Coast had reached 1.688 million tonnes by March 5 since the start of the season on Oct. 1, down 3.7 % from the same period last season, exporters estimated on Monday. NAMIBIA PETROLEUM Namibia's state-owned oil company NAMCOR has made a third oil discovery with partners Shell and QatarEnergy in the Jonker-1X deepwater exploration well, in the Orange Basin offshore southern Namibia, it said on Monday. 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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