African Markets - Factors to watch on March 10

Kitco Media
By Reuters
Published:
Updated:
Reuters
NAIROBI, March 10 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. - - - - - EVENTS:
*Rwanda's statistics office is due to release its consumer inflation data for February.


GLOBAL MARKETS Falling bank stocks drove Asian markets lower on Friday, while bonds rallied and expectations for U.S. interest rate rises were reduced after a surprise capital raising at a Silicon Valley startup lender unleashed fears of broader banking-system stress. WORLD OIL PRICES Oil prices were little changed on Friday as traders remained cautious about frequent and steeper rate hikes by the U.S. Federal Reserve, concerns that have triggered a rout in energy prices over the last three days. 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 The South African rand strengthened on Thursday, recovering from an almost three-year low hit the day before when S&P Global downgraded South Africa's outlook to "stable" from "positive". AFRICA CURRENCIES The Kenyan and Zambian currencies are expected to weaken against the dollar in the coming week, while the currencies of Nigeria, Ghana, Uganda and Tanzania are set to hold steady. NIGERIA SHELL
Shell on Thursday reported a sharp fall in oil spilled as a result of sabotage in Nigeria's oil-rich Delta in 2022 reflecting closure of operations for six months in the wake of attacks. KENYA MARKETS Kenya's shilling weakened on Thursday, undermined by demand for dollars from importers, especially oil retailers, traders said. UGANDA ELECTRICITY Uganda said on Thursday it expects to start generating at least 1000 megawatts (MW) from nuclear power by 2031 as it moves to diversify its sources of electricity and accelerate its energy transition, a key part of its climate change response. IVORY COAST COCOA Ivory Coast's cocoa grind was up 16% year on year in February to 58,452 tonnes, data from the exporters' association GEPEX showed on Thursday. BOTSWANA DIAMONDS Botswana will not drop its demand to sell a bigger share of the diamonds produced by its joint venture with De Beers, President Mokgweetsi Masisi said on Thursday, raising the stakes in talks to renew a sales deal that expires in June. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on

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