African Markets - Factors to watch on March 17

Kitco Media
By Reuters
Published:
Updated:
Reuters
NAIROBI, March 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 markets extended a risk rally on Wall Street on Friday to end a tumultuous week that saw a brewing banking crisis send bond yields plunging while market participants sharply lowered expectations of future interest rate hikes in Western economies. WORLD OIL PRICES Oil prices rebounded by about 1% on Friday after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations, after a banking crisis sparked a sell-off in global financial and oil markets this week. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on AFRICA FOREX


The Kenyan, Ugandan and Zambian currencies are expected to weaken against the dollar in the coming week, while the currencies of Ghana, Tanzania and Nigeria are set to hold steady.


SOUTH AFRICA MARKETS


The South African rand was flat on Thursday, after plummeting a day earlier when a U.S. banking crisis spread to Europe and led to a sharp deterioration in global risk appetite.


KENYA MARKETS


The Kenyan shilling KES= slid to a fresh low against the dollar on Thursday as hard currency demand from importers, particularly fuel marketers, exerted downward pressure, traders said.


SENEGAL POLITICS


Police fired tear gas at stone-hurling protesters in Senegal's capital on Thursday ahead of a court case involving a prominent opposition politician that has triggered anger among youth.


STORM FREDDY


The last thing Lukia Akimu remembers is the surge of floodwater that hit her village near Mount Soche this week when Tropical Cyclone Freddy tore through southern Malawi.


AFRICA SECURITY


The West African troops silently pulled their small boats up to a rust-stained ferry and swarmed up its sides on grappling hooks to disarm the mock kidnappers onboard.


NIGERIA AIRLINES


Nigeria is withholding $743 million in revenue earned by international carriers operating in the country, the highest amount owed by any nation, a spokesperson for the global airlines industry association said on Thursday.


USA KENYA TRADE


The United States and Kenya will hold their first round of trade negotiations on April 17-20 in the African nation, the U.S. Trade Representative's Office said on Thursday.


BLINKEN NIGER


U.S. Secretary of State Antony Blinken announced $150 million in new humanitarian aid for Africa's Sahel region during a visit on Thursday to Niger, a country Washington views as an important ally in the fight against Islamist insurgencies.


GOLD FIELDS - ANGLOGOLD ASHANTI MERGER


Gold Fields and AngloGold Ashanti are not considering a full-scale merger after they agreed to combine their neighbouring Tarkwa and Iduapriem mines in Ghana to create Africa's biggest gold mine, the two companies said on Thursday.


UGANDA POLITICS


The son of Uganda's aging leader, Yoweri Museveni, has said he intends to stand for the presidency in 2026, the first time the outspoken general has given a timeline for replacing his father, who has ruled the east African country for 37 years.


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