off-the-wire

African Markets - Factors to watch on March 28

Kitco Media
By Reuters
Published:
Updated:
Reuters
NAIROBI, March 28 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. - - - - - EVENTS: A Kenyan court is expected to rule on whether to lift an injunction blocking the mass layoff of some 260 Facebook content moderators working for a company contracted by the social media site's parent company Meta.


GLOBAL MARKETS Global stocks and U.S. bond yields rose on Tuesday, as a U.S. regulator-backed deal by First Citizens BancShares to buy failed Silicon Valley Bank soothed wider worries about problems in the sector. WORLD OIL PRICES Crude prices retreated on Tuesday after rallying the previous session, with markets focused on developments in the banking crisis and indications of strengthening demand in China. 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 African stocks rose on Monday on easing worries about banking system health in several developed markets, while the rand slipped.


KENYA MARKETS


The Kenyan shilling weakened on Monday, as demand for dollar from oil marketers and other importers continued to weigh, traders said.


GHANA RATES


Ghana's central bank on Monday surprised analysts by raising its main interest rate to 29.5%, a sign the monetary committee does not yet see the country's economic situation stabilising despite two consecutive months of slowing inflation.


USA AFRICA


The United States will provide $100 million to Ghana and four other West African countries to help them deal with violent extremism and instability, Vice President Kamala Harris said on Monday during a visit to Ghana.


KENYA POLITICS


Kenyan police fired teargas and water cannons at stone-throwing supporters of opposition leader Raila Odinga on Monday during a second week of protests against the government and high food prices, with one person shot dead in the western city of Kisumu.


UGANDA ELECTRICITY


South Africa's power firm Eskom returned two hydropower plants to Uganda's government on Tuesday after Ugandan authorities declined to renew its licence, Uganda's energy minister said.


CONGO MINES


A video showing nine Congolese miners unexpectedly popping out of a collapsed gold mine and tumbling down a steep slope as onlookers cry out in joy has gone viral in Democratic Republic of Congo, a rare happy ending to an all-too-common story.


BURKINA FASO MEDIA


Burkina Faso's military government on Monday suspended France 24 broadcasts in the country after the TV station reported on an interview with the head of al Qaeda's North African wing AQIM.


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