#Africa #Markets – Factors to watch on March 28

(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 stocks advanced on Tuesday after Wall Street steadied
and the dollar bounced from a four-month-low, as anxiety
over Donald Trump’s setback on healthcare reform gave way to
tentative hopes for the U.S. President’s planned stimulus
policies.

WORLD OIL PRICES
Oil prices edged up on Tuesday on a weaker dollar, but crude
continued to be weighed down by surging U.S. production and
uncertainty over whether an OPEC-led supply cut is big
enough to rebalance the market.

SOUTH AFRICA MARKETS
South Africa’s rand fell against the dollar on Monday after
Finance Minister Pravin Gordhan was asked by President Jacob
Zuma to return early from an investor roadshow abroad,
sparking talk of an imminent cabinet reshuffle.

NIGERIA MARKETS
Nigerian exchange bureaus have incurred forex losses from
dollars sourced via the central bank after the value of the
naira on the black market rallied following interventions on
the official market, the bureaus’ head said on
Monday.

NIGERIA CURRENCY
Nigeria set a new naira exchange rate on Monday for
consumers with certain foreign expenses and stepped up
dollar sales on the official market to narrow the spread
with the black market.

NIGERIA BUDGET
Nigeria is likely to pass the 2017 budget into law before
May, a lawmaker who chairs a committee on the spending plans
in the upper chamber of parliament said on
Monday.

KENYA MARKETS
The Kenyan shilling strengthened against the dollar
on Monday mainly due to a broadly weaker dollar in global
markets.

KENYA RATES
Kenya’s central bank held its benchmark lending rate
at 10 percent on Monday as expected, saying
high food prices were to blame for a rise in the rate of
inflation.

KENYA-SOMALIA SECURITY
Kenyan troops in Somalia killed 31 Islamist al Shabaab
militants in a raid on two of their bases in the southern
Somali region of Jubbaland, the Kenyan military said on
Monday.

GHANA RATES
Ghana’s central bank slashed its benchmark interest rate on
Monday by two percentage points to 23.5 percent, noting
signs inflation was trending downwards, in a move that may
help spur lending and business activity.

TANZANIA POLITICS
Tanzanian President John Magufuli ordered the immediate
release of a popular local musician on Monday, a day after
he was arrested for allegedly mocking the government in a
song.

UGANDA MARKETS
The Ugandan shilling edged down on Monday, weighed on
by an uptick in demand for dollars among banks and offshore
investors into local government securities.

SOUTH SUDAN AID AMBUSH
Rebels said on Monday the South Sudan government should be
held responsible for the killing of six aid workers, the
deadliest single assault on humanitarian staff in a
three-year-old civil war.

ZIMBABWE DOLLARS
When President Robert Mugabe scrapped the Zimbabwe dollar in
2009, most of his people thought this meant the end of
runaway money-printing and hyperinflation that had rendered
the currency worthless. They may have been
wrong.

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