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African Markets - Factors to watch on April 23

Published 23/04/2020, 05:36
African Markets - Factors to watch on April 23
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The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.

- - - - - EVENTS: *WHO, Africa CDC to brief media on COVID-19 in Africa

GLOBAL MARKETS Asian stock markets rose on Thursday as the combination of a rebound in crude prices from historic lows and the promise of more U.S. government aid to cushion the coronavirus-ravaged economy helped calm nervous markets. MKTS/GLOB

WORLD OIL PRICES Oil extended gains on Thursday amid signs that producers are cutting production to cope with a collapse in demand for fuel as the coronavirus outbreak ravages the world's economies. O/R

SOUTH AFRICA MARKETS South Africa's rand edged weaker on Wednesday as optimism over the 500 billion rand ($26.41 billion) rescue package announced by President Cyril Ramaphosa on Tuesday gave way to concerns about economic growth.

EDUCATION Nigeria's northern governors have agreed to close disputed Islamic schools which house millions of men and boys across the region due to concerns over the new coronavirus, the group said in a statement.

MARKETS The Kenyan shilling KES= was stable on Wednesday as market activity remained subdued by the COVID-19 pandemic, traders said.

CORONAVIRUS Kenya's parliament on Wednesday approved a cut of 5 percentage points to the corporate income tax rate, a senior lawmaker said, part of President Uhuru Kenyatta's measures to cushion the economy from the impact of the coronavirus crisis.

MARKETS The Ugandan shilling UGX= inched down on Wednesday and traders said they were assessing if their is much demand for hard currencies from importers.

COAST COCOA Ivory Coast will create a cocoa-processing fund worth 10 billion CFA francs ($16.7 million) to help domestic grinders compete against long-dominant international players, the government spokesman said on Wednesday.

ECONOMY Zimbabwe's government agreed with bakers, millers and other businesses on Wednesday to cut the prices of basic goods, including bread and sugar, to levels before the country entered a coronavirus lockdown last month amid soaring inflation.

MINING The Zambia Chamber of Mines has urged the government to urgently engage with the sector and agree relief measures to address the issues facing mining companies in the midst of COVID-19.

MINING Glencore GLEN.L is taking its Toronto-listed Congo business Katanga Mining KAT.TO private, the subsidiary said on Wednesday, citing limited trading liquidity and the costs of a stock exchange listing as reasons for the move.

AIRLINE CORONAVIRUS Air Mauritius AIRM.MZ has entered voluntary administration after coronavirus-related disruptions made it impossible for the airline to meet its financial obligations for the foreseeable future, its board said on Wednesday.

HEALTH Botswana's President Mokgweetsi Masisi has dismissed the permanent secretary in the ministry of health and his deputy with immediate effect, the presidency said in a statement on Wednesday.

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