The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Wednesday.
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GLOBAL MARKETS
Asian stocks rose on Wednesday as hopes of effective
coronavirus vaccines and the growing prospect of more U.S.
fiscal stimulus cheered investors ahead of the Christmas
holiday season. MKTS/GLOB
WORLD OIL PRICES
Oil prices dropped on Wednesday on a surprise gain in crude
oil inventories in the United States and as investors
continued to worry about demand for fuel being squeezed amid
tighter lockdowns in Europe to counter the coronavirus
pandemic. O/R
EMERGING MARKETS
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STOCKS
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SOUTH AFRICA MARKETS
South Africa's rand eased early on Tuesday as concerns about
rising COVID-19 cases and stricter lockdowns globally
outweighed optimism over the roll-out of coronavirus
vaccinations. ECONOMY
Nigeria's economy is likely to contract by more than 4% this
year, plunging the country into its deepest recession since
the 1980s, as a result of sharp fall in oil prices caused by
COVID-19 pandemic, the World Bank said on
Tuesday. TELECOMS
Nigeria has given telecommunication providers two weeks to
add valid National Identification Numbers (NIN) to every SIM
card registered in the country, according to a statement
from the Nigeria Communications Commission. MARKETS
The Kenyan shilling KES= weakened slightly against the
dollar on Tuesday due to dollar demand from merchandise
importers doing last minute purchases before the Christmas
holiday, traders said. KENYA DIPLOMACY
Somalia cut diplomatic relations with neighbouring Kenya on
Tuesday, accusing it of meddling in politics as protests and
gunfire erupted in the capital Mogadishu over delayed
elections. MINING
Ethiopia has revoked the mining licences of 63 companies due
to breach of contract, the mines minister said on Tuesday
without providing any names. MARKETS
The Ugandan shilling UGX= traded slightly firmer on
Tuesday on the back of waning appetite for hard currency
from both merchandise importers and commercial banks,
traders said. POLITICS
Guinea President Alpha Conde promised on Tuesday to tackle
corruption among senior officials during his third term,
with policies aimed at helping the poor in the minerals-rich
nation whom he described as victims of bureaucratic
neglect. the latest precious metals report click on GOL/
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