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African Markets - Factors to watch on Sept. 1

Published 01/09/2020, 06:06
Updated 01/09/2020, 06:12
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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 edged higher on Tuesday after strong readings on China's vast manufacturing sector offset the weak lead from a softer Wall Street session.

WORLD OIL PRICES

Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven U.S. dollar which tumbled to multi-year lows.

SOUTH AFRICA MARKETS

South Africa's rand fell on Monday, giving back some of the big gains it made late last week as the dollar weakened, as sentiment was hit by speculation that infighting within the ruling African National Congress would prompt cabinet changes.

MOBILE MONEY

Nigeria's central bank said it will grant more licences for payment service banks but set a minimum capital base of $13 million, which could deter telecoms firms and some other potential new entrants to the digital financial services sector.

MARKETS

The Kenyan shilling held steady against the dollar on Monday but traders said they expected it to come under pressure from lower hard currency inflows and reduced risk appetite among offshore investors.

INFLATION

Kenya's inflation was unchanged at 4.36% year-on-year in August from a month earlier, the statistics office said on Monday.

BANKS

Kenya's central bank will have to approve any plans by commercial lenders to issue dividends for this year, it said in a memo to bank executives seen by Reuters on Monday, an unusual move caused by the coronavirus crisis.

FARMS

Foreign white farmers settled in Zimbabwe whose land was seized under Robert Mugabe can apply to get it back and will be offered land elsewhere if restitution proves impractical, the government said on Monday.

POLITICS

Guinea President Alpha Conde has accepted his party's nomination to run in October's election, the party said on Monday, taking advantage of a new constitution to seek a third term that his opponents say is unconstitutional.

COAST COCOA

Rainfall last week in most of Ivory Coast's cocoa-growing regions was sufficient for the development of the October-to-March main crop even though rain levels remained below average, farmers said on Monday.

ARREST

Rwanda said it had arrested Paul Rusesabagina - the man who was hailed a hero in a Hollywood movie about the country's 1994 genocide - on terrorism charges, and paraded him in front of the media in handcuffs.

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