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African Markets - Factors to watch on Sept. 14

Published 14/09/2020, 05:03
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The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.

GLOBAL MARKETS

Asian shares firmed on Monday on renewed hopes for a coronavirus vaccine after AstraZeneca resumed its phase-3 trial though sentiment was still cautious ahead of a big week of central bank meetings in UK, Japan and the United States.

WORLD OIL PRICES

Oil prices were mixed on Monday with U.S. crude rising as a tropical storm in the Gulf of Mexico forced rigs to shut down, but the gains were kept in check by wider concerns about excess supply and falling demand for fuels.

SOUTH AFRICA MARKETS

South Africa's economy will likely contract this year by more than the 7% previously forecast by the Treasury, Finance Minister Tito Mboweni said in an opinion piece published on Sunday.

MINING

Kinyenye Furaha passed out from shock when he realised a mine collapse in eastern Congo had buried more than 50 fellow miners including his brother, he said on Sunday, as the hunt continued for bodies two days after the disaster.

MARKETS

The Kenyan shilling (KES=) edged down on Friday mainly due to demand for dollars from importers, amid a lack of firm offers from sellers.

ECONOMY

Kenya's economy is expected to grow by less than 2.5% this year, the finance minister said on Friday, as more evidence of the economic damage caused by the health crisis emerges.

TANZANIA PIPELINE

Tanzania and Uganda signed an agreement on Sunday paving the way for the construction of a crude oil pipeline running from Ugandan oilfields to the Tanzanian port of Tanga, a Tanzanian government spokesman said.

POLITICS

The regional ruling party has won a landslide election victory in Ethiopia's northern Tigray region, officials said on Friday, as a confrontation looms with national authorities who have branded the vote illegal.

SECURITY

Mali's ruling junta pushed through a political charter on Saturday that could lead to the appointment of a soldier as interim president despite objections from the coalition that led anti-government protests before last month's coup.

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