April 23, 2020 / 4:37 AM / a month ago

African Markets - Factors to watch on April 23

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.            
            
 
 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.                 
 
 EMERGING MARKETS
 For the top emerging markets news, double click on
            
 
 AFRICA STOCKS
 For the latest news on African stocks, click on     
 
 
 
 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.            
 
 
 
 NIGERIA 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.            
 
 
 
 KENYA MARKETS
 The Kenyan shilling        was stable on Wednesday as market
 activity remained subdued by the COVID-19 pandemic, traders
 said.            
 
 
 
 KENYA 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.            
 
 
 
 UGANDA MARKETS
 The Ugandan shilling        inched down on Wednesday and
 traders said they were assessing if their is much demand for
 hard currencies from importers.            
 
 
 
 IVORY 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.            
 
 
 
 ZIMBABWE 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.             
 
 
 
 ZAMBIA 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.             
 
 
 
 CONGO MINING
 Glencore          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.              
 
 
 
 MAURITIUS AIRLINE CORONAVIRUS
 Air Mauritius           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.            
 
 
 
 BOTSWANA 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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