Market News

NAIROBI, April 16 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

GLOBAL MARKETS

Shares fell in Asia on Wednesday as AI darling Nvidia took a hit from U.S. curbs on chip sales to China, highlighting the damage to come in a tit-for-tat global trade war, while gold hit a record and the dollar stayed under pressure.

WORLD OIL PRICES

Oil prices edged lower on Wednesday, as shifting U.S. tariff policies fuelled uncertainty, prompting traders to weigh the potential impact of the U.S.-China trade war on economic growth and energy demand.

SOUTH AFRICA MARKETS

The South African rand retreated on Tuesday after the country’s central bank warned in a biannual review that the scope for monetary policy easing had narrowed because of global economic uncertainty.

NIGERIA INFLATION

Nigeria’s headline consumer inflation edged up to 24.23% year-on-year in March from 23.18% in February, its statistics agency said on Tuesday.

NIGERIA PETROLEUM

Nigeria plans to establish a national strategic petroleum products stockpile this year to safeguard its economy against disruptions in the international market, the petroleum products regulator said at a press briefing on Tuesday.

KENYA MARKETS

Kenya’s shilling was little changed against the U.S. dollar on Tuesday, data from the London Stock Exchange Group showed.

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TULLOW OIL KENYA

West Africa-focused oil and gas explorer Tullow Oil said on Tuesday it would sell its assets in Kenya to Gulf Energy Ltd for at least $120 million as it works to reduce its debt.

TANZANIA POLITICS

Tanzania’s main opposition party CHADEMA said on Tuesday its disqualification from elections due later this year was unconstitutional, days after its leader was arrested and charged with treason.

AFRICA CRUDE OIL

A steep drop in crude oil prices largely due to U.S. President Donald Trump’s tariffs will squeeze budgets of emerging market oil exporters, analysts said, while the potential economic slowdown could also curb any benefits for importers.

BARRICK GOLD MALI

Malian authorities have shut the Canadian miner Barrick Gold’s office in the capital Bamako over the alleged non-payment of taxes, two sources close to the matter told Reuters, in the latest escalation of a protracted dispute over mining revenues.

((Compiled by Nairobi Newsroom))