1. Schwenk Zement International Terminates Purchase Agreement

In a recent development, Schwenk Zement International GmbH has officially terminated its purchase agreement with RWCo GmbH concerning shares in Schwenk Namibia (Pty) Ltd. The stumbling block cited by RWCo is the Namibian Competition Commission conditions linked to the deal’s approval. RWCo argues that these conditions lack a legal basis under Namibian competition law. The termination brings an end to what was expected to be a significant business deal, and the legal implications may unfold in the coming weeks.

2. South African Rand Stability amid Positive Manufacturing Data

On Friday, South Africa’s rand showed resilience, remaining relatively stable at 19.17 against the US dollar, closely mirroring its previous close. This stability comes on the heels of a positive local Purchasing Managers’ Index survey, revealing a rebound in factory activity for the past month. The dollar index demonstrated minimal changes during the same period, indicating a somewhat balanced currency market.

3. Central Bank of Nigeria Cracks Down on Forex Market

The Central Bank of Nigeria (CBN) has taken a decisive step by revoking the licenses of 4,173 exchange bureaus due to non-compliance with guidelines. This action follows the resumption of dollar sales to exchange bureaus. Additionally, the central bank has prohibited street-trading of foreign exchange and increased the minimum capital requirement to 2 billion naira under new guidelines released on February 23. These measures aim to bring more control and compliance to the foreign exchange market.

4. Oil Prices Experience Weekly Gain amid OPEC+ Decision Anticipation

Oil prices saw a 2% rise on Friday, marking weekly gains as traders awaited OPEC+’s decision on second-quarter supply agreements. The surge was also influenced by the scrutiny of new economic data from the United States, Europe, and China. May’s Brent futures settled higher at [price], while the April contract, which expired on Feb. 29, closed at $83.62 a barrel. The ongoing geopolitical and economic factors continue to play a significant role in shaping oil price trends.

Financial Indicators

Let’s take a glance at the latest financial indicators:

• Namibia dollar trades at 19.07 to the US$, 20.69 to the Euro, and 24.12 to the Pound.
• Gold is trading at $2,082.98 per fine ounce.
• Brent crude stands at $81.91 per barrel.
• 1 Bitcoin is priced at $1,209,712.88 cents.

These indicators provide a snapshot of the current economic landscape, reflecting the dynamic nature of global and regional financial markets. Investors and analysts will closely monitor these developments for potential impacts on various sectors and markets.