The South Africa FTSE/JSE Africa All Shares Index rose as much as 1.2% on Wednesday, after three consecutive days of losses, supported by moves made by several countries to ease coronavirus lockdowns. Meanwhile, market sentiment was tempered by poor local data as latest PMI showed the country’s private sector activity shrank at a record pace in April amid shutdowns due to the coronavirus pandemic. Furthermore, concerns remain about rising tensions between the US and China.

South Africa’s Harmony Gold Mining Company Ltd said on Wednesday it has withdrawn its annual production guidance for the financial year as it does not have clarity on the ramp-up of production from its mines.

Mining operations were halted as South Africa went into a five-week lockdown to curb the spread of the coronavirus.

From May 1, mines have been allowed to start operations with 50% of their workforce.

Harmony Gold in a statement said due to the impact of COVID-19 and the continued uncertainty as to when their mines will be allowed to return to full production, they have decided to withdraw annual production guidance.

A group of 11 shareholders representing around 1.35% of energy major Total’s capital on Wednesday welcomed the firm’s new climate change targets, but said they would maintain a planned resolution to push the company to do more.

The shareholders, led by French asset manager Meeschaert, will present a resolution at Total’s May 29 general assembly meeting to amend the company’s statutes to strengthen its commitments to achieve the goals set out in the Paris Climate Agreement.

Total said on Tuesday that it planned to cut its carbon emissions, with the aim of reaching net zero emissions from its operations and its energy products sold to customers in Europe by 2050 or sooner.

Copper prices gained higher for a third day on Wednesday to the highest in nearly a week as investors welcomed more easing of pandemic lockdowns and a pause in China-U.S. tensions.

Most industrial metals joined other risky assets such as stocks and oil in ticking higher on brighter sentiment as countries this week started phased reopening of economies.

Also supporting commodities was the central bank in China, the world's top metals consumer, setting the yuan at a broadly neutral midpoint, a move regarded by analysts as Beijing offering a olive branch to Washington amid renewed trade tensions.

Benchmark three-month copper on the London Metal Exchange (LME) was up 0.8% at $5,198 a tonne by 1125 GMT, its highest since April 30.

A survey released on Wednesday has shown Kenya’s private sector activity declined sharply in April as businesses reeled from the impact of the coronavirus. The Markit Stanbic Bank Kenya Purchasing Managers’ Index for manufacturing and services tumbled to 34.8 in April from 37.5 in March. Readings below 50.0 indicate a contraction.

Demand at home and in export markets slumped as consumers stayed indoors to avoid catching the virus and because of government measures to contain its spread.

The Africa Centres for Disease Control and Prevention has warned that more than two-thirds of people in 20 African countries say they will run out of food and water if they had to stay at home for 14 days. The research was conducted to help governments map out future policies on how to tackle coronavirus. The agency warns that if measures are not adapted to local needs, there is a risk of unrest and violence. The report, titled Using Data to Find a Balance, shows the difficulties of maintaining strict lockdown policies on the continent. It was conducted between late March and mid-April in 28 cities in 20 countries.

The main index of the Nigerian Stock Exchange ended on a positive note for the 8th consecutive day, rising above 24,000 points for the first time since March. After 7,384 deals, the All Share Index closed at 24,143.37 points, 1.40 percent higher than the 23,809.31 points recorded on Tuesday. Market capitalisation stood at 12.582 trillion naira as investors exchanged 426 million shares.

NIGERIA BREWERIES led the gainers with an increase of 3 naira to close with 33 naira per share while CAP advanced by 2 naira to close with 22 naira 90 kobo per share. Conversely, CILEASING lose 30 kobo to close with 4 naira 70 kobo per share.

The United Nations, on Wednesday, donated 38.4 million naira for procurement of palliatives targeted at the vulnerable and indigent women across 14 states to cushion the hardship caused by the COVID-19 pandemic.

UN Women Country Representative to Nigeria and ECOWAS, Comfort Lamptey, made this known while presenting a cheque for procurement of the palliatives to the women through the Federal Ministry of Women Affairs in

Lamptey said the support was to reaffirm the UN’s support to Nigeria Government’s response to women and girls, who were mostly affected by the pandemic due to their responsibilities of caring and providing for households, including sick relatives.

The Federal Government has granted a two-month license fee waiver for terrestrial broadcast stations in the country as part of measures to cushion the effect of the coronavirus on the broadcast industry.

The Minister of Information and Culture, Lai Mohammed, disclosed this on Wednesday at a meeting with the Broadcasting Organisations of Nigeria.

Mohammed said he also approved the distribution of protective equipment to some community broadcast stations across the country. Mohammed acknowledged the fact that BON members and other sectors of the creative industry have been hit hard by the effects of the pandemic.

He said the federal government is taking a holistic approach to address the damage inflicted by COVID-19 on the creative industry.

The Federal Government has decried the continued violation of the new guidelines to check the spread of COVID-19 in the country. The Minister of Industry, Trade and Investment, Adeniyi Adebayo, expressed government's displeasure on Wednesday at the weekly briefing of the Emergency Operation Centre of the Committee on Sustainable Production and Delivery of Essential Commodities During COVID-19. The minister warned against the backlash of violating guidelines like physical distancing, wearing of face masks in the public, among others. He further expressed satisfaction with the conduct of security agencies by ensuring that the President’s directives of “free-flow and unhindered movement of essentials were complied with.