#Africa #Markets | 12 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Stocks resume ascent on earnings hopes
  • Euro gains as ECB could signal end of stimulus
  • Asia ex-Japan up 0.5 pct, Nikkei down 0.1 pct
  • World stocks at record high on earnings optimism
  • Oil at 3-year high on tight supply

Oil Markets

  • Oil dips away from levels last seen in late 2014
  • But analysts say market supported
  • Brent, WTI this week hit their highest since Dec 2014
  • OPEC-led supply cuts, healthy demand have pushed up crude prices
  • But rising US production could counter supply cuts

Precious metals

  • Gold up on weaker dollar, heads for 5th gain on week
  • Spot gold edged up 0.1 pct to $1,324 an ounce (0100GMT)
  • US gold futures up 0.2 pct at $1,324.60 an ounce

Grains

  • Most active CBOT soybeans futures down more than 2 pct for the week
  • Most active corn futures down more than 0.5 pct for the week
  • Most active wheat futures up more than 0.5 pct for the week

Soft commodities (11 Jan)

  • Sugar hits 3-week low as charts weaken, supply glut looms
  • March raw sugar settled down 0.47 cent or 3.2 pct at 14.18 cents per lb
  • March white sugar settled down $10.70 or 2.8 pct at $376.90 per tonne
  • March London cocoa settled down £8 or 0.6 pct at £1,396 per tonne
  • March arabica coffee settled down 1.15 cent or 0.9 pct at $1.228 per lb
  • March robusta coffee settled up $1, or 0.06 pct at $1,727 per tonne

Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]

  • South Africa’s ruling ANC 106th anniversary celebrations continue; Ramaphosa speech at gala dinner to be watched [Climax tomorrow 13 Jan] #ANC106
  • South Africa ABSA manufacturing PMI data for December expected

Key African events or data releases yesterday
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • Ex-military chief of staff to run in Egyptian presidential election
  • Dozens of migrants arrested in east Libya and face deportation
  • Ghana president names ex-minister as anti-graft prosecutor
  • US welcomes Libya’s destruction of chemical weapons stockpile
  • China’s Sinopec moves closer to winning Chevron’s South Africa assets
  • Nigeria holds mass burial for 73 people killed in communal violence
  • Mountain gorilla numbers up, predicts Rwanda ahead of census release
  • Nigerian regulators set deadline for 9mobile takeover bid
  • Tunisia deploys army, makes 300 arrests as violent unrest persists
  • Flour Mills of Nigeria to start $130 mln share sale on Jan. 15 – bourse
  • Nigerian stocks rise to 9-year high as funds buy shares
  • Botswana’s Okavango posts record diamond sales at $567 million
  • South Africa’s rand flat, stocks retreat as investors await political developments
  • Youths seeking free education injured in registration stampede at South African college
  • At least 15,000 Cameroonian refugees flee to Nigeria amid crackdown
  • Remittances from Egyptian expats rise by 5.8 pct y/y in Nov – c.bank
  • Yields on Kenya’s 91-day and 182-day T-bills dip, 364-day rise at auction
  • Kenya shilling, Zambia kwacha to firm, Ugandan shilling to weaken [next week]
  • One killed during protests at platinum producer RBPlat in South Africa
  • Kenya Airways CEO sees 10 pct revenue bump from direct US flights
  • South African economy may grow 2 pct in 2018, finmin says
  • Tunisia 2025 dollar bond falls one cent as protests escalate
  • Tunisia trade deficit rises to $6.25 bln in Dec 2017, a record level
  • Ivory Coast cocoa grinding up 2 pct through Dec – exporter data
  • Fitch says Angola FX move signals policy shift, but “lacks clarity”
  • Egypt court overturns sentence against Mubarak-era interior minister
  • Moody’s says not anticipating Angolan debt default
  • South Africa’s November manufacturing output up 1.7 pct y/y
  • Sudan inflation rises to 25.15 pct in December
  • Bidvest Group acquires South African-based Cannon Asset Managers
  • Zambia sees mining revenue rising on higher copper price
  • Namibia inflation flat at 5.2 pct y/y in December
  • Uganda shilling stable a day after c.bank intervention
  • Uganda c.bank offers 3-year and 10-year bonds for sale

N.B. Full stories of above headlines are available on Reuters

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