#Africa #Markets | 17 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Asian shares dip as commodities ease, bitcoin licks wounds
  • Resource shares lead losses in Asia as oil dips on profit-taking
  • Dollar weak, euro near 3-year high vs dollar
  • Bitcoin hits 6-week low after 16 pct fall previous day

Oil Markets

  • Oil prices edge up on tighter supplies, healthy demand
  • Brent, WTI are up by over 13 pct since early December
  • But rising US production looms over tightening markets
  • US oil output soars on surging shale
  • Brent crude futures at $69.35 (0124GMT) up 0.3 pct
  • WTI at $63.93 up 0.3 pct

Precious metals

  • Gold edges up as dollar index slumps to 3-yr lows
  • Spot gold up 0.3 pct at $1,341.96 an ounce (0123GMT)
  • US gold futures up 0.4 pct at $1,342 an ounce
  • Palladium up 0.3 pct at $1,097*

*Palladium has had a sustained rally as high demand in the auto industry fueled supply concerns. It is tipped for a record performance in 2018


  • Wheat edges higher, lingers near more than 1-month low
  • Most active CBOT wheat futures up 0.1 pct at $4.16-3/4 a bushel
  • Most active soybean futures little changed at $9.67-1/2 a bushel
  • Most active corn futures up 0.1 pct at $3.48-1/2 a bushel

Soft commodities (16 Jan)

  • Raw sugar slumps to 3-1/2-month low on large supply expectations
  • March raw sugar settled down 0.59 cent or 4.2 pct at 13.59 cents per lb
  • March white sugar settled down $8 or 2.2 pct at $363.40 per tonne
  • March London cocoa settled down £13 or 0.9 pct at £1,391 per tonne
  • March arabica coffee settled down 1.8 cent or 1.47 pct at $1.2045 per lb
  • March robusta coffee settled down $2 or 0.1 pct at $1,727 per tonne

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

  • South Africa retail sales data for Nov-17 due [fcst. 1.2% yy, prev. 3.2%]

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

  • Nigeria’s exchange to be publicly listed once bill is signed
  • De Beers turns to blockchain to guarantee diamond purity
  • UN experts ask Kenya to halt Sengwer evictions from forest land
  • EDF and Masdar to explore power sector collaboration in sub-saharan Africa
  • South Africa wants McKinsey and firm linked to Zuma’s friends to repay $130 mln
  • Ivory Coast aims to raise 1,310.7 bln CFA francs in 2018 bonds
  • Angola’s kwanza weakens around 12 pct in latest forex auction
  • Algeria signs deal with Vitol to cut fuel import bill
  • South Africa’s rand reaches 2-1/2-year best as technical points hit
  • South Africa’s central bank adds 7th member to monetary policy committee
  • South Africa ready to fund free university education – finmin
  • Fitch revises Egypt’s outlook to positive, affirms at ‘B’
  • Ethiopian airlines signs deal to revive Zambia’s national carrier
  • France’s Engie acquires two West African energy services companies
  • Without rain, South Africa’s Cape Town may run out of water by April
  • Amid wet weather, Zimbabwe’s Mutare sees hike in malaria deaths
  • Yields fall at weekly South Africa government bond auction
  • Kenya allows short-selling of shares to boost liquidity
  • Kenyan shilling unchanged as manufacturers exert demand
  • Ugandan shilling inches up as demand from importers slips
  • Nigerian inflation slowed for 11th month in December at 15.4 pct
  • Kenya secures $750 mln syndicated loan to pay off earlier loan

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

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