#Africa #Markets | 27 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares rise to 3-week high ahead of Powell’s testimony
  • Asian shares recoup 60 pct of losses
  • MSCI ACWI on course to log first monthly loss since Oct 2016
  • Rise in dollar interest rates, yield still a threat to shares

Oil Markets

  • US oil extends gains to hold near 3-week high
  • US WTI crude for April delivery up 10 cents at $64.01 a barrel (0020GMT)
  • London Brent crude up 19 cents at $67.50

Precious metals

  • Gold prices rise for second session on softer dollar
  • Spot gold up 0.2 pct at $1,336.05 an ounce (0116GMT)
  • US gold futures up 0.4 pct at $1,337.7 per ounce

Grains

  • Wheat firms, lingers near 7-mth high
  • Most active CBOT wheat futures up 0.4 pct to $4.74-1/2 a bushel (0206GMT)
  • Most active soybean futures down 0.1 pct to $10.44-3/4 a bushel
  • Most active corn futures down 0.1 pct to $3.68-1/4 a bushel
  • Most active rice futures unchanged at $12.10 per hundredweight

Soft commodities (26 Feb)

  • Cocoa prices reach technically overbought levels at 3-mth highs
  • New York cocoa settled up 1 pct at $2,215 per tonne
  • May London cocoa settled up 1.1 pct at £1,564 per tonne
  • Ivory Coast cocoa exporters struggling to buy enough beans, after unexpected drop in deliveries at ports
  • May raw sugar settled down 0.2 pct at 13.43 cents per lb
  • May white sugar settled down 0.7 pct at $359.40
  • May arabica coffee settled up 0.7 pct at $1.219 per lb
  • May robusta coffee settled down 0.4 pct at $1,744 per lb

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

  • Nigeria Q4 2017 GDP data expected [fcst. 1.6% yy, prev. 1.4%]
  • South Africa to swear-in deputy president, new finance minister Nene and others today


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

  • Morocco’s king undergoes successful heart surgery
  • South Africa’s Ramaphosa appoints Nene as finance minister in cabinet
  • Nigerian army and police disagree over security in mass abudction town
  • Botswana blames Congo’s humanitarian crisis on Kabila
  • UN warns of hunger among refugees in Cameroon
  • Namibia cannot afford more bailouts for state firms – minister
  • Average yield jump on Egypt’s 10-year t-bonds
  • South Africa’s Shoprite benefits from strategy to head upmarket
  • Miner Freeport says no plans to sell Congo cobalt asset as buyers circle
  • Mozambique cuts key lending rate to 19 pct
  • South Africa’s Sasol looks to offload around $1 bln in assets
  • Unnamed investor preparing to buy stake in Mauritius’ MauBank – CEO
  • Top Kenyan lawmaker says open to modification of commercial rate caps
  • Russia, Egypt may restart talks on Red Sea airport checks in spring
  • South Africa’s Eskom shuts nuclear unit for scheduled maintenance
  • Tanzania opposition MP jailed for 5 months for insulting president
  • South African prosecutor to announce decision on Zuma graft charges in 2 weeks
  • South Africa’s Naspers chief investment officer to retire
  • Algeria’s annual inflation falls to 5.2 pct in January
  • ADM to form JV with Cargill in Egypt over oilseed oil capacity – source
  • Sasol says Moody’s has decoupled firm from South African sovereign rating
  • South Africa’s JSE to launch project bonds in March
  • Offshore investors net buyers of South African stocks, bonds


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

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