#Africa #Markets | 12 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares rally as US job data revive risk appetite
  • Nikkei up 1.5 pct, leads Asia higher after Wall St jump
  • Market sees best of both worlds in strong US jobs, soft wages
  • Investors await more detail on possible Trump/Kim meeting

Oil Markets

  • Oil prices rise on reduced US drilling activity, booming job market
  • US drillers cut for first time in 7 weeks – Baker Hughes
  • US WTI crude futures up 0.3 pct at $62.22 per barrel (0102GMT)
  • Brent crude futures up 0.3 pct at $65.70 per barrel

Precious metals

  • Gold slips as dollar holds steady
  • Spot gold down 0.1 pct at $1,322.15 per ounce (0123GMT)
  • US gold futures for April delivery down 0.1 pct at $1,322.10 per ounce


  • Soybeans fall to 2-wk low as trade war threat escalates
  • Most active CBOT soybean futures down 0.1 pct at $10.38-3/4 a bushel (0058GMT)
  • Most active corn futures down 0.6 pct at $3.88-1/4 a bushel
  • Most active wheat futures down 0.1 pct to $4.89 a bushel
  • Most active rice futures down 0.1 pct at $12.32 a hundredweight

Soft commodities (9 Mar)

  • NY cocoa falls from 16-mth high; sugar slips to 8-1/2-mth low
  • May New York cocoa settled down 1.1 pct at $2,465 per tonne
  • May London cocoa settled down 1.8 pct at £1,741 per tonne
  • Ivory Coast’s Coffee and Cocoa Council (CCC) aims to reduce production in face of global oversupply
  • May raw sugar finished down 0.4 pct at 12.84 cents per lb
  • May white sugar settled up 0.2 pct at $357.30
  • May arabica coffee settled down 0.1 pct at $1.2015 per lb
  • May robusta coffee settled up 1.1 pct at $1,780 per tonne

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

  • US Secretary of State Rex Tillerson due in Nigeria on 5-nation Africa tour
  • Nigeria’s Buhari to visit Benue state where pastoralist violence against farmers has been rife

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

  • Eni sells 10 pct of Egypt’s Shorouk concession to Mubadala Petroleum
  • Nigeria increases excise duties on tobacco and alcohol
  • South African central bank takes control of VBS Mutual Bank
  • Ethiopian soldiers kill 9 civilians mistaken for militants
  • Sierra Leone poll looks set for 2nd round with 75 pct results in
  • Mozambique’s inflation slows to 2.93 pct y/y in February
  • South Africa’s Ramaphosa warns against land invasions
  • South Africa gold miners’ silicosis lawsuit settlement expected within 6 weeks
  • South African rights lawyer plans listeria class action against Tiger Brands
  • US Tillerson ‘not feeling well’, cancels activities in Kenya
  • Rwanda inflation drops to 0.7 pct in February
  • Tanzania president says will not bail out struggling banks
  • Congo’s Kabila signs into law new mining code
  • US Tillerson says Kenya should not stifle media, threaten courts
  • Ghana’s 91-day bill yield dips to 13.34 pct
  • Nigeria immigration service launches trafficking probe after staff arrests
  • Nigerians demand prosecutions over alleged air force killings
  • Tanzania’s Magufuli warns of crackdown on protesters
  • Mauritius president to resign after credit card expenditure row
  • Kenya health ministry missing $109 million – Auditor General
  • Kenya’s president and opposition leader pledge to heal divisions
  • Mauritius 91-day treasury bill yield falls to 3.56 pct
  • South Africa VAT hike tests central bank’s hawkish stance
  • Ivory Coast to reduce cocoa output over next 2 years
  • South Africa’s 3-mth t-bill average yield steady at 7.2 pct
  • Yields rise at South African CPI-linked bond auction
  • In Congo, voting machines raise suspicions among president’s foes
  • South Africa watchdog approves $900 mln Sinopec, Chevron deal
  • Botswana pays Russia’s Norilsk Nickel $45 mln to settle mine sale dispute
  • Angola keeps benchmark lending rate at 18 pct
  • Angola to launch big oil block under shadow of OPEC cuts

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

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