#Africa #Markets | 19 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Resource stocks rally as oil surges, bonds suffer
  • Oil highest in over 3 years on report Saudis wants higher prices
  • Resource stocks star in otherwise mixed Asia markets
  • Risk of inflationary pulse pressures fixed-income bonds
  • Dollar mostly range bound, GBP and CAD nurse losses

Oil Markets

  • Oil near late-2014 highs as Saudi pushes for higher prices, US crude stocks decline
  • Saudi Arabia seen seeking oil price of $80-$100 per barrel
  • Market also expects renewed US sanctions against Iran
  • US commercial crude stocks decline towards 5-year average
  • But US crude output soars to record 10.54 mln bpd
  • Brent crude oil futures up 0.4 pct at $73.79 per barrel (0028GMT)
  • US WTI crude futures up 0.4 pct at $68.76 a barrel

Precious metals

  • Gold flat, dollar up on higher US yields
  • Spot gold flat at $1,348.80 per ounce (0058GMT)
  • US gold futures down 0.1 pct at $1,352 per ounce

Grains

  • Wheat prices jump 1 pct on fears for US crops
  • Most active CBOT wheat futures up 1 pct at $4.79-3/4 per bushel (0041GMT)
  • Most active corn futures up 0.1 pct at $3.83-1/4 a bushel
  • Most active soybean futures down 0.02 pct at $10.41-1/2 per bushel
  • Most active rice futures unchanged at $13.18 per hundredweight

Soft commodities (18 Apr)

  • Cocoa surges to 2016 highs, raw sugar rebounds from low
  • July New York cocoa settled up 3.6 pct at $2,800 per tonne
  • July London cocoa settled up 2.9 pct at £1,874 per tonne
  • July raw sugar settled up 0.8 pct at 11.91 cents per lb
  • August white sugar settled up 1.6 pct at $341.10 per tonne
  • July arabica coffee settled up 1.1 pct at $1.1715 per lb
  • July robusta coffee settled up 1 pct at $1,772 per tonne

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

  • Commonwealth head of government meeting (CHOGM) in London continues (16-20 April)
  • IMF spring meetings continue in Washington DC
  • Southern African Development Community (SADC) leaders continue meeting in Luanda

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

  • Libya eyes fuel marking, boat seizures, to counter fuel smuggling
  • Zimbabwe fires 16,000 striking nurses for “politically motivated” move
  • Eastern Libyan military chief of staff survives car bomb attack
  • Wema Bank plans 20 bln naira bond deal by July, eyes equity sale by early 2019
  • Tanzania names chairman for new mining commission
  • Sonatrach says Exxon Mobil considering investment in Algeria
  • Africa Crude – Sonangol sells oil, Nigerian programmes surface
  • Malawi can eradicate HIV infections says US doctor who discovered AIDs virus
  • South African rand strengthens, commodity gains lift stocks
  • Libya issues letters of credit worth $2 billion to tackle rising prices
  • Ivory Coast Q1 cocoa grind up nearly 2 pct – exporter stats
  • Sub-Saharan Africa GDP growth to rise to 3.1 pct in 2018 – World Bank
  • Car bomb hits convoy of eastern Libyan military commander – officials
  • Kenyan mobile survey firm secures $3.5 mln for Africa expansion
  • IMF hints open to Angolan request for non-financial aid
  • Intruders storm Nigerian parliament and snatch mace – Senate spokesman
  • Egypt to run ports 24 hours to cut costly delays
  • South Africa President: Rand recovery double-edged sword, land must be shared
  • East Africa bloc postpones talks on South Sudan peace deal
  • Zimbabwe’s Mnangagwa says new investment law to open economy
  • South Africa’s CPI falls to 7-year low as rains ease food prices
  • Kenya’s Nation plays down columnist resignations
  • Nigeria’s Oando gains for fifth day to almost 1-year high
  • IMF expects Egypt GDP growth for FY 2017/18 at 5.2 pct – statement
  • South Africa’s retail sales rise 4.9 pct y/y in February
  • Rates on Ugandan treasury bonds climb at auction
  • Dollar inflows from farm exporters support Ugandan shilling
  • Nigeria to sell 90 bln naira of bonds next week, debt office says
  • South Africa’s Imperial CEO resigns after court ruling over employee dismissal

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

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