#Africa #Markets | 8 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Oil elevated ahead of Trump Iran announcement, shares firm
  • Dollar near 2018 high on relative strength of US growth
  • Resilient tech sector underpins shares
  • Emerging markets vulnerable to strong dollar, higher oil

Oil Markets

  • Oil prices fall as market awaits Trump decision on Iran
  • US WTI crude futures down 0.9 pct at $70.10 per barrel (0024GMT)
  • Brent crude futures down 0.7 pct at $75.64 per barrel

Precious metals

  • Gold prices inch up on steady dollar
  • Spot gold up 0.1 pct at $1,315.24 per ounce (0051GMT)
  • US gold futures for June delivery up 0.1 pct at $1,315.80 per ounce


  • Wheat drops to 1-wk low as US crop condition improves, soybean prices firm
  • Most active CBOT wheat futures down 0.5 pct at $5.09 per bushel (0043GMT)
  • Most active corn futures down 0.3 pct at $3.99-3/4 per bushel
  • Most active soybean futures up 0.3 pct at $10.14-1/4 per bushel
  • Most active rice futures largely unchanged at $12.78 per hundredweight

Soft commodities (7 May)

  • New York cocoa rallies, arabica coffee extends losses
  • London cocoa, robusta coffee and white sugar markets were closed for holiday
  • July New York cocoa was up 2.8 pct at $2,854 per tonne (as at 1530GMT)
  • Cocoa arrivals at ports in Ivory Coast for 2017/18 crop year so far neared year-ago levels
  • July arabica coffee fell 1.8 pct at $1.2045 per lb
  • July raw sugar was down 0.9 pct at 11.41 cents per lb

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

  • Nigeria’s Buhari heads to London to see doctor today.
  • South Africa’s Ramaphosa oral Q&A in parliament today
  • Petition to be delivered to Liberian parliament today for the establishment of an economic and war crimes commission

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

  • Libyan commander declares ‘zero hour’ for campaign to take city
  • Nigeria’s military says helped rescue over 1,000 Boko Haram victims
  • Libyan coastguard intercepts more than 500 migrants – spokesman
  • Nigeria’s president Buhari says to travel to Britain to see doctor
  • Somalia’s al Shabaab kills nine Kenyan soldiers – president
  • Egypt to share footage with Italy next week as part of probe of student’s death
  • Burkina Faso on track for GDP growth of around 6 pct this year – IMF
  • Sudan in talks with Saudi Arabia on five-year oil aid agreement
  • No breakthrough in Ethiopian dam talks, Egypt says
  • Algeria to open farming concessions to foreigners – document
  • Egypt passes law regulating Uber, Careem ride-sharing services
  • Cape Verde aims for free trade zone with Atlantic islands – PM
  • South African rand weaker as dollar rally weighs, stocks up
  • Zambia concludes mine tax audits after slapping huge bill on First Quantum
  • Sudan in talks with Saudi Arabia for five-year oil aid agreement – minister
  • Zimbabwe miner looking at refinery ugrade for battery grade lithium
  • Kenyan lawyers wrangle with government over land registry digitisation
  • Landslides kill 18 in Rwanda, death toll at 200 since January
  • South Africa’s Soweto residents, protesting at land grab bid, clash with police
  • Cyprus-Egypt gas pipeline to cost $800 mln – $1 bln
  • DP World, Egypt govt & Suez Canal Authority to develop trade infrastructure
  • Yield on Egyptian dollar-denominated t-bill rises marginally – cbank
  • Kenya’s fiscal deficit seen dropping to 5.7 pct of GDP in 2018/19
  • American Tower Corp to acquire Telkom Kenya sites
  • Multiconsult awarded contract in Zambia
  • Offshore investors net buyers of South African stocks, sell bonds
  • MTN Nigeria posts Q1 subscriber net additions of 2.3 mln

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

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