#Africa #Markets | 1 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks claw back earlier losses but trade tensions limit gains
  • MSCI Asia-Pacific index up 0.1 pct, Nikkei gains 0.3 pct
  • Korean, Japanese stocks gain
  • Chinese stocks volatile on MSCI inclusion day
  • US slaps tariffs on Canadian, Mexican and EU aluminium & steel
  • US tariff moves reignite global trade conflict woes

Oil Markets

  • US crude oil little changed after losses, record output weighs
  • US WTI crude futures up 2 cents to $67.06 a barrel (0005GMT)

Precious metals

  • Gold prices inch up on trade war fears
  • Spot gold up 0.1 pct at $1,299.51 per ounce (0110GMT)
  • US gold futures for June delivery down 0.1 pct at $1,298.60 per ounce


  • Wheat falls, set to finish the week down more than 3 pct
  • Most active CBOT wheat futures down 0.1 pct at $5.25-3/4 per bushel (0112GMT)
  • Most active corn futures up 0.3 pct at $3.95-1/4 per bushel
  • Most active soybean futures up 0.4 pct at $10.22-1/2 a bushel
  • Most active rice futures up 0.4 pct at $11.61 per hundredweight

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

  • UN Security Council extends South Sudan sanctions through mid-July
  • Barclays Africa to join Nigeria’s bourse in July – head of markets
  • Neighbourhoods hit and supplies cut in Libya’s Derna, UN says
  • Uganda imposes tax on social media use
  • Nigeria lowers minimum ages for office in victory for youth campaign
  • Egypt authorities bring case against top official at wheat buyer GASC
  • African Crude – Angolan offers steady, Nigerian under pressure
  • UN fires Central Africa legal adviser who accused peacekeepers of massacre
  • South African rand falls after disappointing trade data, stocks rise
  • Equatorial Guinea LNG project stumbles as Schlumberger quits
  • South Africa’s trade surplus shrinks to 1.14 bln rand in April
  • Kenya proposes new corporate tax rate that could be highest in East Africa
  • Hope for evicted forest people as Kenya vows to honour landmark ruling
  • Algeria plans higher costs for identity documents to ease battered finances
  • Kenyan, Zambian currencies to make gains, Uganda’s to weaken; in week ahead
  • South Africa’s Sibanye explores debt-cutting options
  • South Africa’s Treasury backs CEO of $160 bln state pension fund
  • Egypt’s M2 money supply up 21.36 pct y/y in April – c.bank
  • South Africa’s PIC CEO dismisses report on his suspension
  • Uganda shilling extends losing streak on importer demand
  • Traffickers plot to sell Nigerians for sex at Russia’s World Cup
  • Kenyan solar energy firm signs 40 MW power deal with state-run utility
  • UK’s Tullow Oil eyes new Ghana offshore assets – CEO
  • Congo copper production in Q1 rises 8 pct; cobalt output up 34 pct
  • Kenya to investigate 10 banks on suspicion of handling stolen funds
  • African swine fever outbreak reported in South Africa
  • South African micro lender Finbond latest company to drop KPMG
  • Kenya shilling firm, helped by slowing importer demand
  • Kenya’s inflation edges up to 3.95 pct y/y in May
  • Offshore investor interest in South African equities at risk as “Ramaphoria” wanes

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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.