#Africa #Markets | 24 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares fall despite strong Wall Street; oil retreats
  • MSCI Asia ex-Japan off 0.3 pct
  • China blue-chips volatile amid policy uncertainty
  • European futures down in early trading
  • Oil prices retreat after surging on supply concerns

Oil Markets

  • Oil falls as supply still adequate despite Iran sanctions, but market tightening
  • IEA says oil markets are adequately supplied
  • US, OPEC spare capacity to make up lost Iran supply
  • US exports 1st crude oil cargo to Indonesia
  • Oil price curve in backwardation
  • Brent down 0.5 pct at $74.17 a barrel (0637GMT)
  • WTI down 0.5 pct at $65.96 a barrel

Precious metals

  • Gold slips towards 4-mth low as robust dollar dents appeal
  • SPDR gold holdings fall to 6-mth low
  • Spot gold down 0.2 pct at $1,269.93 an ounce (0602GMT)
  • US gold futures down 0.1 pct at $1,271.80 an ounce

Grains

  • Soybean prices rise, edge away from near 5-mth low
  • Most active CBOT wheat futures down about 0.1 pct at $4.44-3/4 per bushel (0050GMT)
  • Most active corn futures up about 0.1 pct at $3.60-1/2 per bushel
  • Most active soy futures up 0.1 pct at $8.63 per bushel
  • Most active rice futures up 0.1 pct at $10.24 per hundredweight

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

  • Nigeria to issue new 30-yr bond
  • South Africa’s Ramaphosa in KZN to assess damage by floods and recovery efforts; just after Egypt trip for AU summit on Libya and Sudan
  • Nigeria’s Buhari to visit Lagos, country’s commercial capital; first since campaign visit
  • South Africa’s Malema of the EFF on campaign trail in Northern Cape
  • South Africa’s Maimane of the DA visits IEC offices for feedback on complaints against ANC
  • Kenya teachers start training for new curriculum
  • Nigeria’s junior oil minister Kachikwu in Saudi Arabia; last day
  • South Africa’s PIC inquiry continues
  • Ethiopia’s Abiy Ahmed in China for Belt & Road Initiative forum; starts in Beijing tomorrow (25 Apr)
  • Kenya’s Kenyatta & Odinga due in China for Belt & Road Initiative forum and to seek funding for SGR extension
  • Nairobi county governor Sonko questioning by Kenya Senate’s devolution committee; key query is the composition of his exco, where key positions remain vacant
  • South Africa consumer confidence for Q1 2019 (act. 2, prev. 7)

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

  • More than 50 dead in South Africa after heavy rains
  • Interpol rescues dozens of child slaves from markets in West Africa
  • Algeria’s tycoon Kouninef brothers placed in temporary custody – Ennahar TV
  • South Africa consumer confidence dips further in Q1 – survey
  • BMW to buy cobalt direct from Australia, Morocco for EV batteries
  • South African rand falls as US data bolsters dollar
  • Egypt voters back constitutional changes giving more power to President Sisi
  • Libya forces push back Haftar’s troops south of Tripoli – witnesses
  • Algeria state energy company Sonatrach’s CEO sacked – state TV
  • China’s Tsingshan expands plans for Zimbabwe steel plant
  • Sudan suspends Philippine port operator contract pending cancellation – statement
  • UN to help raise $50 bln for Lake Chad revival project
  • Egypt to turn to private sector to restore historic buildings
  • Sudan protesters take the train to support demonstrators
  • Africa Crude – Angolan sells swiftly, Nigerian programmes emerge
  • Uganda singer and presidential hopeful says he is under house arrest
  • Migrants in Libya jail were reportedly seriously wounded in shooting – UN
  • Algeria’s army chief hails judiciary for anti-graft move
  • Olam International eyes Nigeria’s wheat market with Dangote Flour Mills deal
  • Tanzania denies blocking release of scathing IMF report
  • Prominent Sudan protester says revolution seeks removal of whole regime
  • Morocco trains foreign students in its practice of moderate Islam
  • Zimbabwe’s Econet plots Botswana Mascom listing by October
  • Landslide kills 3 in Tanzania, several injured
  • African summit gives Sudan military 3 months for reforms
  • Uganda receives Bombardier planes in step to national carrier relaunch
  • Sudan militia commander waits in wings after president ousted
  • BNP Paribas seeks buyers for stakes in banks in Tunisia, Gabon
  • Kenya schools learn ABC of court to preserve playgrounds
  • Kenya shilling weakens slightly against the dollar
  • Fire extinguished on Nigeria’s oil-exporting NCTL pipeline – Aiteo

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

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