#Africa #Markets | 24 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks climb pre-G20, oil up on US-Iran feud
  • Asian stocks edge up, Europe seen slightly higher before G20
  • Investors doubtful over meaningful US-China deal at summit
  • Oil higher on US-Iran tensions; light crude firms over 1%

Oil Markets

  • Oil prices climb as US-Iran tensions mount
  • Pompeo says “significant” sanctions will be announced on Tehran
  • Brent up 0.8% at $65.70 a barrel (0655GMT)
  • WTI up 1.2% at $58.13 a barrel

Precious metals

  • Gold hovers near 6-yr peak as dovish cenbanks, US-Iran jitters fuel demand
  • SPDR posts best 1-day pct gain in nearly 11 yrs
  • Spot gold up for 5th session
  • Spot gold up 0.4 pct at $1,403.88 per ounce (0701GMT)
  • US gold futures up 0.5% at $1,407.10 an ounce

Grains

  • Wheat prices for 2nd session on ample world supply, corn firms
  • Most active CBOT wheat futures down 0.4% at $5.28-3/4 per bushel (0116GMT)
  • Most active corn futures up 0.5% at $4.44-1/4 per bushel
  • Most active soy futures up 0.2% at $9.04-1/4 per bushel
  • Most active rice futures down 0.1% at $11.28 per hundredweight

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

  • Zimbabwe’s Mnangagwa hosts Wildlife Economy Summit in Victoria Falls; 23-25 Jun [Botswana’s Masisi attending]
  • Nigeria’s central bank governor Emefiele press conference on 5-year plan
  • Nigeria’s SEC new board to be inaugurated; after some 4 years
  • Nigeria’s Osinbajo in US; to meet Pence, Council of Foreign Relations, etc
  • 2nd Ghana Most Respected CEOs Breakfast in Accra
  • Uganda’s Museveni in Beijing; attending China-Africa Economic & Trade Expo
  • South Africa state capture inquiry resumes
  • South Africa PIC inquiry resumes
  • Kenya to repay $750 mln of debut eurobonds

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

  • South Africa’s rand stretches gains as Fed, ECB turn dovish
  • Ruling party candidate declared winner of Mauritania election
  • Australia’s Ausdrill wins $554.6 mln contract in Botswana
  • Ethiopian, African Union mediation needs to be unified – Sudan military council
  • Ethiopia’s army chief, 3 others killed in failed regional coup
  • Sudan court orders company to end military-ordered internet blackout – lawyer
  • Mauritania govt declares victory for ruling party candidate
  • Soccer – Nigeria players protest unpaid bonuses after World Cup elimination – ESPN
  • Ethiopia’s chief of army staff was killed in Addis Ababa by bodyguard – PM’s office
  • West African task force says troops killed 42 Islamic State fighters near Lake Chad
  • Ethiopian army general behind coup attempt in Amahara state – state TV
  • Ethiopia says coup attempt against leader of Amhara state failed
  • Sudan’s main opposition coalition says agreed to mediator draft agreement
  • 3 al Shabaab fighters killed in Kenya after attack on police
  • Egypt delegation to join Bahrain conference on Palestine economy
  • South Africa’s MultiChoice looks to lay off more than 2,000
  • World Bank lends Morocco $500 mln to expand early education
  • Malawi leader vows to lift economy as protests continue
  • Vodacom reaches deal with Congo over 2G licence
  • African Bank moves to stem client exodus, safeguard South African comeback
  • Algeria detains businessman in corruption investigation – radio
  • Africa Oil – Nigerian OSPs boost seller confidence
  • Ethiopia opposition see dangers if 2020 vote delayed
  • Morocco’s CPI rises 0.3% in May – planning agency
  • Orange sees Ethiopia’s telco liberalisation taking shape in 2020
  • Telecoms group Orange sees Africa/Middle East region growing around 5% in 2019
  • South Africa’s Vodacom to sell some operations in 5 African markets
  • Kenya shilling weakens, hurt by energy, manufacturing sector demand

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

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