#Africa #Markets | 9 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks tank on nearing tariff threat, drag down Europe
  • European equities poised for lower open, Asia at 8-wk lows
  • Beijing vows retaliation after USTR sets tariff hike in motion
  • Trump says China “broke the deal”; talks resume on Thursday

Oil Markets

  • Oil prices fall as trade row fears eclipse US inventory decline
  • Brent, WTI futures drop 1 pct
  • Brent down 0.7 pct at $69.91 a barrel (0600GMT)
  • WTI down 0.6 pct at $61.76 per barrel

Precious metals

  • Gold prices hold firm ahead of US-China trade talks
  • Gold facing strong resistance at $1,290 levels – analysts
  • Spot gold up 0.1 pct at $1,281.19 per ounce (0542GMT)
  • US gold futures up 0.1 pct at $1,282.10 per ounce

Grains

  • Corn drops for 2nd session as US weather improves; soybeans down
  • Most active CBOT wheat futures down 1 pct at $4.34-3/4 per bushel (0124GMT)
  • Most active corn futures down 1 pct at $3.60-1/2 per bushel
  • Most active soy futures down 0.7 pct at $8.21-3/4 per bushel
  • Most active rice futures down about 0.1 pct at $10.95 per hundredweight

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

  • 22nd inter-governmental committee of senior officials & experts for West Africa (#ICE2019WA) in Robertsfield, Liberia; 8-10 May
  • South Africa state capture inquiry resumes
  • UN General Assembly president Maria Garces in Ghana
  • South Africa 2019 national & provincial elections; results trickle in, final expected on Saturday (11 May)
  • Guinea’s Conde in Namibia on state visit
  • South Africa mining production (Mar-19) [fcst. -7.3% yy, prev. -7.5%]
  • South Africa manufacturing production (Mar-19) [fcst. 0.1% yy, prev. 0.6%]
  • South Africa FX reserves (Apr-19) [act. $49.5B, prev. $49.7B]

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

  • Uganda launches 2nd round of competitive bidding for oil blocks
  • Kenya’s Equity Group posts 6 pct rise in Q1 pretax profit
  • AngloGold Ashanti to review divestment options for South African assets
  • Egypt headline inflation drops to 13.0 pct in April – CAPMAS
  • South Africa net foreign reserves fall to $43.245 bln in April
  • South Africa’s MTN first-quarter service revenue rises
  • South Africa counts votes as Ramaphosa’s ANC looks to retain power
  • Angola president sacks chair of state energy firm Sonangol
  • UN report finds likely use of armed drone in Libya by Haftar or ‘third party’
  • South Sudan president says formation of unity govt should be delayed a year
  • Sudan’s protest coalition calls for disobedience campaign
  • France seeks Libya ceasefire, migrant centre struck
  • UNAIDS chief charged with enabling ‘culture of harassment’ joins Mali govt
  • South Africa’s ANC seen winning election but support faltering
  • Congo recaptures one of two fugitive suspects in UN experts’ killings
  • IMF praises Congo Republic efforts to manage debt after China deal
  • Amid criticism, South Sudan signs new deal with US lobbyists
  • Nigeria court dismisses oil export claims against Eni, Petrobras
  • Africa Oil – US imports, gap left by Iran sanctions boost West African crude
  • MTN Nigeria gets listing approval, securities regulator says
  • Kenya to upgrade old rail track to deliver Uganda link
  • Libyan PM meets Macron, shell hits migration centre
  • Zimbabwe court says main opposition leader illegitimate, party to challenge ruling
  • Zambia’s 2019 maize output seen 16 pct down at 2 mln tonnes
  • Anadarko’s final investment decision on Mozambique LNG project due on June 18
  • Politics: no laughing matter in poverty-hit Zimbabwe
  • From crime to corruption, South African voters speak out
  • Clashes in ebola-affected Congo city kill at least 9
  • WHO experts recommend ramping up ebola vaccine after Congo cases surge
  • Egypt expects 5.8 pct economic growth in Q4 of FY 2018-19 – minister
  • Chinese logging takes heavy toll on farmers in Guinea-Bissau
  • Uganda shilling weakens on surge in offshore demand
  • Corruption, payment delays stifle Kenya manufacturers – survey
  • Former head of Ethiopia intelligence charged in absentia
  • Kenya shilling weakens due to oil importer demand

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

#Africa #Markets | 10 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks retreat from 8-mth high as Trump opens new trade war front
  • Trump threatens tariffs on EU over long-simmering aircraft row
  • IMF cuts global economic outlook, weighs on sentiment
  • Crude oil prices near 5-mth high

Oil Markets

  • Oil rises amid OPEC supply cuts, US sanctions
  • Brent up 0.3 pct at $70.83 per barrel (0056GMT)
  • WTI up 0.3 pct at $64.26 per barrel

Precious metals

  • Gold trades near 2-wk high on US-EU trade tensions
  • Spot gold down 0.1 pct at $1,303.14 per ounce (0110GMT)
  • US gold futures down 0.1 pct at $1,307.60 an ounce

Grains

  • Wheat eases for 5th session on supply pressure
  • Most active CBOT wheat futures down 0.3 pct at $4.58-1/4 per bushel (0108GMT)
  • Most active corn futures up 0.2 pct at $3.60-3/4 per bushel
  • Most active soy futures up about 0.1 pct at $8.99-1/4 per bushel
  • Most active rice futures unchanged at $10.29 per hundredweight

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

  • Bank of Namibia MPC decision [fcst. 6.75%, prev. 6.75%]
  • Kenya’s Kenyatta in Mauritius for 4-day state visit
  • South Africa PIC inquiry continues; Holomisa to be cross-examined
  • South Africa’s EFF Malema press conference
  • South Africa’s Ramaphosa officiates Nissan expansion announcement ceremony
  • South Africa SACCI business confidence for Mar-19 [act. 91.8, prev. 93.4]

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

  • Kenya shilling gains ground, helped by remittances
  • Nissan South Africa to invest $213 mln to build new Navara model
  • Refugees in Egypt struggle to live as economic hardships deepen
  • South Africa rand retreats slightly from near 6-wk best
  • Egypt’s annual urban consumer price inflation eases to 14.2 pct in March – capmas
  • Trump praises Egypt’s Sisi despite concerns about human rights, Russian arms
  • Algeria interim president promises free elections
  • Algeria authorities expel AFP bureau chief, news agency says
  • Zimbabwe seeks $613 mln aid from donors after drought, cyclone
  • Suffering grows from Libya conflict, migrants moved
  • Sudan opposition says around 20 killed since sit-in began
  • Africa Crude – Nigerian crude nearly clear for April, Angolan for May
  • Libya’s NOC discusses with oil firms security at oil facilities – statement
  • Congo ebola outbreak ‘far from contained’, US aid chief says
  • UN says to hold Libya’s national conference as soon as possible
  • Nigeria parliament recommends tax rise on luxury goods
  • Senior Sudan protest organiser calls for sit-in to continue
  • Uganda makes arrests in kidnap of American tourist and her guide
  • Sudan must deliver credible plan for transition – UK, US and Norway
  • UN Libya mission stays in Libya but reduces staffing levels
  • Carrefour Kenya targets number 2 retail banking this year, franchisee says
  • IMF trims South Africa’s economic growth forecast to 1.2 pct
  • Sudan police told not to confront peaceful gatherings – spokesman
  • Nigeria’s twin town ponders cause of multiple births
  • Tunisia’s trade deficit rises to $1.33 bln in first quarter
  • Congo president turned down predecessor’s PM pick – sources
  • Uganda shilling steady, to ease due to dollar demand from energy firms
  • Algeria’s parliament appoints Abdelkader Bensalah as interim president – witness
  • South Africa’s carbon tax could cost Amplats $21 mln a year from 2021 – CEO
  • Kenya shilling weakens on demand from energy sector
  • Drought will drag down Kenya’s 2019 economic growth, World Bank says
  • Malawi 2018/19 maize output up 24 pct, minimal effect from cyclone Idai – minister
  • Kenya central bank says to hold rate-setting meeting on May 27

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

#Africa #Markets | 2 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares sluggish, Mexico peso up on Obrador lead
  • Mexico polls official quick count point to clear win for leftist Obrador
  • Asia shares muted, markets count down to tariff deadline
  • Euro wobbles on threat to German/EU immigration deal
  • Oil eases as Trump says Saudis ready to expand supply

Oil Markets

  • Oil falls as Saudi output rises to compensate for disruptions
  • Saudi crude output reaches near record 10.7 mln bpd – survey
  • White House says Saudis promised to boost output if needed
  • But markets remain on edge over trade spats, Iran sanctions
  • Brent crude futures down 1.1 pct at $78.35 per barrel (0231GMT)
  • US WTI crude futures down 1.2 pct at $73.26 a barrel

Precious metals

  • Gold prices inch down as dollar firms
  • Spot gold down 0.1 pct at $1,250.95 an ounce (0116GMT)
  • US gold futures down 0.1 pct at $1,252.70 an ounce

Grains

  • Wheat extends 2-day gains to more than 4 pct
  • Most active CBOT wheat futures up 0.7 pct at $5.04-1/2 per bushel (0055GMT)
  • Most active corn futures up 0.2 pct at $3.60-1/4 per bushel
  • Most active soybean futures up 0.5 pct at $8.84 per bushel
  • Most active rice futures down 0.3 pct at $11.19 per hundredweight

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

  • AU Summit continues in Mauritania

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

  • Kenya takes a look into the unknown: its underground water reserves
  • Mali car bomb attack kills 4 civilians, wounds 4 French soldiers
  • Libya’s NOC warns of impact of oil port shutdown
  • Sudan opposition leader refused entry to Egypt, says party
  • Malawian president says corruption reports “fake news”
  • Egypt says to start building nuclear plant in next 2 years
  • South African fuel prices to rise by more than 1.5 pct in July
  • DP World considering logistics facility in Ethiopia – state news agency
  • South Sudan, rebels trade attacks as truce due to start
  • Ambassadors join Ugandan march to protest violence against women
  • Egypt’s Sisi, facing online backlash, says country is on the “right track”
  • Egyptian court delays verdict in mass trial over Rabaa sit-in
  • IMF says approves further $2.02 bln of $12 bln loan to Egypt
  • Gambia’s Barrow reshuffles cabinet, appoints Darboe as vice president
  • US, UK, Norway call for end to ‘horrendous abuses’ in South Sudan
  • Ghana’s 91-day bill nearly flat at 13.33 pct
  • Struggle to control Libyan oil ports adds to global supply worries
  • Libyan coastguard says 100 migrants may have drowned near Tripoli
  • Congo says it will open 2 national parks up to oil drilling
  • Steinhoff takes $12 billion writedown after accounting scandal
  • Africa Crude – Outages prop up diffs but buyers stay on sidelines
  • Britain and Nigeria exploring ways to list naira bonds in London – Lord Mayor
  • South Africa’s rand rises but on track for weekly loss, stocks up
  • Kenya’s economic growth gathers pace in first quarter
  • Nigeria’s FX reserves fall 0.34 pct to $48 bln in June
  • Ghana reports outbreaks of H5 bird flu on farms
  • Scandal-hit Steinhoff posts $177 mln H1 operating loss
  • Kenya’s economy expands by 5.7 pct in the first quarter 2018
  • Struggle to control Libyan oil ports adds to global supply worries
  • Uganda telecom operators to start charging social media tax
  • Headquarters of West African G5 Sahel force attacked – sources
  • Angola’s Sonangol settles Cobalt Energy dispute with $350 mln payment
  • Botswana’s economy contracts 1.5 pct in Q1
  • Spain says EU pledges funds for Spain and Morocco to handle immigration
  • eSwatini police fire stun grenades at anti-govt protesters
  • As sanctions bit, Iranian executives bought African passports
  • Egypt’s Carbon Holdings to sign $10.9 bln petrochemicals contract – settlement
  • Ethiopia says grenade attack part of plot to disrupt economy; involving power, telecoms outage
  • South Africa’s trade surplus widens to 3.52 bln rand in May
  • Uganda shilling holds steady against the dollar
  • Kenya’s inflation rises to 4.28 pct in June
  • Kenyan shilling holds steady against end month demand
  • Steinhoff gets debt standstill approval, finalises terms for restructuring plan
  • Madagascar to hold presidential elections in November
  • Leaders of Ethiopia and Eritrea to meet soon in bid for peace – media
  • Zimbabwe’s Mnangagwa says grenade caused blast at rally last week
  • South Africa’s credit demand growth slows to 4.6 pct in May

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

#Africa #Markets | 7 Mar [Brief]

By Rafiq Raji, PhD

Key #Africa #events or #data releases today [Posts & comments at my Twitter handle @DrRafiqRaji as they happen]

#US Secretary of State Rex #Tillerson starts 5-nation #Africa trip [#Security-focused; hence the choice of #Chad, #Djibouti, #Kenya, #Nigeria and #Ethiopia]

#Nigeria’s @MBuhari to belatedly tour hotspots today

#SierraLeone presidential and parliamentary elections today [#SaloneDecides]

#SouthAfrica’s #Ramaphosa to continue departmental visits kicked off yesterday

#Africa #Markets | 20 Nov

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Key data releases or events to follow today (& those over the weekend):

* NIGERIA – Q3 GDP due by 0730GMT. [Forecast is 0.8% yy from 0.6% in Q2] #Nigeria #GDP

* KENYA – Supreme Court to rule on 2nd presidential election petition today. #Kenya #ElectionsKE #PPII

* ZIMBABWE – President Mugabe refused to quit over the weekend. [Impeachment expected on 21 Nov] #Zimbabwe #MugabeMustGo

* NIGERIA – Elections in Anambra state in agitated southeast of country were  largely successful. #Nigeria #AnambraDecides

#Africa #Markets | 3 Nov

(REUTERS) The following company announcements, scheduled
economic indicators, debt and currency market moves and
political events may affect African markets on Friday.

GLOBAL MARKETS
Asian shares took a breather on Friday as investors gave a
guarded reception to Republican plans for massive U.S. tax
cuts, while welcoming the appointment of a centrist at the
helm of the Federal Reserve.

WORLD OIL PRICES
Oil markets rose on Friday, supported by OPEC-led supply
cuts which are tightening the market as well as by strong
demand, but analysts cautioned that the cuts would need to
be extended to counter rising U.S. output.

SOUTH AFRICA MARKETS
South Africa’s rand extended its comeback on Thursday,
ignoring turbulence in parliament to trade below the
psychological 14.00 mark as a sharp slide in the greenback
encouraged some short buying before focus shifts to Friday’s
U.S jobs data.

NIGERIA CURRENCY
Nigeria’s government expects the naira currency to
strengthen and does not see a significant risk of
devaluation in the medium term, Finance Minister Kemi
Adeosun said on Thursday.

NIGERIA OIL
Nigeria must use its oil wealth to prepare for a future when
the world no longer runs on fossil fuels, the vice president
said on Thursday.

NIGERIA BUDGET
Nigeria’s President Muhammadu Buhari will present the 2018
budget to parliament on Nov 7, he said in a letter on
Thursday, seeking to avoid the delays that have plagued
previous budgets, not passed until well into the years they
targeted.

KENYA MARKETS
The Kenyan shilling was steady against dollar on
Thursday supported by tight market liquidity and inflows
from horticultural sector matching dollar demand from
multinational companies, traders said.

KENYA STRIKE
Nurses in Kenya have ended a five-month-old strike over
delays to agreed wage rises, a union official said on
Thursday, just as university lecturers began a similar
action over their pay and benefits.

KENYA SECURITY
Kenya’s chief justice said the national police chief had
“enhanced” the security of Supreme Court judges after one of
their bodyguards was shot, denying a Reuters report that a
request for extra security had been turned down.

KENYA STOCKS
Kenya’s main stock exchange index, already up 18.5 percent
this year, looks set to be recharged as it recovers from
months of political uncertainty, its chief executive officer
said on Thursday.

KENYA EQUITY GROUP
At least half a million small borrowers at Kenya’s biggest
lender by customers, Equity, have been locked out
of credit by an interest rate cap imposed a year ago, the
bank’s chief executive said on Thursday.

TANZANIA MINING
Acacia Mining’s top two executives have resigned in
the midst of talks between its parent company and the
Tanzanian government aimed at ending a long-running dispute
that has hit Acacia’s operations.

GHANA BOND
Ghana plans to issue a three-year domestic dollar bond next
week to develop local funding sources to support the
economy, deal arrangers told Reuters on
Thursday.

IVORY COAST ELECTRICITY
Ivory Coast started producing power on Thursday at a 275
megawatt (MW) hydroelectric plant that will boost the
country’s electricity output by more than 10
percent.

UGANDA MARKETS
The Ugandan shilling was broadly stable on Thursday,
underpinned by waning demand for dollars from importers and
commercial banks.

ANGOLA RATES
Angola’s central bank kept its benchmark lending rate
unchanged at 16 percent following a policy meeting on Nov. 1
as consumer price inflation slows, the regulator said in a
statement.

NAMIBIA RESERVES
Namibia’s foreign reserves rose in September to 31.4 billion
Namibian dollars ($2.25 billion) from N$30.6 billion at the
end of August, central bank data showed on
Thursday.

NAMIBIA ECONOMY
Namibia’s economy will grow at 1.6 percent this year and by
double that in 2018 as the mining sector emerges from years
of contraction and the impact of recent severe drought
eases, the finance minister said on Thursday.

CONGO ECONOMY
Democratic Republic of Congo’s central bank said on Thursday
that it expects year-end inflation to stand at 49.8 percent,
down from an earlier estimate of over 52
percent.