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Africa, Forex

African Markets – Factors to watch on July 2

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. – – – – – EVENTS: *Ethiopian singer to be buried following two days of protests GLOBAL MARKETS Asian stocks tracked Wall Street higher on Thursday although sentiment was cautious ahead of U.S. employment data while copper prices jumped to more than six-month highs on a better global outlook and supply fears in top producer Chile. WORLD OIL PRICES Oil prices dipped on Thursday after the United States recorded its biggest one-day spike in coronavirus cases and California reimposed some lockdown measures, stoking worries a resurgence in COVID-19 cases will stall a recovery in fuel demand. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa’s rand firmed against a weaker dollar on Wednesday, shaking off data revealing the economy was already in contraction before the coronavirus lockdown as investors looked to pocket the rand’s high yield. NIGERIA AIRLINES Nigeria will resume domestic flights from July 8, the government said on Wednesday, as Africa’s most populous country relaxes novel coronavirus restrictions despite mounting cases and deaths. KENYA MARKETS The Kenyan shilling held steady on Wednesday against dollar demand from the energy sector and merchant importers supported by inflows from horticulture exports and remittances following easing of lock down restrictions abroad, traders said. MAURITIUS WIRECARD Mauritius’s central bank and Financial Services Commission have started a joint investigation into alleged round-tripping linked to Wirecard AG , the central bank said on Wednesday. IVORY COAST COCOA Child labour has increased in top grower Ivory Coast’s cocoa sector during its coronavirus lockdown, according to a report released on Wednesday by an industry-backed foundation. CONGO COCOA Aisha Kalinda melts the chunks of cocoa in a pan and spoons the brown gloop into a mould which will become the latest bar produced at the Lowa chocolate factory, the first locally owned producer in Democratic Republic of Congo. BURKINA FASO SECURITY Burkina Faso’s defence ministry said on Wednesday it has launched an investigation following the discovery of seven bullet-ridden corpses in the outskirts of a town in the east where the army had carried out an operation. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on

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