Views Article – Sharenet Wealth

Africa, Forex

African Markets – Factors to watch on July 7

July 7 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. – – – – – EVENTS: * Seychelles to release inflation data for June. The year-on-year inflation rate stood at -0.18% in May. GLOBAL MARKETS Asian shares paused for breath on Tuesday following a surge sparked by speculation Beijing is trying to orchestrate a major domestic bull run to support an economy hit by the coronavirus and a standoff with Washington. WORLD OIL PRICES Oil prices fell on Tuesday, erasing earlier gains, on concerns that the surge in coronavirus cases in the United States, the world’s biggest oil user, will limit 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 on Monday, thanks to a broad recovery in risk appetite on growing expectations of a strong Chinese economic rebound. NIGERIA MARKETS Nigeria’s central bank collected 122 billion naira ($338 million) from banks with excess cash before weakening the currency at a retail auction on Friday, in a move to unify its multiple exchange rates, bankers told Reuters on Monday. KENYA MARKETS The Kenyan shilling was stable on Monday, supported by inflows from horticulture exports amid light dollar demand from the energy and manufacturing sectors, traders said. KENYA LOCKDOWN Kenya’s President Uhuru Kenyatta announced on Monday a phased reopening of the country from a COVID-19 lockdown, lifting restrictions on travel in and out of the capital Nairobi and allowing air travel to resume. CONGO MINING Barrick Gold’s Kibali gold mining joint venture in Democratic Republic of Congo will be able to get $500 million out of the country very soon, CEO Mark Bristow told Reuters on Monday. KENYA AIRLINE Kenya Airways will lay off an unspecified number of workers, reduce its network and also get rid of some assets due to the coronavirus crisis, its chief executive said in an internal memo seen by Reuters. IVORY COAST COCOA Cocoa arrivals at ports in top grower Ivory Coast reached 1.962 million tonnes between Oct. 1 and July 5, exporters estimated on Monday, down 6.4% from 2.097 mln tonnes over the same period last season. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on (Reporting by Ayenat Mersie)

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.