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Africa, Forex

African Markets – Factors to watch on Aug 10

NAIROBI, Aug 10 – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. – – – – – GLOBAL MARKETS Asian stocks held tight ranges on Monday as worries over flaring tensions between the United States and China weighed on sentiment although signs of a recovery in industrial activity in the world’s second-largest economy capped losses. WORLD OIL PRICES Oil prices climbed on Monday, supported by Saudi optimism on Asian demand and an Iraqi pledge to deepen supply cuts, although uncertainty over a deal to shore up the U.S. economic recovery capped gains. 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 fell on Friday as the dollar regained momentum and the country’s stock market corrected by over a percent, dragged down by bourse heavyweight Naspers Ltd. SOUTH AFRICA GOLD South African gold miners are looking to cut debt and boost dividends as bullion hits record highs, with analysts and fund managers predicting a sectoral growth spurt over the next two years amid rising investor interest. AngloGold Ashanti ANGJ.J said on Friday it would consider paying a higher annual dividend after reporting a more than 200% jump in first-half earnings, driven by higher gold prices and a weaker local currency. KENYA MARKETS The Kenyan shilling weakened on Friday due to high dollar demand from oil importers, traders said. MAURITIUS OIL SPILL Fuel spilling from a Japanese bulk carrier that ran aground on a reef in Mauritius two weeks ago is creating an ecological disaster, endangering corals, fish and other marine life around the Indian Ocean island, officials and environmentalists say. SOMALIA BLAST A huge blast rocked a military base in Somalia’s capital Mogadishu near a stadium on Saturday, killing at least eight people and injuring 14, emergency workers said, and the militant group al Shabaab claimed responsiblity. IVORY COAST THIRD TERM Ivory Coast President Alassane Ouattara’s decision to run for a third term in office violates the constitution and will destabilise a country still recovering from civil war, his opponents said on Friday. CAR SANCTIONS The United States on Friday imposed sanctions on the leader of a Central African Republic-based militia group, the Treasury Department said, accusing the leader, Sidiki Abass, of human rights abuse, including directly participating in torture. UGANDA PRISONS Uganda has recorded a 10% increase in the number of people in jail since March, a prison official told Reuters on Friday, with thousands jailed for alleged violations of coronavirus lockdown rules. 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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