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Africa, Forex

African Markets – Factors to watch on Aug 13

NAIROBI, Aug 13 – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. – – – – – GLOBAL MARKETS Asia’s stock markets followed Wall Street higher on Thursday, as investors returned to tech stocks, gold and selling dollars after steady virus figures and a surprising jump in U.S. inflation boosted sentiment. WORLD OIL PRICES Crude oil prices eased slightly on Thursday but held most of their gains from the previous session after U.S. government data showed a fall in inventories, supporting the view that fuel demand is returning despite the coronavirus pandemic. 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 The South African rand extended its gains against the dollar on Wednesday, as political wrangling over a stimulus package for the U.S. economy halted the U.S. currency’s rebound. SOUTH AFRICA CENTRAL BANK Formally adding unemployment or economic growth to the South African central bank’s mandate would risk policy mistakes and hurting its credibility, Governor Lesetja Kganyago said on Wednesday. SOUTH AFRICA MINING South Africa’s mines minister has withdrawn an appeal of a court ruling that held that mining companies did not have to maintain at least 26% black ownership in perpetuity, the Minerals Council industry body said on Wednesday. NIGERIA STOCKS Nigerian stocks .NGSEINDEX climbed to an eight-week high on Wednesday lifted by gains in shares of energy companies after global oil prices rallied. KENYA MARKETS The Kenyan shilling traded weaker on Wednesday due to corporate dollar demand, mainly by importers, traders said. KENYA BANKING Kenya’s KCB Group KCB.NR said on Wednesday its after-tax profit plummeted in the first half, hit by the effects of the novel coronavirus pandemic, and that it expected strained business conditions for the rest of the year. MAURITIUS OIL SPILL Mauritius’ Prime Minister Pravind Jugnauth said on Wednesday nearly all remaining oil had been removed from a damaged Japanese ship, which leaked about 1,000 tonnes in a threat to tourism already hurt by the coronavirus pandemic. DIAMOND INDUSTRY As the coronavirus pandemic upended the global diamond industry, shuttering mines from Lesotho to Canada and disrupting supply chains, Rajen Patel swapped diamond polishing for peanut farming. DRC MINING A Chinese national was killed during an attack on a mining camp run by Zijin Mining Group Co 601899.SS in the early hours of Tuesday in southern Democratic Republic of Congo, a report on the company’s website said. \ MALI PROTESTS Police in Mali fired tear gas and water cannon at daybreak on Wednesday to disperse hundreds of protesters who had occupied and spent the night in a square in the capital Bamako, demanding the resignation of President Ibrahim Boubacar Keita. 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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