Views Article – Sharenet Wealth

Africa, Forex

African Markets – Factors to watch on Sept. 15

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. – – – – – GLOBAL MARKETS Asian equities extended gains on Tuesday and the dollar slipped, with investor sentiment supported by Chinese data and optimism about COVID-19 vaccines. WORLD OIL PRICES Oil prices inched lower on Tuesday as a bleaker outlook for global fuel demand prompted fresh selling, but short-covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+, limited losses. 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, lifted by improved risk appetite globally as a coronavirus vaccine trial was back on track and investors looked forward to key central bank meetings locally and abroad. NIGERIA MARKETS The Nigerian naira fell by 1.09% to 460 naira on the black market on Monday after the president last week told the central bank to stop dollar sales for food and fertiliser imports. NIGERIA CRYPTO CURRENCIES Nigeria will begin regulating trade in crypto-token or crypto-coin investments, the country’s financial watchdog said in a statement on Monday. KENYA MARKETS The Kenyan shilling edged down against the dollar on Monday, as serious dollar sellers remained on the sidelines, in spite of demand for the hard currency from importers. GHANA COCOA PRICES Ghana plans to increase the guaranteed farm gate cocoa price paid to farmers by at least 21% to 10,000 cedi ($1,745) per tonne for the next cocoa season starting on Oct. 1, two sources told Reuters on Monday. RWANDA POLITICS Paul Rusesabagina, portrayed as a hero in a Hollywood movie about Rwanda’s 1994 genocide, declined to plead on Monday to all the 13 charges facing him, demanding he be allowed to plead to each separate count in a case that has also thrust a spotlight on to President Paul Kagame’s government. CONGO MINING Pink painted coffins lined a hillside in eastern Congo on Monday as rescuers filled them with the bodies of victims of a gold mine cave-in, in which 50 people are feared dead. ZAMBIA MINING Canadian miner First Quantum Minerals Ltd said on Monday it plans to expand operations at the Kansanshi mine in Zambia, Africa’s biggest copper mine. TANZANIA FIRES Ten Tanzanian schoolchildren were killed when a dormitory at a privately-owned primary school in the north of the country caught fire, a senior government official said on Monday. UGANDA MARKETS The Ugandan shilling was stable on Monday as pending mid-month tax payments for firms curbed demand for hard currency. IVORY COAST POLITICS Ivory Coast’s Constitutional Council on Monday ruled that President Alassane Ouattara is eligible to run for a third term in the Oct. 31 presidential election, even as opponents said his candidacy jeopardises the West African country’s democracy. 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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