Views Article – Sharenet Wealth

Africa, Forex

African Markets – Factors to watch on Jan 12

NAIROBI, Jan 12 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. – – – – – GLOBAL MARKETS Asian stocks were mostly lower on Tuesday, tracking Wall Street declines as political turmoil in Washington and rising coronavirus cases worldwide weighed on sentiment ahead of the start of the quarterly earnings season. WORLD OIL PRICES Oil prices slipped on Tuesday as investors remained concerned about climbing coronavirus cases globally, though an anticipated drawdown in crude oil inventory in the United States for a fifth straight week stemmed 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 The rand hit a two-month low on Monday as the U.S. dollar gained on further stimulus hopes, while fears of tighter domestic coronavirus restrictions weighed on the South African currency. NIGERIA MARKETS No quotes for the naira were available on Nigeria’s official market on Monday in its sixth trading session of 2021, traders said. NIGERIA DANGOTE CEMENT Dangote Cement bought 40.2 million shares in December at 243.02 naira, the first tranche of a buyback programme set to return cash to shareholders, Nigeria’s biggest listed firm said on Monday. NIGERIA RAILWAY Portugal’s largest builder Mota-Engil has won the contract to build a railway line between Nigeria and neighbouring Niger, Nigeria’s Transportation Minister Rotimi Amaechi said on Monday. KENYA MARKETS Kenya’s shilling was steady on Monday, and traders said it was expected to weaken due to dollar demand from the energy sector. KENYA DEBT The Paris Club of international creditors said on Monday it had accepted a request from Kenya for a debt-servicing suspension from January to the end of June, an agreement the country said would help in its COVID-19 economic recovery strategy. UGANDA BONDS Uganda said on Monday it had converted some treasury bonds maturing on Jan. 21 into different, longer tenures that will now come due between 2023-2040 as a cash crunch triggered by the effects of COVID-19 squeezes state finances coffers. UGANDA POLITICS Facebook has taken down a network in Uganda linked to the country’s ministry of information for using fake and duplicate accounts to post ahead of this week’s presidential election, the U.S. social media giant said on Monday. SEYCHELLES AIRLINE DEBT Holders of around $70 million in troubled bonds issued on behalf of Air Seychelles are considering options including enforcement against the African carrier, according to sources and documents. ANGOLA IMF FUNDING The International Monetary Fund said on Monday its executive board approved a disbursement to Angola of about $487.5 million after completing a fourth review of the African oil exporter’s $3.7 billion loan program. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on

© 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.