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Africa, Forex

African Markets – Factors to watch on Jan.13

NAIROBI, Jan 13 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. – – – – – EVENTS: *GHANA – The statistics office expected to release consumer inflation data for December. GLOBAL MARKETS Asian stocks rose on Wednesday, tracking modest Wall Street gains, as expectations that a vaccine will eventually win the battle against the coronavirus fuelled recovery hopes, while tight supply expectations pushed oil prices to a one-year high. WORLD OIL PRICES Oil prices rose on Wednesday, with U.S. crude gaining for a seventh day, after an industry report showed a further drop in inventories and investors shrugged off worsening developments in the 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 recovered on Tuesday, bouncing off a two-month low hit in the last session, as a recent rally in the dollar cooled. NIGERIA ECONOMY Nigeria expects inflation to decline to 11.95% by end-2021 from an almost three-year high of 14.89% registered in November, Finance Minister Zainab Ahmed said on Tuesday, adding that the government will work on reducing food prices and the high cost of doing business. NIGERIA PETROLEUM LAW Nigeria’s senate president said that despite forces “working desperately” to derail a long-delayed oil overhaul bill, lawmakers will push the bill through the national assembly. KENYA MARKETS Kenya’s shilling weakened on Tuesday due to increased dollar demand from the energy sector, traders said. UGANDA ELECTION Uganda banned social media and beefed up security in the capital on Tuesday, two days ahead of a presidential election pitting Yoweri Museveni, one of Africa’s longest-serving leaders, against opposition frontrunner Bobi Wine, a popular singer. IVORY COAST COCOA A pandemic-induced slowdown in global chocolate demand has led to a pile-up of about 100,000 tonnes of cocoa beans in Ivory Coast’s interior, five exporters told Reuters, as farmers struggle to get by with lower-than-promised prices. MALAWI CORONAVIRUS Two senior Malawian cabinet ministers and two other senior political figures died on Tuesday from COVID-19, the government said. BOTSWANA MINING Debswana Mining Company, owned by De Beers and the Botswana government, said on Tuesday it has terminated a $1.3 billion contract with a unit of Australia’s Thiess to extend the lifespan of its Jwaneng diamond mine and will carry out the project in-house. 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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