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Africa, Forex

African Markets – Factors to watch on January 22

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. – – – – – GLOBAL MARKETS Asian shares eased from record highs on Friday as investors took some money off the table after a recent rally that was driven by hopes a massive U.S. economic stimulus plan by incoming President Joe Biden will help temper the COVID-19 impact. WORLD OIL PRICES Oil prices fell in early trade on Friday, retreating further from 11-month highs hit last week, on worries new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on AFRICA CURRENCIES Kenya’s shilling is expected to gain against the dollar in the next week to Thursday, while Tanzanian, Ugandan and Nigerian currencies are seen holding steady, traders said. AFRICA CORONAVIRUS Africa’s coronavirus case fatality rate has risen alarmingly to 2.5%, higher than the global level of 2.2%, the head of the continent’s disease control body said on Thursday. SOUTH AFRICA MARKETS South Africa’s rand firmed on Thursday, supported by the central bank’s decision to leave interest rates unchanged and expectations that the new U.S. administration will unveil a massive stimulus package. NIGERIA OXYGEN PLANT Nigeria’s president has approved the release of 6.45 billion naira ($16.94 million) to set up oxygen production plants in 38 sites to help treat COVID-19 patients as authorities contend with a sharp rise in cases, the government said on Thursday. KENYA MARKETS The Kenyan shilling strengthened on Thursday as the market benefited from a rise in the supply of dollars from foreign investors into an infrastructure bond. ZAMBIA COPPER MINE Zambia’s main opposition party leader Hakainde Hichilema criticised the government’s deal with Glencore on Thursday, comparing the economy to a leaky bucket broken by debt. ETHIOPIA TELECOMS State-run Ethio Telecom, expected to be partly sold off as Ethiopia liberalises its economy, reported a 12% rise in first-half revenue to end-December to 25.6 billion birr ($650 million), it said on Thursday. 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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