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Africa, Forex

African Markets – Factors to watch on Sept. 13

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday. – – – – – GLOBAL MARKETS Asian shares made a sluggish start on Monday to a week packed with major U.S. and Chinese economic data and the launch of Apple’s latest iPhones, while the Nikkei was tantalisingly near heights last visited in 1990. WORLD OIL PRICES Oil prices climbed on Monday to a one-week high in a second straight session of gains as concerns over U.S. supplies following damage from Hurricane Ida supported the market, along with expectations for higher demand. 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 posted its third consecutive week of gains on Friday, scaling back to a level seen two months ago as stronger local data and a risk-on mood globally supported the currency against the dollar. NIGERIA CURRENCY The Nigerian naira extended losses on the black market on Friday to hit a new record low of 545 against the dollar, as individuals scramble for hard currency, traders said. NIGERIA SHELL Royal Dutch Shell’s Nigerian subsidiary SPDC lifted force majeure on loadings of Forcados crude oil on Sept. 9, a spokesman for the company said on Friday. NIGERIA SECURITY Nigerian officials cut communication lines in multiple parts of Katsina state as a crackdown on banditry in the northwest of the country spreads. KENYA MARKETS The Kenyan shilling was expected to strengthen against the dollar, traders said on Friday, after hard currency inflows into the government’s debt helped it eke out some gains in the previous session. MALI SECURITY Two Moroccan truck drivers were killed on Sunday and another was injured in an attack by unidentified armed men 300 kilometers away from Mali’s capital, Bamako, Morocco’s MAP news agency said. ZIMBABWE MUGABE A Zimbabwean magistrate on Friday ruled that Robert Mugabe’s remains should be exhumed and reburied at the national heroes’ shrine in the capital city, rekindling a row over the late former leader’s resting place. GUINEA SECURITY/ECOWAS A delegation from West Africa’s main regional bloc met on Friday with Alpha Conde, who was ousted as president in a military coup last weekend, and members of the junta that replaced him, leaders of the mission told reporters. ZAMBIA BUDGET Zambian President Hakainde Hichilema said on Friday his new government would implement policies to reduce the fiscal deficit, restore economic growth and review mining policies. IVORY COAST SECURITY A military helicopter crashed in northern Ivory Coast while on a reconnaissance mission near the border with Burkina Faso, killing all five crew members, the defence ministry said on Friday. UGANDA MARKETS The Ugandan shilling was stable on Friday on the back of thin appetite for hard currency across board. 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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