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 Wednesday. – – – – – GLOBAL MARKETS Asian shares fell on Wednesday as weak Chinese economic data reinforced worries about slowing growth globally as well as in the world’s second-biggest economy amid fraught nerves over a still-dominant pandemic and tapering of central banks’ stimulus. WORLD OIL PRICES Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen. 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 was flat on Tuesday, as investors looked to U.S. inflation data later in the day for cues on the timing of policy tightening by the Federal Reserve. NIGERIA INFLATION Annual inflation in Nigeria was 17.01% in August, compared with 17.38% in July, the National Bureau of Statistics said on Wednesday. NIGERIA ECONOMY Nigeria estimates its economy will grow between 2.5% and 3% this year, Central Bank Governor Godwin Emefiele said on Tuesday, after an easing of lockdown and increased vaccinations boosted business, including international and local travel. NIGERIA JAIL BREAK A total of 114 of the 266 inmates who escaped from a Nigerian prison on Sunday have been recaptured, the prison service said on Tuesday. NIGERIA BORROWING Nigeria’s President Muhammadu Buhari has requested Senate approval for a plan to borrow more than $4 billion from international lenders for infrastructure projects, according to a letter seen by Reuters on Tuesday. NIGERIA MARKETS The Nigerian naira fell 1.25% against the dollar on the black market on Tuesday to hit a new record low of 557 naira, traders said. KENYA MARKETS The Kenyan shilling edged down against the dollar on Tuesday as the benefits of inflows into government debt, which had buoyed it in recent days, faded. SOMALIA LIZARDS Police in Somalia’s breakaway Somaliland region have arrested a man at an airport as he tried to smuggle 200 lizards to Egypt, they said on Tuesday. UGANDA TELECOMS Uganda’s biggest telecoms firm, a unit of South Africa’s MTN Group , has launched the East African country’s first mobile phone-based stocks trading platform, a senior executive said on Tuesday. UGANDA MARKETS The Ugandan shilling was barely changed on Tuesday as demand and supply of hard currencies matched. MALI RUSSIA/FRANCE France’s foreign minister on Tuesday criticised plans that would bring Russian mercenaries into Mali, saying such a move was “incompatible” with the French military presence in its former colony. CONGO MINING China gave its backing on Tuesday to a Congolese provincial government’s order last month banning six small Chinese-owned mining companies operating illegally. ZAMBIA MINING Zambia’s newly-appointed mines minister said on Tuesday that the government will ensure stability and predictability in the mining sector, seeking to allay fears of royalty hikes. GUINEA SECURITY Guinea’s new military rulers began consultations with political, religious and business leaders on Tuesday which they say will lead to the formation of a transitional government following the coup that ousted President Alpha Conde on Sept. 5. 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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