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Africa, Forex

African Markets – Factors to watch on Sept. 16

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. – – – – – GLOBAL MARKETS Asian shares gave up early gains to fall again on Thursday, weighed by declines in China and Hong Kong, even after a strong lead-in from Wall Street which had also pushed the dollar to the lower end of its recent range. WORLD OIL PRICES Oil prices climbed on Thursday, extending the previous day’s solid gains after a larger-than-expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer. 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 fell on Wednesday as a drop in retail sales added to evidence that riots and tight COVID-19 restrictions dealt the economy a severe blow at the start of the third quarter. NIGERIA DANGOTE Africa’s richest man Aliko Dangote is in talks with some of the world’s biggest oil traders to help finance his mega refinery project outside of Nigeria’s commercial centre Lagos, sources with knowledge of the matter said, although his company denied the discussions. NIGERIA SECURITY At least one million Nigerian children could miss school this year as the new term begins amid a rise in mass school kidnappings and insecurity, the United Nations children’s agency UNICEF said on Wednesday. NIGERIA MARKETS The Nigerian naira fell 0.89% against the dollar on the black market on Wednesday to hit a new record low of 562 naira, traders said. NIGERIA TWITTER Nigeria said on Wednesday it expects to end its ban on Twitter in a “few more days”, raising hopes among users eager to return to the social media platform three months after the suspension took effect. KENYA MARKETS The Kenyan shilling was stable against the dollar on Wednesday and traders said they were assessing the level of importer demand for hard currency. KENYA TULLOW/RESULTS Tullow Oil rebounded with a first-half profit on Wednesday and announced a development plan for its Kenya project, sending shares in the Africa-focused firm as much as 9% higher. GHANA ECONOMY Ghana’s economy grew 3.9% in the second quarter of 2021, the statistics service said on Wednesday. ETHIOPIA CONFLICT/REFUGEES Eritrean soldiers and Tigrayan militias raped, detained and killed Eritrean refugees in Ethiopia’s northern region of Tigray, an international rights watchdog said on Thursday. ETHIOPIA DAM/UN The U.N. Security Council on Wednesday urged Egypt, Ethiopia, and Sudan to resume African Union-led talks to reach a binding deal “within a reasonable timeframe” over the operation of a giant hydropower dam on the Blue Nile in Ethiopia. CONGO PROTESTS Police beat a journalist and fired tear gas to disperse a small crowd in Democratic Republic of Congo’s capital Kinshasa on Wednesday during an opposition protest over alleged election meddling, eyewitnesses said. UGANDA RETAIL Majid Al Futtaim, a Carrefour franchise holder, has reached a deal to take over six stores in Uganda from South African retailer Shoprite, it said on Wednesday. UGANDA MARKETS The Ugandan shilling held steady on Wednesday amid low demand for hard currency from both importers and players in the interbank market. GUINEA SECURITY West African leaders will meet on Thursday to decide how to respond to the coup in Guinea and how to pressure the junta leaders to return the country to constitutional rule, Ghana’s foreign minister said. MALI SECURITY/GERMANY Germany joined France on Wednesday in expressing concern about an agreement between Mali’s military rulers and a Russian security company that would bring Russian mercenaries into the African country. 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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