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Africa, Forex

African Markets – Factors to watch on Oct. 19

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday. – – – – – EVENTS: SOUTH AFRICA – The World Meteorological Organisation (WMO) will present a new report on the impact of climate change in Africa. GLOBAL MARKETS Asian shares advanced on Tuesday, supported by a tech-driven Wall Street rally, and a rebound in Chinese markets a day after weak data heightened investor concerns about the world’s second-largest economy. WORLD OIL PRICES Oil prices fell on Tuesday, with Brent down a second straight day, after Chinese data showed slowing economic growth and U.S. factory output dropped in September, raising fresh concerns about demand amid patchy recovery from the coronavirus 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 South Africa’s rand dropped on Monday as soft economic data in China, the country’s largest trading partner, prompted investors to sell riskier assets. NIGERIA LEKOIL Nigerian oil firm Lekoil warned on Monday about its ability to continue as a going concern after posting a $119.3 million loss for 2020, building pressure on the troubled company. NIGERIA ATTACK Gunmen killed at least 43 people in an attack in northern Nigeria’s Sokoto state, the governor’s office said on Monday. KENYA MARKETS The Kenyan shilling was stable against the dollar on Monday, but traders said it was still likely to weaken further, due to a lack of adequate hard currency supplies and robust demand. ETHIOPIA CONFLICT Rebellious Tigrayan forces accused the Ethiopian government of launching air strikes on the capital of Tigray region on Monday, and though a government official initially denied strikes, state-run media later reported the air force conducted an attack. BURUNDI VACCINES Burundi on Monday rolled out its first COVID-19 vaccines, months after most African countries, the latest step in the East African nation’s shift towards a more active approach to containing the pandemic. CAPE VERDE ELECTION Opposition candidate and former prime minister Jose Maria Neves won Cape Verde’s presidential election on Sunday, as his main rival, the ruling party’s flagbearer Carlos Veiga, conceded defeat. 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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