Review of the African markets on Tuesday with reference to Reuters.
Asian shares rose on Tuesday, tracking record closes on Wall Street and upbeat economic data that lifted U.S. Treasury yields and the dollar, although weaker oil prices took their toll on some market segments.
WORLD OIL PRICES
Oil prices fell on Tuesday, declining for a second day and sapping more strength from a third-quarter rally, amid signs that a global glut in crude may not be clearing as quickly as some had hoped.
The Nigerian army on Monday said it will carry out training exercises in the restive southern Niger Delta, where attacks on oil installations last year cut the OPEC member’s crude production by around a third. The Naira currency gained against the US dollar, euro and the pound as the inflation rate drops at 0.55 percent. Also federal Government raise bond funds of $2.5 billion Eurobond and $100 billion sukuk for capital projects.
South Africa’s rand weakened on Monday as the currency along with fellow emerging markets strained under pressure from a stronger dollar and a dim local economic outlook.
On Kenya politics, Police fired teargas at opposition supporters who rallied in Kenya’s capital Nairobi on Monday calling for the sacking of Election board officials they blame for August’s botched presidential vote.
On the Kenyan’s economy, the chief executive of Standard Chartered Kenya SCBK.NR said, the authorities should take a deep dive at the impact of the capitalisation on lending rates imposed a year ago, to determine if its intended purposes are being met. The Kenyan shilling weakened against the dollar on Monday due to oil importer demand but tight market liquidity was seen increasing demand for the shilling, traders said.
At least 17 people have died in clashes between security forces and protesters in Cameroon’s English-speaking regions, Amnesty International said, as violence broke out in an area where a separatist movement is gathering strength.
Ghana’s president Nana Afuko-Addo said on Monday the government would ensure that producer prices for cocoa remained unchanged for the upcoming 2017/18 season starting this month, keeping levels above those in neighboring Ivory Coast.
Fungal black pod disease is spreading in key cocoa growing regions as the new main crop harvest opens in top producer Ivory Coast, farmers said on Monday, though abundant rainfall and sunshine is supporting crop development elsewhere. licences granted to cocoa export into 72 companies and cooperatives for the 2017/18 season, down from 93 last season, according to a document from the Coffee and Cocoa Council regulator seen by a source on Monday.
Rebels in South Sudan killed four soldiers when they attacked a strategic northeastern town to try to push the government out ahead of a resumption of peace talks, a government spokesman said on Monday.
Zambia has awarded Austria’s Kapsch Traffic Com AG a joint venture contract to design, install and operate a road traffic surveillance system to curb accidents, the company said on Monday.
The Ugandan shilling was little-changed on Monday, with most players staying on the sidelines as they await a key central bank rate decision on Tuesday.
Angola’s inflation slowed to 25.18 percent year-on-year in August from 27.29 percent in July, data on the national statistics agency’s website showed. Angola’s central bank kept its benchmark lending rate unchanged at 16 percent following a policy meeting on September 29, citing slowing consumer price inflation. The net foreign exchange reserves fell to $15.609 billion in August from a revised $17.477 billion in July, data posted on the central bank’s website showed on Monday.
Mozambique’s President Filipe Nyusi will run for re-election in 2019, his ruling Frelimo party said on Monday, a step towards a vote meant to end sporadic clashes.
A policeman shot dead on Monday the chief of security at an airport in Somalia’s semi-autonomous Punt land region and also his bodyguard, police said.