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African Markets - Factors to watch on Jan. 26

Published 26/01/2021, 06:12
© Reuters.
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The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.

GLOBAL MARKETS

Asian stocks dipped on Tuesday, retreating from record highs as lingering concerns about potential roadblocks to the Biden administration's $1.9 trillion stimulus weighed on sentiment, dragging U.S. Treasury yields to three-weeks lows. 

WORLD OIL PRICES

Oil prices eased on Tuesday, giving up some of the previous session's gains, as hopes for rapid approval of new U.S. economic stimulus faded while new coronavirus infections around the world mount up. 

SOUTH AFRICA MARKETS

South Africa's rand weakened on Monday, giving back early gains in volatile trade with sentiment swinging against riskier currencies as the reality of a slow rollout of coronavirus vaccines dampened demand.

OIL

Nigeria's parliament will pass the long-delayed Petroleum Industry Bill by the second quarter of 2021, Senate President Ahmed Lawan said during a parliamentary session on Monday.

MARKETS

The Kenyan shilling KES= was stable against the dollar on Monday, as the market awaited a rate-setting meeting by the central bank later in the week, traders said.

SECURITY

At least 11 people were killed on Monday after fighting broke out between the Somali federal army and Jubbaland state forces in the Gedo region of southwestern Somalia, a local doctor told Reuters.

ELECTION

Ugandan court ordered security forces on Monday to free opposition leader and pop star Bobi Wine, whose house arrest since a presidential election has drawn international pressure on President Yoweri Museveni's government.

MARKETS

The Ugandan shilling UGX= was stable on Monday, with demand from key sectors like manufacturing, telecoms and energy mostly muted, traders said.

HEALTH

Russia and China have approached Zimbabwe about supplying vaccines to tackle its escalating COVID-19 outbreak amid concern about Harare's ability to afford the shots, with plans for meetings with business leaders who have offered to pay for them.

CYCLONE

The death toll from storm Eloise rose to at least 13 on Monday after heavy winds, rain and flooding destroyed buildings, drowned crops and displaced thousands in parts of southern Africa.

POLITICS

Ethiopian security forces have detained minors as young as 11 in their crackdown on a militant group in western Gambella region and have also repressed opposition politicians, the state-appointed human rights commission said on Monday.

COAST COCOA

Cocoa arrivals at ports in top grower Ivory Coast dipped 5.8 percent to 1.271 million tonnes between Oct. 1 and Jan. 24 compared to the same period the previous season, exporters said on Monday.

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