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African Markets - Factors to watch on May 11

Fri, 11th May 2018 05:51

The following company announcements, scheduled economic indicators, debt and currency marketmoves and political events may affect African markets on Friday. - - - - - GLOBAL MARKETS Asian shares rallied on Friday as risk appetite got a boost from soft U.S. inflation, helping alleviate worries of faster rate hikes by the Federal Reserve, while investors also cheered U.S.-North Korean steps to further ease tensions on the Korean Peninsula. WORLD OIL PRICES Oil prices on Friday dipped away from multi-year highs reached the previous session on hopes that alternative supplies could replace a looming drop in Iranian exports when U.S. sanctions against Tehran are re-imposed. 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 recovered on Thursday, firming more than 1.5 percent against the dollar as the greenback fell after weaker than forecast U.S. inflation data pared market expectations of a faster interest rate rise by the Federal Reserve. AFRICAN CURRENCIES Kenya's shilling is likely to come under pressure next week but Zambia's currency is expected to hold firm. NIGERIA CURRENCY The gap between Nigerian banks' bids to buy and sell the naira to investors is widening due to a tight supply of dollars in the market, traders said on Thursday, suggesting the currency is coming under international pressure even as government finances improve. NIGERIA OIL Nigeria's government plans to create a powerful energy regulator with broad oversight of the oil and gas sector, according to draft versions of sweeping reforms known collectively as the Petroleum Industry Bill (PIB). NIGERIA SUDAN/DIPLOMAT A Nigerian diplomat was found dead in his home in the Sudanese capital Khartoum on Thursday, two security sources said, in an apparent murder that police said did not appear to be politically motivated. NIGERIA HEALTH EBOLA Nigeria has increased screening tests at airports and other points of entry as a precautionary measure following an outbreak of Ebola in the Democratic Republic of Congo, the immigration service said on Thursday. HEALTH EBOLA/CONGO The Democratic Republic of Congo announced on Thursday the first confirmed death in a new outbreak of Ebola virus and said 11 other people were now confirmed to be infected, including three medical staff. KENYA MARKETS The Kenyan shilling was steady against the dollar on Thursday with inflows from offshore investors meeting demand from the energy sector and manufacturers, traders said. KENYA FLOODS A dam on a commercial flower farm in Kenya's Rift Valley burst after weeks of torrential rain, unleashing a "sea of water" that careered down a hillside and smashed into two villages, killing at least 47 people. GHANA EUROBONDS Ghana sold $2 billion worth of dual-tranche Eurobonds with 10- and 30-year maturities on Thursday and it will pay issuer-desired yields, government and transaction sources said. EQUATORIAL GUINEA LNG Equatorial Guinea is in talks to sell liquefied natural gas (LNG) supply from its Punta Europa project to independent and state-backed oil companies and traders from 2020 as it winds down an exclusive deal with Royal Dutch Shell . GAMBIA POLITICS Gambia is selling several planes and a fleet of luxury cars bought by former president Yahya Jammeh as it seeks to reduce a mountain of crippling debt contracted during the authoritarian leader's decades-long rule. USA-NIGER MILITARY A series of individual and organizational failures, including a lack of training and situational awareness, contributed to a deadly ambush in Niger last year that killed four U.S. soldiers, a partial Pentagon report released on Thursday said. SOUTH SUDAN INTERVIEW South Sudan will finish paying off its debt to neighbour Sudan in June with a final cargo of crude oil, South Sudan's oil minister Ezekiel Lol Gatkuoth told Reuters on the sidelines of the Africa Oil and Power investor forum in London. ZAMBIA SOUTH AFRICA/ATTACKS Protesters hurled petrol bombs at three Zambian-registered trucks in South Africa, leaving one of the drivers with life-threatening injuries, the second attack on foreign vehicles there in two weeks, officials said. ETHIOPIA MINING Ethiopia has suspended a gold mining firm's licence after weeks of protests in a town near the mine by local people who accuse the company of polluting their source of water and the atmosphere, a government official said. SOMALIA SECURITY An bomb targeting soldiers in southern Somalia killed seven on Thursday, a government official said, the second such incident in two days. RWANDA INFLATION Rwanda's year-on-year inflation rose to 1.7 percent in April from 0.9 percent in March, the statistics office said on Thursday. 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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