#Africa #Markets – Factors to watch on May 2

NAIROBI, May 2 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.
– – – – –
SOUTH AFRICA: Moody’s announces its ratings decision on
South Africa this week. The agency put South Africa on
review for a downgrade after the President Jacob Zuma
cabinet reshuffle that saw a respected finance minister
being fired.

Asian shares rose to near two-year highs on Tuesday as
growing optimism over tech industry earnings and easing
concerns over North Korea offset softer-than-expected
factory readings in China and the United States.

Oil prices edged down on Tuesday, as a recovery in Libyan
output and rising U.S. supplies raised worries that OPEC-led
production cuts may not significantly tighten a bloated
Oil has been weighed down by the market’s impatience with
the slow pace of inventory drawdown globally, even after
major oil producers agreed to cut production by 1.8 million
barrels per day for the first half of 2017.

Nigeria sold 107.64 billion naira ($353 million) in treasury
bills on Friday in a move to soak up excess liquidity from
the banking system and curb pressure on the currency,
traders said.

The leader of a group calling for the secession of an area
in southeast Nigeria, formerly known as Biafra, was released
on bail on Friday after being detained for nearly two years,
his lawyer said.

Nnamdi Kanu, leader of the Indigenous People of Biafra
(IPOB) campaign group, has been held at Kuje prison in the
capital, Abuja, since his arrest in October 2015 on charges
of criminal conspiracy and belonging to an illegal society.

The Kenyan shilling strengthened slightly against the
dollar on Friday due to hard currency inflows from citizens
of the country living abroad, traders said.

Ballot-stuffing, multiple voting and violence marred polls
to pick candidates in Kenya’s looming national elections,
observers and participants said on Friday, raising fears of
further turmoil.

South African President Jacob Zuma made a hasty exit from a
May Day rally on Monday after the crowd of workers that he
was due to address became rowdy, with some booing and
chanting slogans against him.

Ivory Coast President Alassane Ouattara urged cocoa farmers
to raise production and quality and said a 40 percent fall
in global cocoa prices this season had hurt the nation’s
economy and budget.

Militants killed three policemen and injured five others in
a shooting in Cairo late on Monday, the interior ministry
said on Tuesday.

Algeria’s ruling FLN party pumped up supporters at one final
weekend rally before Thursday’s parliamentary election with
Liberation-era songs and screenings of old speeches by its
veteran leader, President Abdelaziz Bouteflika.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.