#Africa #Markets – Factors to watch on May 10

NAIROBI, May 10 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.
– – – – –
EVENTS:
*Kenyan telecoms firm Safaricom releases its full
year earnings results.
*Ghana and Rwanda release their consumer inflation data for
April.

GLOBAL MARKETS
Asian stocks edged higher for a third consecutive day on
Wednesday as investors focused on strong corporate earnings
and the dollar gave back some of its recent gains after a
rise in political tensions.

WORLD OIL PRICES
Oil futures rose in Asian trading on Wednesday after Reuters
reported Saudi Arabia would cut supplies to the region as
OPEC battles against rising U.S. output that is threatening
to derail its attempts to end a sustained global glut in
crude.

SOUTH AFRICA MARKETS
Stocks in South Africa hit an 11-month high on Tuesday,
buoyed by Naspers after the market heavyweight
touched a record high, while the rand recovered against the
dollar.

NIGERIA MARKETS
Nigerian stocks hit a four-month high on Tuesday, lifted by
gains in oil firm Oando and improved investor
sentiment towards the recession-hit economy.

NIGERIA GAS
Nigeria’s state energy company and its partners plan to more
than triple the West African country’s gas supply for
domestic consumption within the next three years, it said on
Tuesday.

NIGERIA REFINERY
Italian oil company Eni plans to build a crude
refinery in Nigeria with capacity of 150,000 barrels a day
through its Agip subsidiary, the country’s oil minister said
on Tuesday.

KENYA MARKETS
The Kenyan shilling was broadly stable against the
dollar on Tuesday mainly due to inflows from portfolio
investors, amid subdued demand by importers, traders
said.

KENYA FOOD PRICES
Kenya’s parliament is pondering proposals to curb climbing
food prices, officials said on Tuesday, with the issue
becoming a political liability for President Uhuru Kenyatta
as he seeks a second term in August elections.

KENYA AID
The U.S. government has suspended $21 million in direct aid
to Kenya’s Ministry of Health amid concern over corruption,
the embassy said on Tuesday, giving emphasis to an issue
that is a growing liability for the government before August
elections.

GHANA COCOA
Cocoa purchases declared to Ghana’s industry regulator
totalled 757,506 tonnes from the start of the 2016/17 season
on Oct. 1 through April 20, up 13 percent from the same
period last season, Cocobod data seen by Reuters showed on
Tuesday.

SOUTH SUDAN UNREST
The president of South Sudan has replaced army chief Paul
Malong with a general who is a member of an ethnic minority,
the defence minister said on Tuesday, after a slew of
resignations by senior generals alleging tribal bias and war
crimes.

GAMBIA CENTRAL BANK
Gambia’s central bank governor and three other senior bank
officials who served under ex-strongman leader Yahya Jammeh
were dismissed from their positions on Tuesday, the governor
and government officials said.

DEMOCRATIC REPUBLIC OF CONGO POLITICS
Democratic Republic of Congo President Joseph Kabila on
Tuesday named a new transitional government, state
television said, defying opponents who rejected the cabinet,
saying it violated a previous agreement.

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