#Africa #Markets – Factors to watch on May 17

NAIROBI, May 17 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

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SOUTH AFRICA – Retail sales data for March expected.

ZAMBIA – Interest rate decision expected.

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GLOBAL MARKETS
U.S. share futures and the dollar tumbled in Asian trade on
Wednesday after reports President Donald Trump asked
then-FBI Director James Comey to end a probe into Trump’s
former national security advisor.

WORLD OIL PRICES
Oil prices fell 1 percent on Wednesday after data showed an
increase in U.S. crude inventories, stoking concerns that
markets remain oversupplied despite efforts by top producers
Saudi Arabia and Russia to extend output cuts.

SOUTH AFRICA MARKETS
South Africa’s rand hit a three-week high against the dollar
on Tuesday as the greenback weakened broadly on worries over
U.S. President Donald Trump’s disclosure that he had shared
information with Russian officials, while stocks were flat.

KENYA MARKETS
The Kenyan shilling edged lower on Tuesday mainly due
to demand for dollars by oil importers.

KENYA FOOD
Kenya will offer subsidies to maize importers to help lower
the cost of maize flour which shot up due to a regional
drought, Agriculture Minister Willy Bett said on Tuesday.

NIGERIA INFLATION
Annual inflation in Nigeria eased for the third straight
month in April, inching down to 17.24 percent from 17.26
percent in March, the National Bureau of Statistics said in
a report.

NIGERIA CRUDE
Nigerian workers from an oil labour union have extended a
strike to oil majors Chevron, Shell and Eni
subsidiary Agip in protest over the sacking of
members from Exxon Mobil Corp, the union’s general
secretary said on Tuesday.

IVORY COAST TURMOIL
Renegade troops in Ivory Coast accepted a government
proposal on bonuses and returned to barracks on Tuesday,
ending a mutiny that had closed businesses, shut major roads
and threatened years of economic progress in the world’s top
cocoa producer.

CENTRAL AFRICA REPUBLIC VIOLENCE
As many as 100 people were killed last week in militia
violence in southern Central African Republic and fighting
fuelled by ethnic and religious rivalries is spreading, the
United Nations said on Tuesday.

GHANA COCOA
Ghana’s Cocobod raised $200 million in a bond issued via the
central bank to cover its operations for the rest of the
cocoa season after its annual syndicated loan ran out early,
the regulator’s chief executive Joseph Aidoo said on
Tuesday.

UGANDA GROWTH
The International Monetary Fund cut its forecast for
Uganda’s growth for the fiscal year ending next month to
between 3.5 and 4 percent from 5 percent on Tuesday, blaming
drought and slow credit growth.

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