#Africa #Markets – Factors to watch on May 23

(REUTERS) The following company announcements, scheduled
economic indicators, debt and currency market
moves and political events may affect African markets
on Tuesday.

——-//

NIGERIA – Interest rate decision expected.

NIGERIA – Q1 2017 GDP data due.

——-//

GLOBAL MARKETS
Sterling extended losses on Tuesday after a suspected
terrorist attack killed at least 19 people and wounded 50 at
a pop concert in the English city of Manchester, while the
euro held gains made after German Chancellor Angela Merkel
said the currency was “too weak”.

WORLD OIL PRICES
Oil prices fell on Tuesday after U.S. President Donald Trump
proposed the sale of half the country’s strategic oil
reserves in his budget plan, just as producer club OPEC and
its allies are cutting output to tighten the
market.

SOUTH AFRICA MARKETS
South Africa’s rand held its gains of the previous week
against the dollar on Monday as the latest bout of U.S.
political turmoil kept the greenback on the back
foot.

NIGERIA MARKETS
Nigeria’s central bank plans to sell $100 million at a
special wholesale spot and forwards auction on Monday as it
tries to improve dollar liquidity and ease pressure on the
naira.

NIGERIA TAXES
Nigeria will increase the interest rate on unpaid taxes to
discourage companies and individuals from paying late and
racking up a larger debt, the finance ministry said on
Monday.

NIGERIA POLITICS
Nigeria arrested 55 members of a Biafran separatist movement
on Monday during protests in the oil-rich southeast, police
said.

KENYA MARKETS
The Kenyan shilling was broadly stable against the
dollar on Monday with oil importer demand for the dollar
matching inflows from charities, traders said.

KENYA AVIATION
Kenyan budget carrier Jambojet expects government approval
this month to start flying to destinations outside the
country, and will lease more planes to start the flights in
the next two years, its chief executive said on
Monday.

UGANDA MARKETS
The Ugandan shilling was stable on Monday, supported
by dollar inflows from non-governmental organisations and
low demand from importers.

GHANA ECONOMY
Ghana’s government will ask the International Monetary Fund
to extend its support programme to December 2018 from April
2018 to boost efforts to stabilize the economy, senior
government sources said on Monday.

GHANA RATES
Ghana’s central bank lowered its benchmark interest rate on
Monday by 100 basis points to 22.5 percent, citing a
downward trend in inflation towards medium-term targets of 8
percent plus or minus 2 percentage points, Governor Ernest
Addison said.

IVORY COAST COCOA
Plentiful rain and sun last week in most regions of top
cocoa grower Ivory Coast improved prospects for the
April-to-September mid-crop, farmers said on Monday,
although eastern regions continued to suffer the effects of
a previous dry spell.

GAMBIA POLITICS
Gambian authorities have seized assets including 86 bank
accounts and 131 properties linked to former president Yahya
Jammeh, an official said on Monday, as an investigation into
the veteran ruler’s wealth gathers pace.

SOUTH SUDAN VIOLENCE
The president of war-ravaged South Sudan declared a
unilateral ceasefire on Monday and promised to release
political prisoners, but with no sign of a political deal
with rebels it was not clear whether a truce would take
hold.

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