#Africa #Markets – Factors to watch on May 26

(REUTERS) The following company announcements, scheduled
economic indicators, debt and currency market
moves and political events may affect African
markets on Friday.
– – – – –
EVENTS:
Judgment of Niger opposition leader on incitement and
sedition charges

GLOBAL MARKETS
Crude prices were on the defensive on Friday after an
agreement by OPEC to extend existing supply curbs
disappointed investors wagering on larger cuts, prompting a
move away from riskier assets and depressing Asian
stocks.

WORLD OIL PRICES
Oil extended falls on Friday after tumbling in the previous
session when OPEC and allied producers extended output cuts
but disappointed investors betting on longer or larger
supply curbs.

SOUTH AFRICA MARKETS
South Africa’s rand extended gains against the U.S. dollar
to a two-month high on Thursday as the greenback stumbled
after the Federal Reserve dialled down some expectations
that it would hike interest rates soon.

NIGERIA OIL
Nigeria’s Senate passed a long-awaited oil governance bill
on Thursday which the president of parliament’s upper
chamber said would improve transparency in the OPEC member’s
energy industry and stimulate growth in the
sector.

KENYA MARKETS
The Kenyan shilling was steady against the dollar on
Thursday with market players eyeing the central bank’s
monetary policy meeting on Monday, traders said.

KENYA AIRLINES
Kenya Airways Ltd reported a reduction in pretax
losses and a return to profit at the operating level on
Thursday, after carrying a record number of passengers in
the past year, and said it expected a financial
restructuring would be completed shortly.

UGANDA MARKETS
The Ugandan shilling was stable on Thursday,
underpinned by a central bank removal of excess liquidity
via a one-week repurchase agreement (repo) and two deposit
auctions of different tenors.

CONGO VIOLENCE
Democratic Republic of Congo opposes an international
investigation into the deaths of two U.N. investigators, the
foreign minister said on Thursday, amid mounting criticism
of the Congolese authorities’ own probe.

IVORY COAST COCOA
Cocoa farmers in Ivory Coast are selling beans at below the
government guaranteed minimum price as a global price
decline squeezes revenues for buyers and exporters, farmers
and buyers told Reuters.

———-//

South Africa – SARB keeps repo rate steady at 7%.

South Africa – Producer inflation in April at 4.6% yy (prev 5.2%).

——-//

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