#Africa #Markets – Factors to watch on May 29

NAIROBI, May 29 (Reuters) – The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on
Monday.

——-//

KENYA – May inflation data and interest rate decision expected.

——-//

GLOBAL MARKETS
Asian stocks edged up on Monday, taking cues from Wall
Street shares hovering around record highs, while the pound
nursed losses after a poll showed a shrinking lead for Prime
Minister Theresa May’s party in Britain’s upcoming
elections.

WORLD OIL PRICES
Oil prices fell on Monday as a relentless rise in U.S.
drilling undermined an OPEC-led push to tighten
supply.

SOUTH AFRICA MARKETS
South Africa’s rand rose half a percent against the dollar
on Friday, a day after the Reserve Bank kept rates on hold
and played down the prospects of cheaper borrowing costs,
encouraging investors in search of yield to pour money
in.

SOUTH AFRICA POLITICS
South Africa President Jacob Zuma defeated a no-confidence
motion against him at a meeting of top officials of the
ruling African National Congress party on Sunday, News24
reported on its website.

SOUTH AFRICA VODACOM
Vodafone’s popular mobile financial services M-Pesa will
expand into more African countries, giving millions of
people access to banking services without the need for a
bank account, the chief executive of Safaricom
said.

NIGERIA OIL
The long-awaited oil governance bill passed by Nigeria’s
upper chamber of parliament proposes breaking up the state
oil company into three commercial entities supported by a
regulatory body and a fund to oversee the distribution of
money.

CONGO POLITICS
Militiamen have a freed French national and three Congolese
who were kidnapped in March during an attack on Banro Corp’s
BAA.TO Namoya gold mine in eastern Democratic Republic of
Congo, the Interior Ministry said on Sunday.

UGANDA/TANZANIA OIL
Uganda and Tanzania signed a framework agreement on their
proposed $3.55 billion crude export pipeline on Friday, a
key milestone for the project, which is expected to start
pumping Ugandan oil to international markets in three
years.

IVORY COAST POLITICS
When a rag-tag group of soldiers launched a mutiny in Ivory
Coast earlier this month, it looked like they were doomed. A
column of elite troops quickly descended to put the mutiny
down. The rebels were running out of ammunition and the
armouries had been locked.

GUINEA ECONOMY
Guinea’s government has forecast gross domestic product
growth of 6.7 percent this year, up from 3.8 percent in 2016
as the West African country recovers from an Ebola epidemic
that killed thousands and hurt the economy.

ANGOLA ECONOMY
Tax payments in Angola can now be paid in foreign currency
under the amended general tax law approved by lawmakers in a
move to cope with a foreign currency shortage that has led
to a flourishing black market.

NIGER/LIBYA CONFLICT
Niger President Mahamadou Issoufou called on the leaders of
the Group of Seven nations to take urgent measures to end
the Libyan crisis and derided them for not keeping to aid
promises to fight poverty in West Africa’s poorest
regions.

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