NAIROBI, June 7 (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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*Seychelles to release its consumer price inflation data for
SOUTH AFRICA – Gold & FX reserves data for May due.
Asian stocks inched higher on Wednesday but investors
remained noticeably risk averse, with gold and sovereign
debt set for a second day of solid gains ahead of several
major political and economic events later this week.
WORLD OIL PRICES
Oil prices dipped on Wednesday, with Brent crude futures
around $50 per barrel, as global fuel markets remained
oversupplied, although rising tension in the Middle East and
falling U.S. inventories lent some support.
SOUTH AFRICA MARKETS
South African markets fell on Tuesday as Africa’s most
industrialised country entered recession for the first time
in eight years, with stocks touching a more than 1-month low
SOUTH AFRICA ECONOMY
South Africa has entered recession for the first time in
eight years, data showed on Tuesday, piling pressure on a
government facing corruption allegations and credit
Nigerian stocks slipped for the first time in two weeks
after some investors decided to book profits from a rally
that had pushed the market index to a 23-month high.
Nigeria’s government is seeking approval from lawmakers to
borrow $1.5 billion from international lenders to fund
projects in a number of the country’s states, a letter by
the acting president said on Tuesday.
The Kenyan shilling was in a stable position against
the dollar on Tuesday, helped by hard currency inflows from
charities, traders said.
Kenyan government nurses have gone on strike over delays in
an agreement that will give them pay rises, a union official
said on Tuesday, bringing services to a halt in many parts
of the country.
Kenya will offer $750 million in guarantees to Kenya
Airways’ existing creditors to help the heavily-indebted
carrier secure financing from other sources to complete its
recovery, a cabinet document showed on Tuesday.
Cameroon’s oil output fell 20.8 percent to 9.74 million
barrels in the first four months of this year compared with
the same period last year, the state oil company said on
Tuesday, owing to maturing fields and a decline in
IVORY COAST COCOA
Cocoa arrivals at ports in top grower Ivory Coast reached
about 1,631,000 tonnes by June 4 since the start of the
season on Oct. 1, 2016, exporters estimated on Tuesday, up
21 percent from the same period of the previous season.
Mauritius – Inflation in May at 5.9% yy (prev 2.9%).
South Africa – Real GDP growth in Q1-17 at -0.7% qq saa, 1.0% yy
(Q4-16: -0.3% qq saa, 0.7% yy).