#Africa #Markets – Factors to watch on June 9

NAIROBI, June 9 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.
– – – – –
GLOBAL MARKETS
Sterling fell sharply on Friday as British elections seemed
to leave no single party with a clear claim to power,
sideswiping investors who had already weathered major risk
events in the United States and Europe.

WORLD OIL PRICES
Oil prices continued to slide on Friday, adding to sharp
declines from earlier this week as evidence mounted that a
fuel supply overhang continued despite an ongoing effort led
by OPEC to tighten the market by holding back production.

SOUTH AFRICA MARKETS
South Africa’s rand weakened against the dollar on Thursday
as manufacturing and mining data added to a gloomy economic
outlook and global events weighed on emerging markets, while
stocks fell to a three-month low as gold and platinum mining
shares slumped.

NIGERIA MARKETS
Nigerian stocks extended gains to hit a new 23-month high on
Thursday as the reopening of the Forcados crude oil terminal
helped to boost confidence in the country’s largest local
oil exploration company.

NIGERIA ENERGY
Nigeria plans to raise $1.2 billion to upgrade its oil
refineries, aiming to end a reliance on oil product imports
by 2019, the oil minister said on Thursday.

NIGERIA BONDS
Nigeria will start an international road show next week for
the sale of a diaspora bond and has named Bank of America
Merrill Lynch and Standard Bank of South Africa as joint
lead managers, its debt management office said on Thursday.

KENYA MARKETS
The Kenyan shilling was steady on Thursday with oil
importer dollar demand matched by inflows from aid
organisations, traders said.

KENYA STOCKS
Kenya will convert its $243 million in loans to Kenya
Airways into equity, the government has said, as
part of a broader restructuring to nurse the ailing airline
back to financial health.

KENYA ECONOMY
Kenya’s private sector activity stagnated last month as
firms reported a drop in output and new orders mainly due to
weak consumer demand ahead of a national election in August.

UGANDA ECONOMY
Uganda will increase spending by 10 percent in the fiscal
year starting next month to 29 trillion shillings ($8.09
billion) to support flagging economic growth, its finance
minister said in a budget speech on Thursday.

TANZANIA ECONOMY
Tanzania said on Thursday it plans to increase spending in
its budget for the fiscal year ending June 2018 by 7.3
percent to 31.71 trillion shillings ($14.21 billion), with a
focus on infrastructure, curbing tax evasion and
industrialising the economy.

——-//

South Africa – Manufacturing production in April at -4.1% yy
(prev 0.4% rev).

South Africa – Mining production in April at 1.7% yy (prev 15.4% rev).

Tanzania – Inflation in May at 6.1% yy (prev 6.4%).

——//

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