African Markets – Factors to watch on May 17
NAIROBI, May 17 (Reuters) – The following company announcements, scheduled economic
indicators, debt and currency market moves and political events may affect African markets on
Thursday. – – – – –
GLOBAL MARKETS Asian shares held steady on Thursday, while the euro struggled near five-month lows set a day earlier following a report that Italian populist parties trying to form a coalition could ask the European Central Bank to forgive 250 billion euros of debt. WORLD OIL PRICES Oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.
EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on
SOUTH AFRICA MARKETS South Africa’s rand firmed more than 1 percent on Wednesday in a broad emerging market rally, driven largely by a recovery in the Turkish lira after the country’s central bank said it would take action to stem a selloff in the currency.
KENYA MARKETS The Kenyan shilling inched down on Wednesday with importer demand for dollars putting pressure on the currency, traders said.
NIGERIA BUDGET Nigeria’s parliament passed a record 9.12 trillion naira ($29.8 billion) budget for 2018 on Wednesday aimed at boosting growth in west Africa’s biggest economy nine months before the country’s next presidential election.
ANGOLA REFORM Angola’s sovereign wealth fund has applied to a UK court to order banks to reveal information, another move in its dispute with its former boss, the son of long-serving ex-leader Jose Eduardo dos Santos, and the asset managers hired under him.
TANZANIA BANKS Tanzania’s central bank said on Wednesday it has approved the merger of two small state banks, Twiga Bancorp and TPB Bank PLC, as part of a plan to improve financial stability and reduce the number of state-run lenders.
UGANDA ENERGY Ugandan power distributor Umeme Ltd plans to spend $1.2 billion in the next seven years to revamp and expand the grid and has hired an adviser to explore options for raising the money, the company’s chief executive said on Wednesday.
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