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African Markets – Factors to watch on May 30


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Nigeria

May.30.2014

Asian shares edged higher on Friday, catching a lift from another record close on Wall Street, while the dollar groaned under the pressure of slumping U.S. yields.

WORLD OIL PRICES
Brent futures held above $110 a barrel on Friday as a steep drawdown in U.S. gasoline stockpiles revived hopes of steady demand growth in the world’s top oil consumer, with geopolitical tensions over Ukraine providing additional
support.

EGYPT ELECTION
Former Egyptian army chief Abdel Fattah al-Sisi won a landslide victory in a presidential election on Thursday but a low turnout threatened to deprive him of the strong mandate he needs to fix the economy and face down an Islamist insurgency.

AFRICA ECONOMY
Africa is “taking off” with strong, steady growth but poverty is unacceptably high so that governments need to build infrastructure and institutions and educate people to share the benefits more widely, the IMF’s head said on Thursday.

AFRICA FX
Nigeria’s naira should glean support from oil companies exchanging dollars next week, while the Central Bank of Kenya’s liquidity operations are seen offsetting weakness in the shilling.

SOUTH AFRICA MARKETS
* South African stocks ended largely flat on Thursday although shares of fixed-line telecoms company Telkom jumped after it said it expected to post a nine-fold increase in 2013 earnings.

* South Africa’s rand edged up against the dollar on Thursday, and a quickening in producer price inflation pointed to interest rates rising more this year, adding to positive sentiment on the currency.

NIGERIA SECURITY
When local people warned that hundreds of Islamist militants were heading towards his remote town of Chibok in northeastern Nigeria, Danuma Mphur hurried to summon help.

KENYA MARKETS
Kenya’s shilling hovered below the 88 per dollar level on Thursday with market participants reluctant to push the currency to weaker levels after the central bank signalled its intent to stem volatility.

GHANA DEBT
* Ghana will announce advisers on Friday for a Eurobond issue of up to $1.5 billion, Finance Minister Seth Terkper told Reuters, suggesting the country will move ahead soon with its third Eurobond.

* Ghana accepted 372.55 million cedis ($124.6 million) worth of bids for an oversubscribed three-year bond on Thursday at a 24.44 percent yield, slightly lower compared with an April auction, the central bank said.

UGANDA OIL FUND
Uganda plans to invest some of its future petroleum revenues overseas through a state-owned fund to prevent the economy overheating and succumbing to the ‘oil curse’, Finance Minister Maria Kiwanuka said on Thursday.

ZAMBIA CURRENCY

Zambia’s kwacha weakened by 2.7 percent on Thursday as copper prices fell and a rumour spread that President Michael Sata was sick.

TANZANIA BOND
The yield on Tanzania’s 10-year Treasury bond inched up to 16.43 percent at this week’s auction from 16.04 percent at a previous sale in March, the central bank said.

MOZAMBIQUE ECONOMY
Mozambique’s economy should grow at 8 percent in 2014, a slight increase on previous years due to strong farming output and foreign investment in the mining sector, President Armando Guebuza said on Thursday.

 
Article Credit: Businessdayonline

Updated 5 Years ago
 

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