African Markets - Factors to watch on June 5

  • Reuters
  • Stock Market News
African Markets - Factors to watch on June 5
Credit: © Reuters.

NAIROBI, June 5 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.

- - - - - EVENTS: *Seychelles releases its consumer inflation data for May.

GLOBAL MARKETS Asian stocks erased early losses on Friday and were poised for their biggest weekly rise since 2011 while the euro hovered near a 1-1/2 month high as Europe's central bank surprised with more stimulus, fuelling hopes for a global rebound. MKTS/GLOB

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SOUTH AFRICA MARKETS South Africa's rand was largely flat on Thursday, pausing from a recent rally as investors took profits and awaited further signs of a global economic recovery. DEVELOPMENT BANK LEADERSHIP The African Development Bank's (AfDB) board on Thursday said it stood by an internal investigation that had cleared its president of improper conduct, but it would carry out an independent review of the report in the interest of due process. CURRENCIES Ugandan, Kenyan, Zambian and Tanzanian currencies are likely to hold steady in the coming week. MARKETS The Kenyan shilling KES= was stable on Thursday, supported by inflows from remittances and horticulture exports amid light importer dollar demand, traders said. ECONOMY Kenya's private sector activity inched up in May after falling sharply a month earlier because of restrictions to curb the spread of coronavirus, but conditions are expected to worsen in coming months, a survey showed on Thursday. ECONOMY The Uganda government will roll out a series of measures including tax waivers and deferments to help buoy businesses battered by the coronavirus-induced lockdown and global economic downturn, President Yoweri Museveni said on Thursday. MINING Guinea's government approved on Thursday a basic agreement for the development of its giant Simandou iron ore project by a consortium representing Chinese, French and Singaporean interests, the mines minister told Reuters. BUDGET Zambia is reviewing its 2020 budget after a reduction in revenue as a result of the COVID-19 pandemic and other factors, Secretary to the Treasury Fredson Yamba said on Thursday. the latest precious metals report click on GOL/

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