African Markets - Factors to watch on May 11

  • Reuters
  • Stock Market News
African Markets - Factors to watch on May 11
Credit: © Reuters.

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.

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GLOBAL MARKETS Asian shares declined in early trade on Tuesday as Wall Street retreated on worries about accelerating inflation, prompting investors to cut back on their exposure to growth-focused stocks on bets of higher interest rates in the not-too-distant future. MKTS/GLOB

WORLD OIL PRICES Oil prices fell on Tuesday as the prospect of the main U.S. East Coast gasoline pipeline remaining shut for the rest of this week led some U.S. Gulf Coast refiners to cut output, denting their appetite for crude. O/R

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SOUTH AFRICA MARKETS South Africa's rand steadied early on Monday, holding at a 16-month high against the dollar hit in the previous session, after subdued U.S. jobs data supported hopes that interest rates would remain low for some time, bolstering risk appetite. COCOA Nigeria's mid-crop cocoa output is expected to rise following higher than expected rainfall which has helped boost output for the 2020/21 season to an estimated 320,000 tonnes, the president of the Cocoa Association said. MARKETS The Kenyan shilling KES= was firmer on Monday against the dollar on the back of healthy inflows of hard currency from across board, traders said. COAST COCOA Cocoa arrivals at ports in top grower Ivory Coast reached 1.879 million tonnes by May 9 since the start of the season on Oct. 1, exporters estimated on Monday, up 6.8% from the same period last season. IMF Zambia's finance ministry said on Monday that it had reached a broad agreement with the International Monetary Fund (IMF) on macroeconomic parameters, fiscal targets and policy objectives, during talks to secure a lending programme. SUDAN Thirty-five Ethiopian peacekeeping soldiers were flown from Darfur in western Sudan to a refugee camp near the border with their country after they sought asylum in Sudan, a source at the Sudanese refugees commission and state media said. SECURITY

A suicide bomber killed six police officers in front of a district police station in the Somali capital Mogadishu late on Sunday, police said, in an attack claimed by the al Shabaab Islamist group. MARKETS The Ugandan shilling UGX= was flat on Monday with pending mid-month taxes by large companies limiting appetite for dollars, traders said. SECURITY A female peacekeeper from Malawi was killed in an attack by an Islamist militia in eastern Congo's North Kivu province on Monday morning, the U.N. and the Malawian government said. VIOLENCE Gunmen belonging to a gang of armed robbers shot dead eight people including a senior military officer in an ambush on four cars travelling on a main road in Burundi, police said. INSURGENCY/PORTUGAL Portugal will send a further 60 troops to Mozambique as part of a new cooperation agreement aimed at helping the country tackle an Islamic State-linked insurgency in its north, Portugal's defence minister Joao Cravinho said on Monday. the latest precious metals report click on GOL/

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