African Markets - Factors to watch on May 13

  • Reuters
  • Stock Market News
African Markets - Factors to watch on May 13
Credit: © Reuters.

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

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GLOBAL MARKETS Asian shares slipped to seven-week lows on Thursday after a dismaying rise in U.S. inflation bludgeoned Wall Street and sent bond yields surging on worries the Federal Reserve might have to move early on tightening. MKTS/GLOB

WORLD OIL PRICES Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world's third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong. O/R

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SOUTH AFRICA MARKETS The South African rand weakened on Wednesday as a jump in consumer prices in the United States raised fears that the central bank would tighten its monetary policy, cutting off a key source of supply to riskier assets. OIL Nigeria's state oil firm NNPC has picked 16 consortia for its new crude-for-fuel swap contracts for one year starting in August, sources with direct knowledge of the matter said. CEMENT Nigerian property developer Olawale Ayilara is building housing estates in the affluent Lekki district of mega city Lagos, the country's commercial engine. But the cost of the project is expanding rapidly due to the increased price of cement. MARKETS Kenya's shilling KES= weakened on Wednesday undermined by demand for dollars from oil companies, traders said. UGANDA The Ugandan and Congo armies are setting up an operations centre in the east of Democratic Republic of Congo for a joint offensive against Islamist rebels who have killed hundreds of people in the last year, Congo's government said. WORLD BANK

The World Bank on Wednesday signed a $500 million infrastructure project with Democratic Republic of Congo to improve roads, mitigate flood risks, fight erosion and develop public spaces across the capital Kinshasa. MINING/PETRA DIAMONDS Petra Diamonds PDL.L has reached a settlement with claimants at its Williamson mine in Tanzania who accused the firm of being responsible for widespread human rights violations including beatings and detentions, both sides said. INFLATION Ghana's consumer price inflation was at 8.5% year-on-year in April, down 1.8% from the previous month due to drop in food inflation, the West African nation's statistics service said on Wednesday. CORONAVIRUS/VACCINE Angola on Wednesday approved the emergency use of Russia's one-shot Sputnik-Light COVID-19 vaccine, the Russian Direct Investment Fund, the sovereign wealth fund responsible for marketing the vaccine abroad, said in a statement. SECURITY An African Union mission recommended on Wednesday that Chad's military share power with a civilian president, as one of three options towards restoring constitutional order following last month's killing of president Idriss Deby. BUDGET Rwanda's economy is expected to grow 5.1% this year after contracting 3.4% in 2020 due to the COVID-19 pandemic, a senior finance ministry official said on Wednesday. PRESIDENT Malawi President Lazarus Chakwera warned on Wednesday that his country's leading foreign exchange earner, tobacco, was in terminal decline and he urged a switch to high-growth crops like cannabis, which was legalised locally for some uses last year. the latest precious metals report click on GOL/

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