African Markets – Factors to watch on May 14

By IndepthAfrica
In Business
May 14th, 2012
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The following company announcements, scheduled economic
indicators, debt and currency market moves and political events may affect African markets on
Monday.
- – - – -
EVENTS:
*KENYA – Energy Regulatory Commission issues its monthly fuel price
review, which stays in force for a month from every 15th day of the
month.
*MAURITIUS – Finance Minister Xavier Duval to hold a news conference
on the state of the Indian ocean island’s economy.

GLOBAL MARKETS
Asian shares fell on Monday after weekend talks to form a new Greek
government failed and China’s latest move to loosen monetary policy
highlighted concerns its economy is faltering, prompting investors
to further trim their exposure to risk.

WORLD OIL PRICES
Brent crude slipped below $112 on Monday on a worsening oil demand
outlook after talks to form a new government in Greece failed, and
as signs of a slowing Chinese economy outweighed the country’s
latest move to ease monetary conditions.

IMF AFRICA ECONOMIC FORECASTS
Sub-Saharan Africa’s economies will expand at a slower rate in 2012
than earlier projected, undermined by global financial distress and
a sluggish recovery in South Africa, the International Monetary Fund
(IMF) said on Monday.

SOUTH SUDAN, SUDAN CONFLICT
South Sudan has withdrawn its police from the disputed Abyei region
on its border with Sudan, the United Nations said on Friday, after
the U.N. Security Council threatened the African neighbors with
sanctions to try and stop an escalating conflict.

EMERGING MARKETS
For the top emerging markets news, double click on

AFRICA STOCKS
For the latest news on African stocks, click on

AFRICA FIXED INCOME
For news on African fixed income, click on

AFRICA DEBT
Kenyan Treasury bill yields tumbled at auctions this week and
further declines are expected after inflation in east Africa’s
largest economy fell in April for the fifth consecutive
month.

SOUTH AFRICAN MARKETS
The spread between South Africa’s 2015 and 2026 benchmark bonds hit
a historic high on Friday, with yields at the longer end of the
government bond curve pushed up as the treasury signals more
issuance in that area next week.
Also, stocks rose for the second straight session on Friday,
buoyed by upbeat consumer sentiment data out of the United States
and a strong sales report from financial group Old Mutual .

NIGERIA MARKETS
Nigeria’s interbank lending rates climbed this week to an average of
14.16 percent, from 13.91 percent last week, as the central bank
aggressively mopped up excess liquidity by selling treasury
bills.
Also, Nigeria has sold a total of 147.05 billion naira ($932.91
million) in treasury bills ranging from three months to one year
with high demand from investors pushing yields lower.

NIGERIA SECURITY
Nigeria’s police said on Saturday they captured a senior commander
of the militant Islamist sect Boko Haram in Kano, the largest city
in the north and scene of attacks this year that have killed
hundreds of people.

NIGERIA POWER
Nigeria’s privatisation body said on Saturday the preferred bidders
for state power assets would be announced in October, hoping to
alleviate chronic electricity shortages holding back Africa’s second
biggest economy.

NIGERIA BANK
Pan-African lender United Bank for Africa has shelved its
plans for a $500 million Eurobond as it focuses on strengthening its
existing businesses, its chief executive said on Friday.

KENYA MARKETS
The Kenyan shilling steadied against the dollar on Friday
after the central bank drained excess liquidity in the market, while
stocks rose for a second day.

UGANDA SECURITY
Uganda has captured one of the top five members of the Lord’s
Resistance Army, bringing it a step closer to catching Joseph Kony,
the notorious rebel leader accused of war crimes, the military said
on Sunday.

TANZANIA AID
Donors have pledged to increase aid to Tanzania to $495 million for
its 2012/13 budget but warned future disbursements could depend on
how it tackled corruption and misuse of public funds.

ANGOLA BANKS
A stern test and a golden opportunity, Angola’s new foreign exchange
law for the oil sector will flood billions of dollars into the
country’s banking system and pose tough questions about transparency
and technical readiness. Reuters

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