African Markets – Factors to watch on May 21

By IndepthAfrica
In Business
May 21st, 2012
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African Markets – Factors to watch on May 21
Mon May 21, 2012 4:52am GMT

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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:
SOUTH AFRICA – Representatives from African
utilities meet in Johannesburg to discuss best
practices and ways for cooperation.
SOUTH AFRICA – Exchange operator JSE Ltd .
releases data on foreigners’ buying and selling of
South African bonds and stocks during the previous
week.
ZIMBABWE – UN Human Rights Commission chief Navi
Pilay will visit Zimbabwe where she will meet
government officials, civil society and rights
groups.

GLOBAL MARKETS
* Markets recovered some ground on Monday after
last week’s heavy losss, but investors remained
wary about the euro zone despite world leaders
calling for Greece to stay in the monetary union
and for Europe to balance austerity with growth.

* World leaders backed keeping Greece in the euro
zone on Saturday and vowed to take all steps
necessary to combat financial turmoil while
revitalising a global economy increasingly
threatened by Europe’s debt crisis.

WORLD OIL PRICES
Brent crude recovered towards $108 on Monday on
hopes that China could take new steps to stimulate
growth and lift fuel demand as the world’s second
largest oil user, although concerns about the euro
zone capped gains.

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

SOUTH AFRICA MARKETS
South Africa’s rand hit a five-month low against
the dollar on Friday before recovering in late
trade, but could be back under pressure next week
as investors remain hestitant to take up riskier
emerging market assets on worries about global
growth.

KENYA MARKETS
The Kenyan shilling extended its losses against
the dollar on Friday on importer orderes for the
latter, but traders said they expected the central
bank to keep supporting the currency, while stocks
rose for the seventh straight session.

AFRICA TRADE BLOC
Plans to create a 26-nation free trade area by
integrating three existing African trade blocs by
July 2014 are on track and the only maojr sticking
point is likely to be harmonising rules of origin,
the three blocs said on Friday.

EAST AFRICA GAS
To East Africa’s assets of spectacular wildlife,
abundant land and shimmering beaches you can now
add gas – so much gas it could transform global
energy flows along with some of the world’s
poorest countries.

NIGERIA MTN
Nigeria’s telecoms regulator fined the country’s
four main mobile operators, including MTN and
Bharti Airtel, a total of 1.17 billion naira on
Sunday for poor-quality service.

SUDAN
* Sudan will allow foreign exchange bureaux and
banks to trade dollars at a level close to the
black market rate, effectively devaluing the
pound, a senior banking official said

* Sudan has released four foreigners who were
detained three weeks ago near the border with
South Sudan following weeks of heavy clashes
between the two African neighbours

LIBYA MEGRAHI
Abdel Basset al-Megrahi, the Libyan convicted of
the 1988 bombing of a PanAM flight over Lockerbie,
died of cancer on Sunday aged 60, leaving many
questions on the attack and its aftermath
unanswered.

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