NAIROBI, June 17 The following company announcements, scheduled economic
indicators, debt and currency market moves and political events may affect African markets on
- - - - -
Asian shares recouped early losses on Monday but prices were capped as
investors settled in to wait for the U.S. Federal Reserve meeting
outcome later in the week - and some long-awaited clarity on its
intentions for monetary stimulus.
WORLD OIL PRICES
Brent crude futures traded below $106 a barrel on Monday, as worries
over bulging U.S. inventories and soft global demand forecasts
overshadowed supply concerns tied to Middle East tensions.
For the top emerging markets news, double click on
For the latest news on African stocks, click on
African currencies are expected to remain under pressure next week,
with Nigeria's naira seen hitting new multi-months lows, reflecting an
exodus from risky assets on signs the U.S. Federal Reserve could start
winding down its bond-buying programme.
Worries about increased government debt and lower donor aid are
expected to push yields higher at an auction in Uganda next week while
Kenyan bond yields are set to continue their decline.
SOUTH AFRICA MARKETS
South Africa's rand was under renewed pressure against the dollar on
Friday, weakening as much as 1.4 percent on news of a strike at a mine
owned by platinum producer Amplats .
South African stocks rose on Friday as investors bought recently
battered shares such as retailers, while resource companies such as
Lonmin got a boost from talks to ease labour strife and
violence in the domestic mining sector.
Nigerian stocks and the naira both tumbled in the week to
Friday, echoing similar falls in bonds in previous weeks, as foreign
investors dumped frontier market assets in anticipation that major
central banks may back off loose monetary policies.
Nigeria's consumer prices were 9 percent higher in May than in the same
month a year ago, data from the National Bureau of Statistics showed on
Sunday, a very slight declined on April's inflation rate of 9.1
The Kenyan shilling fell to an 11-week low on Friday as expected
support from the central bank failed to materialise and a week-long
share sell-off persisted.
SUDAN/SOUTH SUDAN OIL DISPUTE
Sudan and South Sudan are prepared to take steps, brokered by the
African Union, to try to avert an oil crisis between them amid
accusations from both sides that the other is supporting insurgencies
in their territories.
Angola's much-delayed liquefied natural gas (LNG) plant has finally
started exports, with the first cargo shipped to Brazil on Sunday, the
Angola LNG venture said in a statement.
SUDAN TELECOMS TAX
Sudan has scrapped a 30 percent profit tax on telecom operators until
2015-end, replacing it with a 2.5 percent levy on total income, the
state news agency said, in a move that should help a sector hurt by the
plunging value of the Sudanese pound.
TULLOW OIL UGANDA
Tullow Oil said on Friday a London court had ruled in its
favour in a case the oil company brought against Heritage Oil
over tax payable on the sale of oil fields in Uganda.
TANZANIA CURRENT ACCOUNT
Tanzania's current account deficit narrowed by 13.3 percent in the year
to April, with stronger tourism, manufacturing and agricultural output
and earnings cushioning a decline in gold exports, its central bank
said on Friday.
Zimbabwe's headline consumer inflation slowed to 2.2 percent
year-on-year in May from 2.49 percent in April, data from the national
statistics agency Zimstats showed on Friday.
UGANDA HYDRO POWER
China has provided credit worth $500 million to Uganda to help pay for
the construction of a large Nile River hydropower dam at Karuma, a
government document said on Friday, reviving the $2 billion project
stalled for years by a lack of money.
For the latest precious metals report click on
For the latest base metals report click on
For the latest crude oil report click on