May 11, 2012 / 6:11 AM / 7 years ago

African Markets - Factors to watch on May 11

The following company announcements, scheduled economic indicators, debt and currency market
moves and political events may affect African markets on Friday.	
  - - - - -	
 EVENTS:
 KENYA - Central Bank of Kenya to issue a statement
 on the weekly foreign exchange reserve
            .
 
 ETHIOPIA - Last day of the 2012 World Economic
 Forum in Addis Ababa, Ethiopia. 
 
 GLOBAL MARKETS
 Asian shares retreated on Friday, spooked by
 JPMorgan's          $2 billion loss from a failed
 hedging strategy, with investors warily watching
 political turmoil in the euro zone as they await
 new Chinese data for clues on its growth outlook. 
              
 
 WORLD OIL PRICES 
 Brent crude dropped below $112 a barrel on Friday,
 tracking losses in the euro amid a political
 deadlock in Greece that has renewed worries about
 the fate of the debt-laden euro zone and clouded
 the outlook for global oil demand.                
 
 AFRICA CURRENCIES    
 Dollar inflows from Nigeria's state-owned energy
 company are expected to strengthen the naira,
 while traders in Ghana see a possible recovery
 point for the cedi.                    
 
 WORLD ECONOMIC FORUM
 * Unilever                   aims to nearly double
 its revenue in Africa in five years, a senior
 executive said on Thursday, as it bets on rising
 demand for everything from soap to soup on the
 fast-growing continent.                
 
 * Tanzania expects its economy to grow by as much
 as 7 percent this year, faster than 6.4 percent in
 2011, its central bank governor said on Thursday,
 as it faces fewer problems with power shortages.
                
 
 * Nigerian billionaire Aliko Dangote said his
 conglomerate needed to spend $7.5 billion over the
 next four years to expand operations in a range of
 sectors.                
 
 * Wal-Mart Stores Inc        , is focused on
 strengthening its existing operations in Africa
 and not immediate expansion into new markets on
 the continent, the head of its international
 businesses said on Thursday.                   
 
 EMERGING MARKETS
 For the top emerging markets news, double click on
            
 
 AFRICA STOCKS
 For the latest news on African stocks, click on
     
 
 For news on African fixed income, click on
                
 
 SOUTH AFRICA CURRENCY, BONDS
 South Africa's rand eased against the dollar on
 Thursday, recovering from oversold levels as risk
 aversion subsided in the late afternoon, pulling
 yields on government bonds lower.       
 
 SOUTH AFRICA STOCKS
 South African stocks rose for the first time in
 six sessions on Thursday, buoyed by encouraging
 U.S. jobs data, with the Old Mutual         
 financial group leading the charge on the back of
 a strong sales report.      
 
 KENYA MARKETS
 The Kenyan shilling        tumbled to a
 three-month low against the dollar as falling
 yields on government securities cut incentive for
 investors to hold the currency, while Safaricom
           helped shares break a three day losing
 streak.                
 
 KENYA T-BILLS  
 The weighted average yield of Kenya's 91-day
 Treasury bills            tumbled 200 basis points
 at auction this week to 11.381 percent, amid heavy
 demand, the central bank said on Thursday. 
                
 
 ANGOLA OIL  
 Angola's government has provided information on
 $27.2 billion of an accounting discrepancy in
 public funds linked to state-owned oil firm
 Sonangol but has yet to account for another $4.2
 billion, the IMF said in a staff report published
 on Thursday.                 
 
 ANGOLA INFLATION
 Angola's annual inflation slowed to 10.88 percent
 year-on-year in April from 11.12 percent in March,
 the National Statistics Institute (INE) said on
 Thursday.                    
 
 MALAWI T-BILLS
 The yield on Malawi 3-month Treasury bills 
 rose to 9.8 percent from 8.0 percent a week ago,
 the central bank said.                
 
 MAURITIUS T-BILLS  
 The weighted yield on Mauritius 273-day Treasury
 bill fell to 3.71 percent at auction on Thursday
 from 3.73 percent at the previous sale, the
 central bank said.                    
 
 ETHIOPIA INFLATION    
 Ethiopia's year-on-year inflation             
 fell for the second straight month to 29.8 percent
 in April from 32.5 percent in March, thanks to a
 drop in food prices, the statistics office said on
 Thursday.                
 
 BOTSWANA COAL
 Botswana will issue a tender this year for two,
 300 MW coal-fired power plants to be built by
 independent producers to meet rising demand in the
 landlocked southern African country, a senior
 government official said on Wednesday.  
 
 SOUTH SUDAN    
 South Sudan said on Thursday it was ready to
 reopen negotiations "any time" on a range of
 disputes with its northern neighbour Sudan after a
 spasm of fighting, but Khartoum said there could
 be no such talks unless the two sides settled
 security issues.                
 
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  ($1 = 5155.0000 Zambian kwachas)	
  ($1 = 83.3200 Kenyan shillings)
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