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Africa, Forex

African Markets – Factors to watch on May 18

NAIROBI, May 18 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. – – – – – EVENTS: GHANA – The statistics office expected to release producer price inflation data for April. GLOBAL MARKETS Asia’s stockmarkets struggled to carry recent gains into a fourth straight session on Wednesday and the U.S. dollar steadied, as nagging doubts about inflation and the drag from rate rises crept back in to the global growth outlook. WORLD OIL PRICES Oil prices rose more than $1 a barrel in early Asian trade on Wednesday on hopes of demand recovery in China as the country gradually eases some of its strict COVID-19 containment measures. EMERGING MARKETS For the top emerging markets news, double click on AFRICA STOCKS For the latest news on African stocks, click on SOUTH AFRICA MARKETS South Africa’s rand firmed on Tuesday, as a pullback in the U.S. dollar offered support despite continued power cuts that cloud the domestic economic growth outlook. NIGERIA MARKETS Nigeria’s naira hit a record low of 600 naira per dollar on Tuesday on the black market, where it trades freely, traders said. NIGERIA POLITICS our members of Nigeria’s cabinet, including the junior petroleum minister, said on Tuesday that they will not run in next year’s elections as planned after President Muhammadu Buhari gave them a Monday deadline to resign from their posts. KENYA MARKETS Kenyan shilling weakened on Tuesday due to increased demand for dollars from the manufacturing sector and other general goods importers. UGANDA ECONOMY Uganda’s economy is seen expanding by between 3.8%-4.5% in the fiscal year to end June from 3.4% growth in the same period in 2021, helped by the easing of restrictions aimed at containing COVID-19’s spread, its finance minister said on Tuesday. UGANDA SECURITY Uganda will pull troops from neighbouring Democratic Republic of Congo in two weeks, the military said on Tuesday, after a joint operation against Islamist insurgents since late last year. ETHIOPIA WORLD BANK Ethiopia and the World Bank have signed a pact for a grant of $300 million to assist reconstruction and recovery in conflict-hit areas, the finance ministry said. GHANA ECONOMY Ghana has started a bulk purchase programme to buy gold locally to raise the gold component of its reserves, Central Bank Governor Ernest Addison said on Tuesday, in a bid to strengthen the cedi currency without increasing inflation. IVORY COAST, GHANA COCOA From the end of May, Ivory Coast and Ghana will publish every month the premium paid by chocolate-makers and cocoa merchants for high-quality cocoa in a bid to achieve a minimum floor price for the benefit of farmers, a joint statement said on Tuesday. ANGOLA ECONOMY Angola’s economy is set to grow 2.7% in 2022, compared to an earlier forecast of 2.4%, thanks to higher than expected oil prices, Finance Minister Vera Daves de Sousa said on Tuesday. ZIMBABWE BANKING Zimbabwe has lifted its ban on bank lending, the central bank announced on Tuesday, more than a week after the government froze loans in a move it said was meant to stop speculation against a rapidly devaluing local currency. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on

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