Views Article – Sharenet Wealth

Africa, Forex

African Markets – Factors to watch on May 19

NAIROBI, May 19 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. – – – – – EVENTS: *BURUNDI – Burundi’s parliament expected to approve the government’s 2022/23 (July-June) fiscal budget. GLOBAL MARKETS Asian stocks tracked a steep Wall Street selloff on Thursday, as investors fretted over rising global inflation, China’s zero-COVID policy and the Ukraine war, while the safe-haven dollar held most of its strong overnight gains. WORLD OIL PRICES After hitting seven-week highs, oil prices slumped 2% on Tuesday as Reuters reported that the United States could ease some restrictions on Venezuela’s government, raising hopes that the market could see some additional supplies. 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 The South African rand weakened against the dollar on Wednesday, after inflation held steady at the top of the central bank’s target range and retail sales numbers disappointed, a day before the central bank announces its interest-rate decision. NIGERIA MARKETS Nigerian naira hit a record low of 603 against the dollar on the black market, where it is freely traded, traders said on Wednesday. KENYA MARKETS Kenya’s shilling was stable on Wednesday, but was expected to weaken due to demand for dollars from the energy, manufacturing sectors and listed companies preparing to pay dividends to their foreign shareholders, traders said. STANDARD CHARTERED KENYA RESULTS Standard Chartered Bank Kenya posted a 16% rise in pretax profit to 3.93 billion shillings ($33.81 million)in the first quarter of this year, helped by rising interest income and a drop in loan impairments. RWANDA ECONOMY Rwanda’s economy is forecast to grow 6% this year, down from a previous projection of 7.2%, because of the impact of the war in Ukraine and the COVID-19 pandemic, prime minister Edouard Ngirente said on Wednesday. ZAMBIA LENDING RATE Zambia’s central bank on Wednesday left its main lending rate unchanged at 9% as inflation slowed, Governor Denny Kalyalya told a news conference. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.