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Africa, Forex

African Markets – Factors to watch on May 20

NAIROBI, May 20 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. – – – – – GLOBAL MARKETS Asian shares jumped in early trade on Friday after China cut a key lending benchmark to support a slowing economy, but a gauge of global equities remained set for its longest weekly losing streak on record amid investor worries about sluggish growth. WORLD OIL PRICES Oil prices were little changed on Friday as worries about weaker economic growth offset expectations that crude demand could rebound in China as Shanghai lifts some coronavirus lockdowns. 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 firmed further against the dollar on Thursday after the central bank hiked its prime lending rate ZAREPO=ECI by 50 basis points to 4.75%, its biggest hike in more than six years, in a move to rein in inflation. AFRICA CURRENCIES Kenya’s currency is likely to weaken next week as Zambia, Uganda and Tanzania’s hold steady. NIGERIA MARKETS Nigeria’s naira hit a record low of 605 on the black market on Thursday, as dollar scarcity worsen with increased political spending as month-end election primaries near, traders said. KENYA MARKETS Kenya’s shilling was little-changed against the dollar on Thursday, and traders said they expected it to weaken due to demand from various sectors including energy and manufacturing, and food importers. RWANDA BUDGET Rwanda plans to increase overall spending by 4.9% to 4.658 trillion Rwandan francs ($4.61 billion) in the year starting July, its finance minister said on Thursday. RWANDA IMMIGRATION Rwanda expects the first group of 50 asylum seekers to be transferred from Britain by the end of May, a government spokesperson said on Thursday. 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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