Published On: Thu, May 11th, 2017

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 Thursday.

GLOBAL MARKETS
Asian stocks rose on Thursday, getting a lift from a record high close on MSCI’s global stocks benchmark after strong
gains in oil prices buoyed energy shares.

WORLD OIL PRICES
Oil prices rose on Thursday, and Brent was firmly back over $50 per barrel, as a fall in U.S. fuel inventories and a
bigger than expected cut in Saudi supplies to Asia tightened the market.

SOUTH AFRICA MARKETS
South Africa’s rand snapped two days of losses on Wednesday as emerging markets broadly benefited from a retreating dollar after U.S. President Donald Trump abruptly fired the FBI director.

NIGERIA MARKETS
Foreign investors, generally welcoming of Nigerian authorities’ apparent moves to loosen their grip on the
naira, say they will steer clear of a market they once favoured until they are convinced of currency flexibility.

KENYA MARKETS
The Kenyan shilling KES= weakened slightly against the dollar on Wednesday, with demand from oil importers
outweighing inflows from remittances and the tourism sector, traders said.

GHANA INFLATION
Higher transport costs helped drive Ghana’s annual inflation rate higher to 13.0 percent in April from 12.8 percent the previous month, the statistics office said on Wednesday.

RWANDA INFLATION
Rwanda’s inflation RWCPIY=ECI eased to 7.3 percent year-on-year in April from 7.7 percent in March, the
National Bureau of Statistics said on Wednesday.

ZAMBIA ELECTRICITY PRICES
Zambia’s Energy Regulation Board has approved a 75 percent increase in the price of electricity for retail customers in 2017, acting Chairman Francis Yamba said on Wednesday.