African Markets - Factors to watch on June 29
The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.
- - - - - EVENTS: ZIMBABWE - The IMF is expected to release a statement on Zimbabwe, which is experiencing a tight liquidity due to lack of donor support and foreign investment. UGANDA - The statistics office will release inflation data for June at 11 am local time. Headline year-on-year inflation fell to 18.6 percent in the previous month. KENYA- Also expecting inflation data for June. Market participants expect the rate to slow to 11.50 percent from 12.22 percent in May.
IVORY COAST - Presidents of the Economic Community for West Africa (ECOWAS) meet to consider military intervention in Mali. MAURITIUS - The central bank sells 364-day Treasury bills worth 400 million rupees. GLOBAL MARKETS Asian shares and the euro surged on Friday after European leaders agreed that euro zone banks could be recapitalised without adding to government debt and opened the way for tapping a rescue fund, soothing fears over growing credit strains in Italy and Spain. WORLD OIL PRICES Brent oil rose more than a dollar to above $92 per barrel on Friday after European leaders agreed on steps to tackle the region's intractable crisis in a move that could lift the global economy and fuel demand, while supply disruptions also aided. EMERGING MARKETS For the top emerging markets news, double click on
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AFRICAN CURRENCIES The Kenyan shilling could come under pressure in the days ahead if a lack of positive headlines from the European Union summit causes the Euro to weaken further. AFRICA MONEY Some of the money Africa loses through artful officials diverting cash into offshore tax havens could be recovered after a push by the world's richest countries to share tax data.
SOUTH AFRICA CURRENCY, BONDS South African stocks fell on Thursday as part of a global sell-off of equities with investors turning their backs on riskier assets amid concerns there would be no immediate solution to euro zone woes.
SOUTH AFRICA STOCKS South African stocks fell as part of a global sell-off of equities with investors turning their backs on riskier assets amid concerns there would be no immediate solution to euro zone woes.
NIGERIA MARKETS Nigeria sold 132.61 billion naira worth of 5-year, 7-year and 10-year bonds maturing in 2017, 2019 and 2022 at its regular weekly auction, with yields higher than at the previous auctions, the Debt Management Office (DMO) said. KENYA MARKETS Falling KenolKobil shares helped break a four-day rally by Kenyan stocks, while the shilling slipped against the dollar on energy sector importer demand for the greenback.
KENYA COFFEE Declining demand for Kenyan coffee in Europe due to the festering euro area crisis could be one of the factors pushing its coffee prices down, the east African nation's coffee industry regulator said. GHANA COCOA Total main crop purchases declared by private buyers to Ghana's industry regulator Cocobod were 798,736 tonnes, down 12.8 percent on the 916,810 tonnes produced in the same part of last year's season, according to Cocobod data. MAURITIUS ECONOMY Mauritius's economic growth fell to 2.8 percent in the first quarter of this year from 5.1 percent last year, hit by a slowdown in Europe, which cut demand for the island state's exports and tourist arrivals, the government said on Friday.
TANZANIA STRIKE Doctors stepped up their strike for better pay at public hospitals across Tanzania in a sign of solidarity with a leader of a medical group who claimed he was kidnapped and tortured by persons unknown. SUDAN POLITICS Outside the University of Khartoum, riot police in blue fatigues perch on pickup trucks, keeping watch as young women in bright headscarves and men in button-down shirts walk by carrying textbooks to class in Sudan's intense summer heat.
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