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African Markets - Factors to watch on June 5
June 5, 2012 / 5:07 AM / 5 years ago

African Markets - Factors to watch on June 5

 NAIROBI, June 5 - The following company announcements, scheduled economic indicators, debt
and currency market moves and political events may affect African markets on Tuesday.	
 - - - - -	
 EVENTS:
 *KENYA- Central Bank of Kenya's Monetary Policy Committee holds its rate
 decision meeting. The committee left the benchmark lending rate at 18
 percent for the fifth month in a row in May, and analysts polled by Reuters
 expect a hold in Tuesday's meeting.                
 *Mauritius releases its May inflation statistics. Its annual average
 inflation rate              slowed to 5.6 percent in April from 5.9 percent
 a month earlier.
 *The central Bank of Botswana to auction a 14-day certificate Treasury bill.
 
 GLOBAL MARKETS
 Asian shares, the euro and commodities rebounded on Tuesday, with stocks
 holding a touch above 2012 lows, as investors looked to European
 policymakers and the wider G7 to take decisive action to address the
 worsening euro zone crisis.                
 
 WORLD OIL PRICES
 Brent crude prices rebounded for a second straight session on Tuesday,
 rising above $99 per barrel on support from a weaker dollar and hopes that
 the world's leading economies will take new action to tackle the euro zone's
 debt crisis.                
 
 EMERGING MARKETS
 For the top emerging markets news, double click on            
 
 AFRICA STOCKS
 For the latest news on African stocks, click on     
 
 AFRICA FIXED INCOME
 For news on African fixed income, click on                
 
 SOUTH AFRICA MARKETS
 South Africa's rand plunged to a three year low against the dollar on Friday
 as weak U.S. jobs data intensified fears of a global economic slump and sent
 investors scurrying away from risky emerging market assets.                
  Meanwhile, the rand recovered its footing against the dollar on Monday
 after a rout last week as fears the euro zone could disintegrate abated, but
 a lack of a lasting solution to the region's debt woes should keep investors
 largely risk-averse.                
 
 NIGERIA MARKETS
 Nigeria's naira weakened to a four-month low on Monday as foreign investors
 nervous about inflation and currency weakness pulled their money out of
 government bills and bonds to repatriate it.                
 
 KENYA MARKETS
 The Kenyan shilling        was barely changed against the dollar on Monday
 as market participants awaited a decision on rates during the next session,
 while the benchmark shares index edged up.
  The shilling closed at 85.90/86.10 to the dollar, barely moved from
 Thursday's close of 86.00/20, while the Nairobi Securities Exchange's main
 NSE-20 Share Index          edged up by 0.07 percent to close at 3,653.29
 points. Markets were closed on Friday for a national holiday.
             
 
 KENYA RATE
 Kenya's central bank is expected to leave its benchmark interest rate
 unchanged at 18 percent when it meets on Tuesday, given the risks to the
 inflation outlook and pressure on the shilling, a Reuters poll showed.
               
 
 GHANA SUBSIDY
 Ghana will maintain fertiliser subsidy levels for all its crops for the
 2012/2013 growing season, senior government officials said on Monday after
 speculation by some on markets that cocoa subsidies might be cut due to low
 world prices       .                
 
 IVORY COAST INFRASTRUCTURE FUNDS
 Ivory Coast has raised 180 billion CFA francs ($339.25 million) in financing
 for infrastructure projects so far in 2012 through  a combination of
 bourse-traded bonds and treasury bills, the treasury said on Monday.
                 
 
 IVORY COAST COCOA
 Ivory Coast had sold between 620,000 and 640,000 tonnes of its 2012/2013
 cocoa harvest by May 20 as part of a system of auctions introduced earlier
 this year, an official in the finance ministry said on Monday.
             
 
 CAMEROON MINING
 China's Hanlong Mining has cleared one of three key hurdles to its
 long-delayed $1.3 billion takeover of Australia's Sundance Resources
      , agreeing on key terms with Cameroon for developing the Mbalam iron
 ore project.                 
 
 VODACOM CONGO SALE
 The Democratic Republic of Congo Supreme Court has suspended a planned
 mandatory auction of shares in the local unit of South African mobile phone
 provider Vodacom         , the parent company said on Monday.
             
 
 MOZAMBIQUE BUDGET
 Mozambique will receive $606 million in aid next year, with the global
 economic slowdown causing the amount to be cut by just over 10 percent from
 what has been set aside for this year, the donors said on Monday.
             
 
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