May 18, 2020 / 4:50 AM / 14 days ago

African Markets - Factors to watch on May 18

    NAIROBI, May 18 (Reuters) - The following company announcements, scheduled economic
indicators, debt and currency market moves and political events may affect African markets on
Monday.
                    - - - - -
 GLOBAL MARKETS
 Asian shares were led higher by S&P 500 futures on Monday
 and oil prices hit a five-week peak as countries' efforts to
 re-open their economies stirred hopes the world was nearer
 to emerging from recession.                       
 
 WORLD OIL PRICES
 Oil prices climbed by more than $1 a barrel on Monday to
 their highest in more than a month, supported by ongoing
 output cuts and signs of gradual recovery in fuel demand as
 more countries ease curbs imposed to stop the coronavirus
 pandemic spreading.                 
 
 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
 South Africa's rand fell on Friday and ended lower on the
 week as fears about a resurgence of coronavirus infections
 hurt sentiment toward the emerging markets.            
 
 NIGERIA PETROLEUM
 OPEC member Nigeria has reined in oil production to bring
 Africa's top crude exporter into line with an agreement
 among producers to curb output, Minister of State for
 Petroleum Timipre Sylva said.            
 
 NIGERIA COCOA
 Nigeria's cocoa mid-crop output is expected to be weak as
 measures to curb the spread of the coronavirus hindered
 farmers and exporters, creating a backlog of unshipped
 beans, the president of the cocoa association
 said.            
 
 KENYA MARKETS
 The Kenyan shilling        was under slight pressure on
 Friday due to an uptick in demand from businesses buying
 hard currency to meet their obligations as economic activity
 slowly resumes amid the novel coronavirus pandemic, traders
 said.            
 
 KENYA DEBT
 Kenya will not seek a suspension of debt payments under a
 G20 initiative aimed at helping poor countries weather the
 COVID-19 pandemic, its finance minister said on Friday,
 saying the terms of the deal were too
 restrictive.            
 
 KENYA EAST AFRICAN BREWERIES RESULTS
 Kenya’s East African Breweries Limited (EABL)           has
 said its profit after tax for the year ending June is likely
 to decline by 25% compared to the previous period, hurt by
 the coronavirus pandemic.            
 
 KENYA BORDER CLOSURES
 Kenya's President Uhuru Kenyatta on Saturday banned movement
 across the country's borders with Tanzania and Somalia to
 help curb the spread of the coronavirus.            
 
 TANZANIA ECONOMY
 Tanzania's economy is expected to expand by 4 percent in
 2020, less than an earlier projection of 6.9% due to the
 impact of the coronavirus, the finance minister
 said.            
 
 UGANDA ECONOMY
 Uganda's foreign exchange reserves will fall to a worryingly
 low level in the fiscal year starting in July unless it
 receives external funding then, the International Monetary
 Fund said on Friday.            
 
 BURUNDI POLITICS
 Burundi holds its first competitive presidential election
 this week since a civil war erupted in 1993, but simmering
 political violence and fears that campaign rallies could
 accelerate the spread of the coronavirus have already marred
 campaigning.            
 
 ETHIOPIAN AIRLINE
 Ethiopian Airlines expects a settlement with planemaker
 Boeing        by end of June over compensation related to
 the 737 MAX grounding in March 2019 following two fatal
 crashes, CEO Tewolde Gebremariam told Reuters on
 Friday.            
 
 GHANA CENTRAL BANK RATE
 Ghana's central bank left its key interest rate unchanged at
 14.5% on Friday and said it had concluded a $1 billion repo
 facility with the U.S. Federal Reserve to improve the
 country's foreign exchange liquidity.                
 
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