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% […]
African Markets – Factors to watch on May 18
