NAIROBI, May 21 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. – – – – – GLOBAL MARKETS Asian shares stepped back slightly and U.S. stock futures fell on Thursday as lingering caution about the long-term impact of the coronavirus outbreak offset some of this week’s enthusiasm over re-opening of economies. WORLD OIL PRICES Oil prices advanced on Thursday as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains. 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 edged up on Wednesday as global risk appetite improved on hopes of an economic recovery, though investors remained cautious a day ahead of a central bank rate decision. NIGERIA MARKETS Nigerian stocks climbed for the third session on Wednesday to their highest level in more than two months after broad-based gains. KENYA MARKETS The Kenyan shilling held steady on Wednesday supported by tight liquidity in the local money market that countered importer dollar demand, traders said. KENYA WORLD BANK LOAN The World Bank has approved a $1 billion loan for Kenya to help it close a gaping budget deficit and tackle the economic shocks from the coronavirus pandemic, both sides said on Wednesday. KENYA KCB GROUP EARNINGS KCB Group’s first-quarter profit missed expectations due to the impact of coronavirus, Kenya’s biggest lender said on Wednesday, adding that the pandemic was likely to affect its performance for the next two quarters. KENYA ELECTRICITY Kenya Electricity Generating Co. (KenGen) , said on Wednesday demand for its electricity had dropped by about 8% due to restrictions imposed to limit the spread of the new coronavirus, with Sunday usage levels seen throughout the week. KENYA CAR SALES The number of new vehicles sold in Kenya slumped by almost half last month from the same period a year earlier, due to the coronavirus crisis, an industry association said on Wednesday. TANZANIA CEMENT The Tanzanian unit of Kenya’s ARM Cement Plc has been sold to China’s Huaxin Cement company, its administrator PricewaterhouseCoopers and Huaxin said on Wednesday, paving way for completion of one of its production plant. MOZAMBIQUE NATURAL […]
African Markets – Factors to watch on May 21
