Nigeria, Africa markets: Factors to watch on May 13

Good Africa with Names

(Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.


Ghana and Zambia’s central banks to announce the latest decisions on their respective benchmark lending rates.

TANZANIA – Leaders of five-member state East African Community meet to discuss the political crisis in Burundi after President Pierre Nkurunziza announced he would run for a third term in office, which critics say violates a two-term limit set out in the constitution and a peace deal that ended a civil war in 2005.

GHANA – Ghana’s statistics office to release consumer inflation data for April anytime starting on Wednesday.

KENYA – The central bank to auction 182-day and 364-day
Treasury bills worth a total 7 billion shillings.


Asian shares firmed on Wednesday, shrugging off weakness on Wall Street as investors bet that a batch of economic data from China due later in the day would bolster the case for more stimulus in the world’s second-largest economy.


Oil extended gains on Wednesday after posting its strongest daily rise in weeks in the previous session, supported by bets that U.S. crude stockpiles will fall for a second straight week as production slows.


Nigeria’s foreign exchange dealers said on Tuesday they are drawing up proposals to persuade the central bank to ease restrictions on Forex trades to revive the secondary market.

South African shares slipped on Tuesday driven by index heavyweight SABMiller , which is expected to report a slight drop in full-year earnings this week. The rand strengthened against the dollar on Tuesday after manufacturing unexpectedly grew in March, while bond yields continued to climb affected by the Greek debt crisis.


Kenya’s shilling weakened on Tuesday, weighed down by corporate dollar demand, even though the central bank sold dollars to the inter-bank market and said it would act to curb speculation in the local currency.

Kenya is set to import record volumes of oil products in May as its economy gathers steam, soaking up some of Asia’s excess supply and helping put a floor under refining margins.

Police fired guns and teargas towards protesters throwing stones in a suburb of Burundi’s capital on Tuesday during a demonstration against the president’s bid for a third term, Reuters witnesses said.

Mozambique’s economy is expected to grow by 7 percent in 2015, although there are downside risks to the outlook, partly due to declining commodity prices, the International Monetary Fund said on Tuesday.

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