Factors To Watch In African Markets – June 23

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.

GLOBAL MARKETS

Asian stocks were up in hesitant trade on Thursday, as many investors sought shelter in safe-haven assets such as the Japanese yen and government debt as they braced for Britain’s vote on its fate in the European Union.

WORLD OIL PRICES

Oil prices rose in Asian trading on Thursday, shrugging off a smaller-than-expected decline in U.S. stockpiles, as the market nervously awaited the result of Britain’s “Brexit” vote.

SOUTH AFRICA MARKETS

South Africa’s rand marked a fourth straight session of gains against the dollar on Wednesday, aided by a surprise slowing of inflation locally and improved risk conditions abroad.

SOUTH AFRICA VIOLENCE

South African police said on Wednesday that two suspected looters had been shot dead in the capital in violence triggered by the ruling party’s choice of a mayoral candidate for local polls.

SOUTH AFRICA RATES

South Africa’s headline consumer inflation unexpectedly slowed in May, adding to recent data that could prompt the central bank to keep interest rates on hold at its policy meeting next month.

NIGERIA CURRENCY

Nigeria’s naira firmed against the dollar on Wednesday, its first daily gain since the central bank ditched its 16-month old peg on the currency two days ago. The naira closed at 281.50 to the dollar after the central bank intervened for a third day, traders said. It closed at 284 on Tuesday.

NIGERIA OIL

A Nigerian militant group known as the Niger Delta Avengers which has been attacking oil facilities might agree to a ceasefire on Thursday to allow the government time to meet its demands, a community leader involved in peace efforts said.

KENYA MARKETS

The Kenyan shilling was stable on Wednesday in slow business with many market players staying on the sidelines to await the outcome of Britain’s referendum on whether to exit the European Union, traders said.

ANGOLA ECONOMY

Angola is running short of foreign reserves to pay for imports because its national oil firm has not contributed to state coffers since January, President Jose Eduardo dos Santos said.

ZIMBABWE ECONOMY

Zimbabwe has imposed restrictions on imports of a list of basic goods, mainly from South Africa, to protect local industries and stem an outflow of scarce dollars from the drought-hit economy, industry minister Mike Bimha said on Wednesday.

Source: Reuters