May 17, 2018 / 4:45 AM / 9 days ago

African Markets - Factors to watch on May 17

    NAIROBI, May 17 (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 held steady on Thursday, while the euro
 struggled near five-month lows set a day earlier following a
 report that Italian populist parties trying to form a
 coalition could ask the European Central Bank to forgive 250
 billion euros of debt.                             
 WORLD OIL PRICES
 Oil prices firmed on Thursday, with Brent crude creeping
 ever closer to $80 per barrel, a level it has not seen since
 November 2014, as supplies tighten while demand remains
 strong.                       
 
 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 firmed more than 1 percent on Wednesday
 in a broad emerging market rally, driven largely by a
 recovery in the Turkish lira after the country's central
 bank said it would take action to stem a selloff in the
 currency.             
 KENYA MARKETS
 The Kenyan shilling        inched down on Wednesday with
 importer demand for dollars putting pressure on the
 currency, traders said.              
 NIGERIA BUDGET
 Nigeria's parliament passed a record 9.12 trillion naira
 ($29.8 billion) budget for 2018 on Wednesday aimed at
 boosting growth in west Africa's biggest economy nine months
 before the country's next presidential election.  
                 
 ANGOLA REFORM 
 Angola's sovereign wealth fund has applied to a UK court to
 order banks to reveal information, another move in its
 dispute with its former boss, the son of long-serving
 ex-leader Jose Eduardo dos Santos, and the asset managers
 hired under him.             
 TANZANIA BANKS 
 Tanzania's central bank said on Wednesday it has approved
 the merger of two small state banks, Twiga Bancorp and TPB
 Bank PLC, as part of a plan to improve financial stability
 and reduce the number of state-run lenders.              
 UGANDA ENERGY 
 Ugandan power distributor Umeme Ltd            plans to
 spend $1.2 billion in the next seven years to revamp and
 expand the grid and has hired an adviser to explore options
 for raising the money, the company's chief executive said on
 Wednesday.              
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