African Markets - Factors to watch on May 12

© Reuters

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

Global Markets

An extended sell-off drove Asian shares to their lowest in seven weeks on Wednesday as surging commodity prices and growing inflationary pressure in the United States prompted markets to bet on earlier rate hikes and higher bond yields globally. 

World Oil Prices

Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in U.S. crude inventories, which reinforced OPEC's robust demand outlook, and as the shutdown of the biggest U.S. fuel pipeline headed into a sixth day. 

South Africa Markets

South Africa's rand touched a 16-month high against the dollar on Tuesday afternoon, helped by manufacturing figures that were far stronger than expected.

Currency

No quotes for the naira (NGN=D1) were available on Nigeria's official market on Tuesday, in its fifth trading session of this month, traders said.

Markets

The Kenyan shilling (KES=) weakened on Tuesday due to increased dollar demand from general merchandise importers and oil companies, traders said.

Climate

Kenya aims to set up an emissions trading system that will allow companies and other bodies to buy emissions allowances, the finance minister said on Tuesday, as the country strives to limit the release of greenhouse gases.

Telecoms

Ethiopia's sole mobile operator, Ethio Telecom, launched a mobile phone-based financial service on Tuesday, seeking to boost growth by offering cashless transactions.

Markets

The Ugandan shilling (UGX=) was firmer on Tuesday amid a continuing slide in appetite for hard currency from importers, traders said.

LGTB

A court in Cameroon sentenced two transgender women on Tuesday to five years in prison for "attempted homosexuality" and other offences after they were arrested for the clothes they wore in a restaurant, their lawyers said.

Leone Mining

U.S. commodity trader Gerald Group will pay Sierra Leone $20 million and cede a 10% stake in an iron ore project as part of the resolution to a nearly two-year dispute that led to the shutdown of production, the two sides said.

Coast Power

A drop in electricity generation in Ivory Coast and Ghana has left households and businesses fuming as well as cutting power supplies to neighbouring West African countries Mali and Burkina Faso, officials said.