African Markets – Factors to watch on May 8

May 8 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. – – – – – EVENTS: Tanzania releases consumer inflation data for April. GLOBAL MARKETS Asian stocks lacked direction on Wednesday, while the dollar remained firm despite lower U.S. Treasury yields as markets assessed mixed signals from U.S. policymakers and economic data on the path for Federal Reserve interest rates. WORLD OIL PRICES Oil prices fell in early Asian trade on Wednesday as industry data showed a pile up in both crude and fuel inventories in the U.S., a sign of weak demand, and cautious supply expectations emerged ahead of an OPEC+ policy meeting next month. 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 was stronger on Tuesday with volatility likely to pick up on U.S. employment data later this week, analysts said. KENYA MARKETS Kenya’s shilling gained against the dollar on Tuesday, supported by inflows of hard currency from remittances and agricultural exporters, traders said. SOUTH AFRICA ELECTION Former South African President Jacob Zuma is facing an attempt to oust him from leadership positions in his new party, state broadcaster SABC reported on Tuesday, three weeks before an election in which he is expected to attract significant support. NIGERIA CURRENCY Nigeria plans to roll out additional rules in the coming days to combat illegal trading in digital assets and ensure that those dealing in such instruments are registered, the head of the Securities and Exchange Commission (SEC) said. ZIMBABWE CASH Zimbabwe’s treasury said on Tuesday the newly introduced gold-backed currency is the official unit of exchange for transactions and that it would soon introduce regulations to ensure businesses stick to the official rate. For the latest precious metals report click on For the latest base metals report click on For the latest crude oil report click on

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