NAIROBI, May 13 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.
EVENTS:
*Uganda’s central bank announces its latest benchmark lending rate decision.
GLOBAL MARKETS
Asian stocks joined the global rally and the U.S. dollar held on to most of its gains on Tuesday as investors heaved a sigh of relief after a temporary halt in the trade war between the U.S. and China eased worries of a global recession.
WORLD OIL PRICES
Oil prices eased on Tuesday from a two-week high, weighed down by concerns about rising supplies, despite earlier optimism over the pause in the U.S.-China trade war after both countries temporarily cut tariffs.
SOUTH AFRICA MARKETS
The South African rand weakened on Monday, weighed down by a much stronger dollar and lower gold prices after the United States and China announced a deal to cut reciprocal tariffs.
NIGERIA ECONOMY
Nigeria’s economy recorded its fastest growth in about a decade in 2024, driven by a strong fourth quarter and an improved fiscal position, the World Bank said on Monday, but warned that persistently high inflation remains a challenge.
KENYA MARKETS
The Kenyan shilling remained stable in early trade on Monday, with market activity subdued, traders said.
GUINEA POLITICS
The prime minister of junta-ruled Guinea announced a new date of December 2025 for elections, seeking to reassure investors in a speech at an African business forum on Monday.
SIERRA LEONE MINING
Koidu Limited, Sierra Leone’s largest diamond producer, has halted operations and laid off nearly its entire local workforce of more than 1,000 employees following a protracted dispute over pay and working conditions.
GUINEA MINING
Rio Tinto, expects its first iron ore shipment from Guinea’s Simandou project in November, Gerard Rheinberger, the Anglo-Australian mining giant’s managing director for Simandou, said on Monday.
IVORY COAST COCOA
Cocoa arrivals at ports in top grower Ivory Coast had reached 1.560 million metric tons by May 11 since the start of the season on October 1, up 10.95% from the same period last season, exporters estimated on Monday.
(Compiled by Nairobi Newsroom)
