African markets

African Markets – Factors to Watch April 12

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NAIROBI, April 12 (Reuters) – The following corporate announcements, forecast economic indicators, debt and currency market movements and political events could affect African markets on Tuesday.

EVENTS:

Uganda’s central bank is due to publish its benchmark rate for the next two months. The rate remained unchanged at 6.5% at the last meeting of the monetary policy committee.

WORLD MARKETS

Asian stocks fell while the U.S. dollar remained strong on Tuesday as Treasury yields hit a three-year high ahead of U.S. inflation data that could herald even more aggressive interest rate hikes of from the Federal Reserve.

WORLD OIL PRICES

Oil futures rose early on Tuesday, reversing steep losses the day before, as the market weighed the potential for further sanctions on Russia’s energy sector and OPEC warned it would be impossible to raise enough production to compensate for the loss of supply.

SOUTH AFRICAN MARKETS

The South African rand rose on Monday, supported by higher precious metal prices and ignoring weaker than expected manufacturing figures.

KENYA MARKETS

The Kenyan shilling was stable on Monday, although demand for dollars from companies in the manufacturing and energy sectors was likely to cause further depreciation, traders said.

POLITICS IN NIGERIA

Nigerian Vice President Yemi Osinbajo said on Monday he wants to run for president next February on the ticket of the ruling Progressive Party, but faces the challenge of another party stalwart who said he wants also join the race.

BURKINA FASO MINING

Russian Nordgold is closing its Taparko mine in Burkina Faso and calling for force majeure citing the deteriorating security situation in the West African country, according to a company statement seen on Monday.

GHANA BONDS

Ghana plans to issue 24 billion cedi ($3.24 billion) of bonds in the second quarter according to a government debt issuance schedule released by the central bank.