African Markets – Factors to watch on May 22

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GLOBAL MARKETS
Asian stocks posted their biggest daily rise in a month on Monday following modest gains in U.S. shares, though the greenback came under renewed pressure as Washington’s
political turmoil undermines confidence in U.S. economic policy.

WORLD OIL PRICES
Oil prices rose on Monday, supported by reports that an OPEC-led supply cut may not only be extended into next year but might also be deepened to tighten the market and prop up
prices.

AFRICA STOCKS

SOUTH AFRICA MARKETS
South Africa’s rand strengthened on Friday against the ailing dollar, which limped toward its worst week against major currencies since last July on the turbulence surrounding Donald Trump’s U.S. presidency.

NIGERIA MARKETS
Nigeria’s overnight lending rate dropped to 26 percent on Friday from 65 percent a day earlier after the central bank refunded excess naira offered in an earlier dollar sale to
commercial lenders, injecting liquidity back into the money
market.

NIGERIA OIL
A Nigerian labour union that had called for the shutdown of all Exxon Mobil Corp facilities in the Niger Delta has suspended its strike at its Rivers state branch in the oil production hub, two union representatives said on Saturday.

KENYA MARKETS
The Kenyan shilling was steady against the dollar on Friday, helped by weak dollar demand from oil importers, traders said.

KENYA POLITICS
Police shot dead one person in northern Kenya’s Isiolo county after a political rally attended by President Uhuru Kenyatta at which supporters of rival political candidates for regional government positions clashed, police said.

UGANDA MARKETS
The Ugandan shilling was unchanged versus the dollar on Friday due to thin demand from energy and manufacturing firms.

CONGO HEALTH/EBOLA
A fourth person has likely died from Ebola in remote northeastern Democratic Republic of Congo, the World Health Organization said on Sunday, as the overall number of cases
rose to 37 from 29.

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