Market News

NAIROBI, May 26 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.

GLOBAL MARKETS

Stock markets across Asia edged higher on Monday, and the euro rallied after President Donald Trump abruptly extended by more than a month his threat to slap 50% tariffs on EU goods, marking another temporary reprieve as part of his erratic trade policy.

WORLD OIL PRICES

Oil prices gained in early Asian trade on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about U.S. tariffs on the bloc that could hurt the global economy and fuel demand.

SOUTH AFRICA MARKETS

South Africa’s commodity-backed currency was stronger against a weaker dollar on Friday, helped by higher gold prices as worries over the United States’ worsening fiscal health sent investors into the safe-haven asset.

KENYA MARKETS

Kenya’s shilling was stable against the dollar on Friday, data from the London Stock Exchange Group showed.

KENYA SAFARICOM

Kenya’s government plans to sell more of its shareholding in telecom operator Safaricom, Finance Minister John Mbadi was cited as saying in Kenyan newspaper Business Daily on Monday.

GHANA CENTRAL BANK RATE

The Bank of Ghana held its main interest rate steady at 28.0% on Friday, maintaining its tight monetary policy as inflationary pressures continued to ease due to exchange rate stability and fiscal consolidation.

ZAMBIA CENTRAL BANK RATE

Zambia’s central bank kept its main interest rate unchanged on Friday after two raise decisions, citing an expected slowdown in inflation.

TOTALENERGIES EAST AFRICA

TotalEnergies chief executive Patrick Pouyanne defended the company’s work on oil projects in East Africa on Friday, after an independent U.N. human rights expert said the French firm should urgently address fresh allegations of abuses.

DEMOCRATIC REPUBLIC OF CONGO SECURITY

Congo’s former President Joseph Kabila on Friday lambasted the Central African country’s justice system, a day after the senate voted overwhelmingly in favour of lifting his immunity from prosecution over his alleged links to the M23 rebel group.

ZIMBABWE MINING

Zimbabwe’s Kuvimba Mining House is seeking to raise $950 million to invest in raising its gold and lithium output, CEO Trevor Barnard said at a mining conference in Victoria Falls.

((Compiled by Nairobi Newsroom))