Market News

NAIROBI, May 28 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

GLOBAL MARKETS

Asian shares continued a rally from Wall Street and the dollar held gains on Wednesday on promising economic signs in the United States and speculation of strong tech earnings.

WORLD OIL PRICES

Oil prices ticked up in early trading on Wednesday as the U.S. barred Chevron from exporting crude from Venezuela under a new authorization on its assets there, raising the prospect of tighter supply.

SOUTH AFRICA MARKETS

South Africa’s rand weakened against a stronger dollar on Tuesday, hurt by lower gold prices as risk sentiment improved following U.S. President Donald Trump’s decision to postpone tariffs on the European Union.

NIGERIA DEBT

Nigerian President Bola Tinubu asked parliament to approve more than $21.5 billion in foreign borrowing for its 2025-26 borrowing plan to plug financial shortfalls to boost growth, according to a letter from the president seen by Reuters.

AFRICA ECONOMY

Africa’s economic output is expected to grow by 3.9% this year, the African Development Bank said in its annual African Economic Outlook report on Tuesday, quickening from last year’s pace of 3.3%.

KENYA MARKETS

The Kenyan shilling held steady against the dollar on Tuesday, data from the London Stock Exchange Group showed.

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KENYA ECONOMY

The World Bank has cut Kenya’s growth forecast for this year by half a point from its initial prediction to 4.5%, it said on Tuesday, citing high levels of debt, high lending rates and a decline in private sector credit.

IVORY COAST COCOA

Ivory Coast’s cocoa grind slipped 7% year-on-year in April to 38,169 metric tons, data from exporter association GEPEX showed on Tuesday.

DEMOCRATIC REPUBLIC OF CONGO SECURITY

Congo is grappling with soaring military costs and declining tax revenues due to an offensive by Rwandan-backed rebels, who now occupy much of the country’s eastern borderlands, a revised wartime budget under consideration by lawmakers showed.

GUINEA MINING

Guinea’s military government has cancelled 129 minerals exploration permits, it said in a statement late on Monday, as the West African nation tightens control over its assets.

((Compiled by Nairobi Newsroom))