Market News

May 6 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.

EVENTS:

Kenya statistics office releases 2025 economic survey, giving details of the 2024 performance and possibly a forecast for 2025.

Release of Kenya’s Stanbic Bank PMI for April.

GLOBAL MARKETS

Global stocks held tight ranges on Tuesday and the dollar clawed back some of its recent losses against Asian counterparts as investors revived concerns about U.S. tariffs and their impact on economic growth.

WORLD OIL PRICES

Oil prices rebounded over 1% on Tuesday with technical rebound and dip buying after a drop in prior session by OPEC+ decision to accelerate increases in output, although concerns about the market surplus outlook persisted.

SOUTH AFRICA MARKETS

The South African rand strengthened on Monday to its highest levels in five weeks, after state utility Eskom said it was optimistic about the power outlook over the southern hemisphere winter, aiming for no electricity cuts in the next four months.

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KENYA MARKETS

The Kenyan shilling strengthened a little against the dollar on Monday, London Stock Exchange Group (LSEG) data showed.

SUDAN POLITICS

Multiple explosions and fires were seen and heard in Sudan’s capital Port Sudan early on Tuesday, a witness said, though the exact locations and causes were unclear, as a civil war rocks the previously quiet city for the third day.

SUDAN JUSTICE

The International Court of Justice (ICJ) on Monday dismissed Sudan’s case accusing the United Arab Emirates of fueling genocide in Darfur by supplying weapons to paramilitary forces, saying it lacked jurisdiction.

CONGO SECURITY

Congo and Rwanda have submitted a draft peace proposal as part of a process meant to end fighting in eastern Congo and attract billions of dollars of Western investment, U.S. President Donald Trump’s senior adviser for Africa said on Monday.

KENYA POLITICS

Kenya’s President William Ruto fended off a shoe thrown at him during a speech about the cost of living which has been a source of public anger, social media videos showed, while a government official said it was accidentally lobbed at the president.

((Compiled by Nairobi Newsroom))