African Markets - Factors to watch on July 1

NAIROBI, July 1 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.

Asian stocks were subdued on Monday as traders pondered the U.S rates outlook, while the euro rose after the first-round voting in France’s shock snap election was won by the far-right, albeit with a smaller share than some polls had projected.

Oil prices edged up in early trade on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, although global economic headwinds and rising non-OPEC+ output capped gains.

The South African rand rallied on Friday on optimism that the Democratic Alliance (DA) and African National Congress (ANC) would reach an agreement over cabinet positions, a day after local media reported a major disagreement between the parties.

Kenya’s shilling eased slightly on Friday as markets awaited the outcome of protests against a now-shelved tax increase plan.

At least 18 people were killed and 30 others injured after a series of attacks by suspected female suicide bombers in Nigeria’s northeastern Borno state on Saturday, the head of the local state emergency management agency said.

The International Monetary Fund’s executive board approved the second review of Ghana’s $3 billion loan programme on Friday, allowing for the immediate disbursement of around $360 million, the Fund said.

Kenyan activists on Friday circulated calls for fresh protests, strikes and sit-ins demanding President William Ruto quit, after nationwide demonstrations forced him to U-turn on proposed tax hikes.

((Compiled by Nairobi Newsroom))