12042016Sun
Last update: Sun, 04 Dec 2016 02am

Middle East & Africa

Markets - Equity - Middle East & Africa

Gulf soft ahead of British EU vote DUBAI: Stock markets in the Gulf were mostly soft in thin volumes in early trade on Thursday ahead of Britons' vote to decide whether to stay in the European Union.Dubai's index edged down 0.3 percent, with stocks that had led advances over the past week pulling back. Dubai Parks and Resorts dropped 1.3 percent, but is still up 42 percent year-to-date.In Abu Dhabi, the index was down 0.4 percent. National Bank of Abu Dhabi retreated 0.5 percent while Gulf Bank was flat; the shares soared earlier this week after the banks said they were in merger talks.Like elsewhere, Gulf investors are concerned that voting to leave the EU could slow economic growth in Britain and possibly Europe while creating uncertainty that would hurt global oil and asset prices.But Union National Bank continued outperforming on Thursday and rose 0.3 percent. It had jumped 9.1 percent over the previous two days after ...

Markets - Equity - Middle East & Africa

Nigerian stocks at 8-month high on banks, consumer goods LAGOS: Nigeria's main share index rose above 30,000 points on Wednesday to hit an eight-month high as investors poured into consumer and banking shares. The stock market, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, climbed for the second straight day to close 2.4 percent higher at 30,127 points. Stocks are up 2.7 percent so far this year, wiping out earlier losses since the central bank floated the naira currency ...

Markets - Equity - Middle East & Africa

Nigerian stocks near 8-month high as investors buy banks LAGOS: Nigerian stocks rose 1.4 percent on Wednesday to remain near the 8-month high of the previous day as investors piled into banking shares following the central bank's lifting of currency controls this week.The main index edged up closer to 30,000 psychological points, a level last seen on October 2015. The index of Nigeria's top 10 banks rose 3.0 percent by 1137 GMT.Analysts said Nigeria's move to float the currency this week has improved confidence ...

Markets - Equity - Middle East & Africa

Gulf firms in early trade but NBAD cools DUBAI: Stock markets in the Gulf were firm early on Tuesday, supported by opinion polls and bookmakers' odds suggesting the "Remain" camp might win Britain's referendum on European Union membership this week, and as oil held over $50 a barrel.In Abu Dhabi, National Bank of Abu Dhabi pulled back 1.7 percent after surging 20 percent in the previous two days on news of its merger talks with First Gulf Bank.But FGB edged up 0.4 percent, ...

Markets - Equity - Middle East & Africa

Abu Dhabi's M&A rally ends; monetary policy hits Egypt DUBAI: Stock markets in the Middle East were mixed on Monday as Abu Dhabi's bank-led rally ended and Egypt continued its descent, dragged down by tightening monetary policy. On Sunday Abu Dhabi's index had surged 4.7 percent as merger talks between National Bank of Abu Dhabi and First Gulf Bank ignited speculation about consolidation in the sector, boosting bank shares.But on Monday the speculation cooled and the index pulled back 1.0 percent. Shares in FGB ...

Markets - Equity - Middle East & Africa

Gulf mostly firm, NBAD continues climb DUBAI: Most Gulf stock markets were firm in early trade on Monday while National Bank of Abu Dhabi (NBAD) continued to surge in response to its merger talks with First Gulf Bank.Shares in NBAD climbed 7.6 percent after surging their 15 percent daily limit on Sunday, while FGB was down 2.7 percent after an 11.5 percent jump in the prior session. Many investors are assuming that any share swap in a merger would favour NBAD ...

Markets - Equity - Middle East & Africa

Abu Dhabi banks soar on merger talks; rate rise hits Egypt DUBAI: Shares in Abu Dhabi banks soared on Sunday after National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) confirmed they were in merger talks. Other Gulf stock markets were mixed while an interest rate increase dragged Egypt down. NBAD and FGB confirmed in a brief statement they were discussing a merger or combination of their businesses, in what would create one of the largest banks by assets in the Middle East and ...