05012016Sun
Last update: Sun, 01 May 2016 07am

Middle East & Africa

Markets - Equity - Middle East & Africa

Nigeria stocks fall 4.1pc to 3 1/2-year low on sell-off by investors LAGOS: Nigeria's share index fell to its lowest point since July 2012 on Monday, down 4.1 percent on the day with fund managers jittery over the central bank's inability to provide dollars for investors exiting the market.The share index, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, has fallen for nine straight days, sliding below the psychologically important 23,000-point line to a level last seen on July 12, 2012.Analysts the sell-off down to talk that foreign exchange auctions for offshore investors would now be held weekly. Foreign buyers accounted for 54 percent of trading volume, according to the Nigerian Stock Exchange data.When the bourse's main indicator closed, it cumulated in year-to-date losses of 17.9 percent.On Friday, the central bank's financial markets director said foreign exchange auctions would no longer be held daily. Four days earlier, the monetary authority had halted dollar sales to retail currency ...

Markets - Equity - Middle East & Africa

Gulf markets stabilise, Egypt rebounds DUBAI: Gulf stock markets stabilised on Monday after registering heavy losses the previous few days, but the mood remained nervous after Brent oil briefly slumped below $28 a barrel to its lowest level since 2003.The Saudi benchmark, which had tumbled 5.4 percent on Sunday, flip-flopped between positive and negative territory before closing 0.1 percent higher.Saudi Basic Industries Corp, the kingdom's largest company by market value, fell as low as 60.00 riyals after reporting a 29.4 ...

Markets - Equity - Middle East & Africa

Saudi choppy in early trade; Egypt rebounds DUBAI: Saudi Arabia's stock market was choppy in early trade on Monday as investors were split between bargain buyers and nervous sellers after volatile oil prices slumped below $28, while Egypt's bourse rebounded as traders bought on dips.Saudi Basic Industries Corp (SABIC), the kingdom's largest company by market value, plunged 6.1 percent.The petrochemical producer reported a 29.4 percent drop in fourth-quarter net profit on Sunday due to lower prices for its products, missing analyst forecasts.Saudi's ...

Markets - Equity - Middle East & Africa

Nigeria stocks fall 3.1pc to 3-1/2 years low on sell-off by investors LAGOS: Nigeria's share index fell 3.14 percent on Monday and hit its lowest point since July 2012, with fund managers jittery over the central bank's inability to provide dollars for investors exiting the market, traders said.The share index, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, has fallen for nine straight days, sliding below the psychologically important 23,000 points line to a level last seen on July 12, 2012.The sell-off ...

Markets - Equity - Middle East & Africa

Dubai rebounds as top bank reports strong Q4: region stronger DUBAI: Dubai's stock market rebounded moderately in early trade on Monday after the emirate's largest bank reported better-than- expected earnings, while other Gulf bourses also rose from multi-year lows.The Dubai index was up 0.8 percent after 50 minutes of trade, recouping some of the 15 percent which it had lost since the end of last year.However, the index was well off its early high - it jumped more than 2 percent in the opening minutes ...

Markets - Equity - Middle East & Africa

Markets may extend declines after oil falls below $28 DUBAI: Middle East stock markets may face further declines on Monday after oil slumped as much as 4 percent and Asian shares slid to their lowest level since late 2011.Brent crude tumbled to its lowest level since 2003 as the market braced for a jump in Iranian exports after the lifting of sanctions against the country at the weekend. The global benchmark fell to $27.67 a barrel in early Monday Asian trade, though it subsequently ...

Markets - Equity - Middle East & Africa

Saudi stocks plunge 6.5% on Iran's return, low oil RIYADH: The Saudi stock market, the largest Arab exchange, followed its Gulf peers Sunday and traded down 6.5 percent after opening on low oil prices and the lifting of sanctions on arch-rival Iran.The Tadawul All-Shares Index shed more than 300 points just minutes after the start to go below the 5,500-point mark. All but three of the 167 listed stocks dropped.Copyright AFP (Agence France-Presse), 2016 ...