06302016Thu
Last update: Thu, 30 Jun 2016 03pm

Middle East & Africa

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 retreated 3.4 percent, after an 11.5 percent gain on Sunday. Abu Dhabi Islamic Bank dropped 4.4 percent after rising 4.6 percent on the previous day. But NBAD's shares continued to climb and added 4.4 percent, taking their gains over two days to 20 percent. Many investors have been assuming that any share swap in a merger would favour NBAD holders.Arqaam Capital suggested a ratio of 1.15 NBAD for 1 FGB share, though SICO Bahrain estimated ...

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 ...

Markets - Equity - Middle East & Africa

Abu Dhabi banks rocket on merger talks; Gulf mostly up DUBAI: Shares in Abu Dhabi banks soared early on Sunday on news that National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) were in merger talks, while most other stock markets in the Gulf were firm.NBAD and FGB confirmed in a brief statement on Sunday that they were discussing a merger or combination of their businesses, in what would create the largest bank by assets in the Middle East and Africa.Many analysts said ...

Markets - Equity - Middle East & Africa

South African markets gain as investors reassess risk of Brexit JOHANNESBURG: South African markets gained on Friday as higher gold prices lifted gold miners and the rand benefited as investors reassessed the probability of Britain voting to leave the European Union in a referendum next week. South African markets have been hit by concerns that if Britons opt to leave the EU in a June 23 vote, it would send shockwaves through global financial markets.Britain temporarily suspended referendum campaigning on Friday following the murder of ...

Markets - Equity - Middle East & Africa

Nigeria stocks post biggest weekly gain in 14 months on FX reforms LAGOS: Nigerian stocks posted their biggest weekly rally in 14 months on Friday as domestic funds snapped up shares after the central bank's currency reforms designed to attract foreign investors. The stock market, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, climbed for the third straight day on Friday, to close 2.66 percent higher at 29,247 points. Copyright Reuters, 2016 ...

Markets - Equity - Middle East & Africa

Nigerian stocks hit 2-week high after central bank sets new FX rules LAGOS: Nigerian stocks hit two-week highs on Thursday, rising 2.6 percent after the central bank introduced new currency rules designed to attract foreign investors. The main share index rose to 28,606 points by 1159 GMT, pushed up by a 3.05 percent gain in the banking sector , to a level last seen on May 31. Unity Bank rose 9.26 percent and Wema Bank gained 6.33 percent. Stocks had jumped 3.17 percent after the new currency ...