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Nigerian stocks up as investors buy into banks LAGOS: Nigerian stocks ended in the black on Friday led by banking shares after news that two foreign investors had bought significant stakes in Ecobank and Union Bank, helping reverse earlier losses recorded this week. London-listed Atlas Mara, the African investment vehicle of former Barclays boss Bob Diamond, on Friday increased its stake in Union Bank to almost 30 percent with a $270 million investment, boosting sentiment on the Nigerian bourse. Sub-Saharan Africa's second-biggest index opened down at a 9-week low on Friday, level last seen on June 20, after shedding almost 1 percent this week before the news. Late on Thursday, Qatar National Bank (QNB) bought a 12.5 percent stake in Ecobank for about $200 million, its latest purchase in a drive to be the biggest bank in the Middle East and Africa by 2017. "We have seen half a billion dollars into Nigerian banks from both deals in ...

Egypt, Qatar hit new highs, UAE markets retreat DUBAI: Egypt's bourse hit a fresh six-year closing high on the back of Telecom Egypt on Thursday, while Qatar National Bank lifted the Doha bourse to a new all-time high. Markets in the United Arab Emirates pulled back.The Cairo index rose 0.2 percent to 9,650 points as fixed-line monopoly Telecom Egypt surged 5.8 percent after the government approved a long-awaited plan to issue a unified landline and mobile telecommunications licence.The new licence could allow Telecom ...
Telecom Egypt jumps on new licence; banks lift Qatar DUBAI: Shares in fixed-line monopoly Telecom Egypt rose in early trade on Thursday after the country's government approved on Wednesday a long-awaited plan to issue a unified landline and mobile telecommunications licence. The stock jumped 3.0 percent shortly after opening, offsetting pull-backs by other blue chips such as Commercial International Bank, which slid 0.8 percent. The main Egyptian index was nearly flat as a result.The new licence could allow Telecom Egypt to start reclaiming its ...
UAE markets lead gains as Dubai's Emaar rebounds DUBAI: Bourses in the United Arab Emirates outperformed the region on Wednesday as Dubai developer Emaar Properties rebounded after profit-taking and Abu Dhabi's Waha Capital jumped after securing $575 million in fresh funding.Dubai's main index rose 1.1 percent to a three-month closing high of 5,172 points as shares in Emaar gained 2.2 percent. The stock had dropped 3.0 percent on Tuesday after surging 13.7 percent in the two previous sessions.Emaar, the emirate's largest listed developer, ...
Egypt rises on real estate; Saudi, Dubai pull back DUBAI: Egypt's bourse outperformed an otherwise sluggish region on Tuesday on the back of property firms and other blue chips, while banks dragged down Saudi Arabia after the kingdom's central bank tightened consumer lending regulations.The Cairo index rose 1.8 percent, its biggest gain in five weeks, after the country's central bank on Monday kept interest rates unchanged, as expected by the market, and said there was upside risk to the inflation outlook.At its previous meeting ...
South African stocks up as investors buy into retailers JOHANNESBURG: South African stocks ended in the black on Tuesday led by retailers such as construction materials seller Cashbuild and upscale food and clothing retailer Woolworths.JD Group gained after the furniture retailer said it had agreed to sell its struggling financing arm.South African companies are cutting back the amount of credit they extend to low-income consumers as over indebtedness and unemployment squeeze customers' ability to repay loans."It's another example of just how bad things are ...
Dubai nears chart barriers, may see profit-taking DUBAI: Dubai's stock market, lifted in the past two days by the upcoming initial public offer of developer Emaar Properties' malls unit, is nearing strong technical resistance that may encourage profit-taking. The Dubai index rose 1.5 percent to 5,141 points on Monday. It dropped sharply in June after hitting that month's peak of 5,192 points, and faces bigger resistance at May's multi-year peak of 5,407 points. The June drop was largely due to builder Arabtec ...

 



 
Index Closing Chg%
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln