07282016Thu
Last update: Thu, 28 Jul 2016 11am

Middle East & Africa

Markets - Equity - Middle East & Africa

Egypt underperforms region in a reaction to Brexit DUBAI: Egypt's stock market plunged on Sunday in response to Britain's decision to leave the European Union, underperforming other major Middle East markets as investors worried that global instability could further cut capital inflows into Egypt. The Egyptian stock index was down 5.8 percent in early afternoon. Falling stocks outnumbered gainers by 139 to four. Naeem brokerage said in a note that the economic impact on Egypt of Brexit would not be very serious, because weakness in the British pound and euro could actually benefit the current account balance of the import-driven Egyptian economy, and 16 percent of the country's external debt was denominated in euros. But initially at least, investors focused on the risk that the global market turmoil would make it even harder for Egypt to attract fund inflows. That would worsen the hard currency shortage which is plaguing local industry and possibly making more depreciation of the ...

Markets - Equity - Middle East & Africa

Tel Aviv Stock Exchange CEO takes leave due to illness TEL AVIV: Tel Aviv Stock Exchange Chief Executive Officer Yossi Beinart is taking a leave of absence due to illness, the Israeli bourse said on Sunday. Beinart's deputy Gal Landau will fill in for Beinart until his return, said the bourse, without providing further details. A former CEO of the North American Derivatives Exchange (NADEX), Beinart became head of the Tel Aviv exchange in January 2014.Copyright Reuters, 2016 ...

Markets - Equity - Middle East & Africa

Nigeria index nears 9-month high as banks, consumer stocks gain LAGOS: Nigeria's main share index approached a 9-month high on Thursday, after rising for a third straight day as investors poured cash into banking and consumer goods stocks.The stock market, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, climbed 2.9 percent to 30,999 points by 1234 GMT, a level last seen on Oct. 2.Stocks are up 5.2 percent so far this year, wiping out earlier losses since the central bank ...

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 ...

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, ...