02102016Wed
Last update: Wed, 10 Feb 2016 01pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Nigerian stocks set for biggest weekly fall in a year LAGOS: Nigerian stocks were set to post their biggest weekly drop in a year on Friday, down 12.7 percent this week on worries over sliding oil prices and the bleak outlook for the naira currency, traders said.The oil exporter's main stock index, with the second-biggest weighting after Kuwait on the MSCI frontier market index, has fallen for six straight days.The index fell 2.68 percent on Friday, leaving at its lowest point in nearly 3-1/2 years.Stock Exchange CEO Oscar Onyema on Thursday said the bourse expected 2016 to be challenging after the index shed 17.4 percent last year, with losses continuing as the domestic economy suffers from low oil prices.He said foreign buyers, who accounted for 54 percent of trading volume, were on the sidelines owing to the lack of clarity on Nigeria's forex policy, highlighting naira weakness as a deterrent to a market rally in 2016.Sub-Saharan Africa's second-biggest stock index ...

Markets - Equity - Middle East & Africa

Gulf markets sink to multi-year lows, Egypt plunges over 5pc DUBAI: Middle East bourses fell sharply on Thursday as investors cashed out after Brent crude oil slipped below $30 a barrel and global markets resumed selling off.The Saudi index tumbled 3.3 percent to close at 5,838 points, its lowest finish since March 2011, after a heavy wave of sales in the final hour of trade.Traders said margin calls added to the pressure, especially in smaller-capital stocks favoured by local speculators. Most insurance stocks, which are ...

Markets - Equity - Middle East & Africa

Petchem, small-caps boost Saudi market; banks weigh on Abu Dhabi DUBAI: Petrochemical and small-cap stocks turned around Saudi Arabia's index after early declines on Monday while blue-chip companies dragged other Middle Eastern bourses lower.The Saudi benchmark swung in volatile trade, dipping below the critical 6,000 level but then gaining momentum mid-session as petrochemical and speculative stock were heavily bought, lifting the index 1.4 percent to settle at 6,177 points. "The swing factor in the stock market were the petrochemical shares," said a Riyadh-based trader. "Further ...

Markets - Equity - Middle East & Africa

Nigeria stocks fall to three-year low on bearish sentiment LAGOS: Nigerian stocks fell 2.5 percent on Monday to their lowest in more than three years as investors fretted over the outlook for Africa's biggest economy, traders say. The stock market, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, fell 17.4 percent last year as plunging oil prices hurt the country's currency, slashed public revenues and held back economic growth. The benchmark index, which is down 7.1 percent in its ...

Markets - Equity - Middle East & Africa

Gulf weak as China worries sets tone for risk-averse trade DUBAI: Gulf bourses extended losses on Monday ahead of the corporate earnings season and as fears over a China slowdown set the tone for risk-averse trading. Asian shares sank to their lowest in over four years because of mounting doubts about Beijing's ability to manage the world's second-biggest economy. China's main indexes slumped more than 3 percent at one point. Worries over a slowdown in Beijing soured Gulf market sentiment. Dubai's bourse slid 1.1 percent ...

Markets - Equity - Middle East & Africa

Small-caps pull down Saudi, Egypt slides DUBAI: A sell-off of small-cap speculative stocks pulled Saudi Arabia's stock market down on Sunday, while Egypt dropped in response to weak global equities and concern about risks to the Chinese economy. Most Gulf markets were subdued.The Saudi index, which had plunged 9.9 percent last week as oil prices slid, fell a further 2.2 percent to 6,091 points, its lowest level since November 2011.In contrast to last week, Saudi petrochemical shares help up well, showing ...

Markets - Equity - Middle East & Africa

Petrochemicals regain some strength in Saudi; Egypt tumbles DUBAI: A return of some strength to beaten-down petrochemical stocks helped support Saudi Arabia's stock market early on Sunday, while Egypt fell sharply because of a shaky outlook for the Chinese economy and global markets. The Saudi index, which had plunged 4.5 percent on Thursday, was down only 0.2 percent in the opening minutes of trade.Top petrochemical producer Saudi Basic Industries was flat while Saudi Kayan rose 0.8 percent. However, underlining expectations for an economic ...