08252016Thu
Last update: Thu, 25 Aug 2016 11pm

Middle East & Africa

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 rules were announced on Wednesday. "The market is reflecting a positive outlook for the banking sector in view of the new policy. Investors anticipate that banks would be able to convert the opportunity to increase profitability," stock broker Rasheed Yusuf said. On Wednesday the central bank said it would begin market-driven foreign currency trading next week, abandoning its 16-month peg against the dollar, which has harmed investments and dried up banks' currency dealing.The central bank ...

Markets - Equity - Middle East & Africa

Gulf wilts in early trade as Brexit risk saps sentiment DUBAI: Stock markets in the Gulf edged down in early trade on Thursday after international bourses and oil markets slipped, partly because of fears that Britain might leave the European Union in next week's referendum.Local day traders sold speculative Saudi Arabian shares. The insurance sector dropped 0.8 percent and was the main drag on Riyadh's index, which had edged down 0.3 percent after an hour of trade.Dar Al Arkan, which soared last week on hopes ...

Markets - Equity - Middle East & Africa

Naspers leads as South African stocks snap losses, rand steadies JOHANNESBURG: South African stocks snapped a five-day losing streak on Wednesday, partly due to investors chasing bargains, with Naspers among the top gainers after the media and e-commerce firm flagged higher earnings. The rand recouped some of the previous day's heavy losses against the dollar, although traders did not anticipate any substantial gains in coming sessions, with recent data pointing to lethargic output in Africa's most developed economy. The All-Share index ended up 1.23 percent ...

Markets - Equity - Middle East & Africa

Nigerian shares up 3.17pc as stock market welcomes new FX policy LAGOS: Nigerian shares jumped 3.17 percent as the stock market welcomed the central bank's new forex policy designed to improve dollar liquidity, abandoning its 16-month naira peg which has harmed the economy. Copyright Reuters, 2016 ...

Markets - Equity - Middle East & Africa

Saudi drops after MSCI disappointment; Egypt sinks DUBAI: Saudi Arabia's stock market led falls in the Gulf on Wednesday after MSCI decided not to consider the country for emerging market status, while Egypt fell sharply as blue chip Orascom Telecom Media continued sliding. In its annual classification review, MSCI praised market reforms announced by Saudi authorities but did not set a date for a review that could place the country in its emerging market index. It said that once implemented by mid-2017, ...

Markets - Equity - Middle East & Africa

Gulf mixed, Saudi firm after MSCI disappointment DUBAI: Gulf stock markets were narrowly mixed in early trade on Wednesday with Saudi Arabia holding up despite disappointing news that MSCI did not put the country on a list for possible reclassification to emerging market status.The Saudi index edged up 0.2 percent in the first half-hour of trade as Saudi Electricity, which has surged this week on news of a novel financing method for two planned solar power plants, gained a further 0.3 percent.In ...

Markets - Equity - Middle East & Africa

Gulf firms but volumes low as investors await MSCI DUBAI: Gulf stock markets rose on Tuesday but many investors stood on the sidelines before MSCI's decision later in the day on whether it would consider Saudi Arabia for inclusion in its emerging markets index. International index compiler MSCI is to announce after the close on Tuesday whether it will put Saudi Arabia on review for possible inclusion as early as mid-2017. Inclusion would bring billions of dollars of passive foreign funds into the market, ...