05052016Thu
Last update: Thu, 05 May 2016 09pm

Middle East & Africa

Markets - Equity - Middle East & Africa

Saudi up as oil steady around $40; Egypt jumps after central bank move DUBAI: Petrochemical stocks boosted Saudi Arabia's stock market in early trade on Thursday, while Egypt shares jumped more than 2 percent in robust volume after the central bank acted to improve dollar supplies to the economy.Riyadh's index gained 0.8 percent as oil prices steadied over $40 a barrel. PetroRabigh added 1.4 percent after the company said it would book around 750 million riyals ($200 million) in sales revenue this year with the full start-up of its expanded ethane cracker.Mouwasat Medical Services climbed 3.7 percent after it signed an agreement with oil giant Saudi Aramco to provide healthcare services for another two years. According to a bourse statement, the new contract's revenue will rise by at least 10 percent. Over the past five years, yearly revenue from Aramco averaged about 184 million riyals. The retail sector, which took a hit on Wednesday after major electronics retailer Jarir Marketing warned that its ...

Markets - Equity - Middle East & Africa

Saudi pulls back as retailers slide; Egypt moves little DUBAI: Saudi Arabia's stock market fell early on Wednesday as retailers dropped following a negative sales forecast by one of them, while Egypt's bourse moved little amid uncertainty over the currency and interest rates. The Saudi index dropped 0.8 percent in the first 15 minutes of trade as Jarir Marketing sank 7.2 percent after warning late on Tuesday that its sales would plunge by as much as 30 percent year-on-year in the first quarter of ...

Markets - Equity - Middle East & Africa

Gulf stock rises with oil over $40; foreigners buy in Egypt DUBAI: Most stock markets in the Gulf rose on Tuesday after oil prices firmed above $40 a barrel, while Egypt climbed as foreign investors accumulated shares.While many regional fund managers believe Gulf stock markets could still be pressured this year by further squeezes in corporate earnings, as governments continue to tighten fiscal policy, for now investors are focusing on the idea that the worst is over for oil prices.Riyadh's stock index added 0.7 percent in ...

Markets - Equity - Middle East & Africa

South Africa's stocks rise on Old Mutual bid talk, rand firmer JOHANNESBURG: South African stocks firmed for a fifth session on Monday as Old Mutual jumped on reports that it was mulling a split of its assets, while resources and the rand rallied on assurances from China that its economy would not lose steam.Shares in Old Mutual jumped more than 12 percent in early trading after weekend reports that the firm, which has its primary listing in London, was working on a plan to split itself ...

Markets - Equity - Middle East & Africa

Gulf climbs on oil hopes, Egypt slowed by monetary fears DUBAI: Most Gulf stock markets rose on Thursday, buoyed by firm oil prices, while Egypt edged up but was again restrained by worries about a possible interest rate rise, a currency devaluation or both.A decision by Saudi Arabia to raise oil prices to its main customers in Asia contributed to a sense that crude may finally have bottomed out. Also, purchasing managers' indexes released on Thursday showed non-oil business activity in Saudi Arabia and the ...

Markets - Equity - Middle East & Africa

South African stocks at 3-month high on commodities rally, rand weakens JOHANNESBURG: South African shares leapt to three-month highs on Thursday, tracking global markets as a recovery in commodities lifted risk appetite globally, but the rand fell on renewed bets of a rate hike in the United States.Platinum producer Lonmin ended 24 percent firmer at 28 rand after it announced more than 5,000 workers had left the firm as the struggling firm attempts to restructure to cope with depressed prices.Rival Impala Platinum's stock rose 15 percent ...

Markets - Equity - Middle East & Africa

South Africa's stocks hit highest level in 2016, rand flat JOHANNESBURG: South African stocks rose to their highest level this year on Wednesday as furniture group Steinhoff climbed on news that its Conforama unit was considering a counter bid for a top European retailer. The rand was flat as risk appetite subsided. Johannesburg-listed shares of Steinhoff added 3.45 percent to 87.75 rand as it prepared to compete with Fnac's agreed offer to buy Europe's No. 3 electrical goods retailer Darty."Steinhoff remains aggressive with regards to ...