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Middle East & Africa


Nigerian stocks gain, naira falls on dollar shortage LAGOS: Nigerian stocks gained almost two percent in early trade on Monday, while the local currency weakened on the parallel market amid a shortage of dollars. The Nigerian stock index gained 1.73 percent to 30,202 points, lifted by rising prices of banking, breweries, cement and petroleum shares. The naira fell 0.67 percent on the unofficial market on concern about possible devaluation of the naira in the weeks ahead. It was quoted at 224 to the naira compared with a closing 222.50 per dollar on Friday at bureaux de change. The currency was trading at 197.50 to the dollar on the official interbank market, slightly weaker than the 197 to the dollar pegged rate where it has closed since February, when the central bank introduced exchange controls in the forex market. Dangote Cement, Nigeria's biggest listed company, rose 0.3 percent to 168 naira. The local unit of Diego, Guinness Nigeria , ...

Egypt up after govt reshuffle; Gulf falls alongside oil DUBAI: Most Gulf stock markets fell on Sunday, tracking oil prices, while Egypt rose after the country's oil minister, a successful reformer, was asked to form a new government.The Cairo index climbed 0.6 percent with most stocks positive after President Abdel Fattah al-Sisi on Saturday asked Oil Minister Sherif Ismail to name a new cabinet.The government had submitted its resignation shortly after authorities arrested Egypt's agriculture minister over corruption allegations.Ismail will likely be appointed prime ...
Saudi Arabian and Egyptian markets ease DUBAI: Stock markets in Saudi Arabia and Egypt fell in early trade on Thursday, tracking regional and global equities. Saudi Arabia's main stock index fell 0.8 percent with most stocks in the red. National Commercial Bank, the kingdom's biggest lender, was the main drag, sliding 1.7 percent. Rating agency Fitch said on Wednesday it expected some deterioration in Saudi banks' asset quality, particularly in the contracting and construction sector, and also in retail portfolios over ...
Saudi index flat, Egypt dips DUBAI: Saudi Arabia's stock market was flat in early trade on Tuesday as retreating shares in food company Savola offset gains elsewhere, while the Egyptian bourse fell after negative comments from one of the country's wealthiest businessman. The main Saudi index was unchanged as Savola's gave up the previous day's gains. Its shares were down by 1 percent, having jumped by 4 percent on Monday after Bloomberg reported that it has joined with Singapore's Temasek ...
Weak currencies double pain for frontier African stock investors JOHANNESBURG: African stocks look set to break a four-year winning run in 2015 with faltering currencies in markets such as Ghana, Nigeria and Zambia adding to the pain for foreign investors. The MSCI Africa index was among the world's best performers over the last five years as investors bought into the 'Africa Rising' story of an increasingly prosperous middle class. But the index, which excludes South Africa and includes three North African markets, is on ...
Gulf up on Saudi reassurance, M&A talk; Egypt slides DUBAI: Most Gulf bourses edged up on Monday on mostly positive domestic news, shrugging off weaker oil prices, while Egypt fell after a string of announcements that dampened investor sentiment.The main Saudi stock index rose 0.7 percent and food maker Savola Group was one of the main supports, surging 4.0 percent.Savola has joined with Singapore's Temasek Holdings to bid for Kuwait Food Co (Americana), Bloomberg reported on Sunday, quoting unnamed sources.A series of potential suitors ...
Gulf consolidates, Egypt jumps as global backdrop improves DUBAI: Gulf stock markets consolidated on Thursday after oil prices and global equities steadied, while Egypt jumped on strong economic data and corporate news.Oil moved little on Thursday and Brent crude held above $50 a barrel, stronger than it was when most Gulf stock markets closed on Wednesday. Meanwhile, European stock indexes rose and emerging markets were steady as volatile Chinese markets were closed for holidays.This allowed Saudi Arabia's main stock index to edge up ...


Index Closing Chg%
Arrow DJIA 16,790.19 0.08
Arrow Nasdaq 4,748.36 0.69
Arrow S&P 1,979.92 0.36
Arrow FTSE 6,326.16 0.43
Arrow DAX 9,902.83 0.90
Arrow CAC-40 4,660.64 0.95
Arrow Nikkei 18,186.10 1.00
Arrow H.Seng 21,831.62 0.10
Arrow Sensex 26,932.88 0.55

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln