12042016Sun
Last update: Sun, 04 Dec 2016 07pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand firms over ratings, Zuma ANC vote JOHANNESBURG: South Africa's rand firmed to near three-week highs against the dollar and yields on government bonds fell on Monday after rating agencies Fitch and Moody's affirmed the country's investment-grade credit ratings. The market's focus was also on scandal-plagued President Jacob Zuma, who is facing a vote of no-confidence by the ruling party's executive committee. Some analysts said Zuma's hand would be weakened by the challenge even if he survived the vote - as expected - boosting sentiment in financial markets that see him as a liability.Stocks fell led by a sell-off in the resources sector, as the rand's recent strength made companies who earn the lion's share of their revenue outside South Africa, among them mining firms, less attractive.Africa's most industrialised country, forecast to grow by 0.5 percent this year, has been trying to avert a sovereign rating downgrade to junk status that would raise borrowing costs and deter ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms after Fitch, Moody's affirm ratings JOHANNESBURG: South Africa's rand firmed to near three-week highs against the dollar and yields on government bonds fell on Monday after rating agencies Fitch and Moody's affirmed the country's investment-grade credit ratings.Africa's most industrialised country, which is expected to see economic growth of around 0.5 percent this year, has been trying to avert a sovereign rating downgrade to junk status that would raise borrowing costs and deter investment.Fitch and Moody's affirmed South Africa's investment-grade credit ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms, stocks rise in emerging assets recovery JOHANNESBURG: South Africa's rand firmed on Tuesday alongside other emerging market currencies, helped by higher commodity prices and a pause in the rise of the dollar. Stocks also rose in line with emerging markets led by investors buying back into over sold retail and banking shares.At 1500 GMT, the rand traded at 14.1300 per dollar, 0.56 percent firmer from its New York close on Monday. "Pressure on the rand has lessened as medium and long-term ...

Markets - FXMM - Middle East & Africa

South African rand seen range-bound ahead of rates decision, ratings review JOHANNESBURG: The South African rand was a touch firmer against the dollar on Thursday, with traders expecting it to stay in a narrow range ahead of next week's interest rates decision and a credit rating review from Moody's. Stocks also rose, lifted by Africa's largest mobile operator MTN. The benchmark Top-40 index closed 1.3 percent higher at 44,171 points, while the All-Share index gained 1.2 percent to 50,617 points. The rand traded up 0.35 percent ...

Markets - FXMM - Middle East & Africa

Nigeria sells 120bn naira in treasury bills, yields mixed LAGOS: Nigeria sold 119.92 billion naira ($394.21 million) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the central bank showed on Thursday. The bank sold a total of 32.43 billion naira of the 3-month paper at 13.99 percent, broadly unchanged from 14 percent at the last auction on Nov. 2. It sold 22.82 billion naira of 6-month debt at 17.40 percent, down from 17.50 percent at the previous auction, ...

Markets - FXMM - Middle East & Africa

AFRICA-FX-Kenyan, Ugandan shillings seen easing, Zambia's kwacha to firm NAIROBI: The Kenyan and Ugandan shillings are seen weakening in the week to next Thursday, while Zambia's kwacha is seen strengthening, traders said.KENYAThe Kenyan shilling could weaken due to sustained corporate demand outweighing dollar inflows, traders said.At 0750 GMT, commercial banks quoted the shilling at 101.80/102.00 to the dollar, compared with 101.60/70 at last Thursday's close."Corporate demand appears not to have reduced," said a trader from a commercial bank.UGANDAThe Ugandan shilling is seen weakening, hit ...

Markets - FXMM - Middle East & Africa

Egypt's pound strengthens after IMF approves $12bn loan CAIRO: Egypt's pound strengthened on Sunday after the International Monetary Fund approved a $12 billion loan the government hopes will help restore investor confidence and stabilise the currency. The pound traded at 15 to 16 against the dollar at 1:59 p.m. local time (1159 GMT), up from around 16.3 to 16.8 on Thursday, in line with a newfound appetite among investors who saw the stock market enter its 12th straight session of gains. Egypt floated ...