05272016Fri
Last update: Fri, 27 May 2016 07am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South African bonds, rand weaken on finance minister arrest report JOHANNESBURG: South Africa's rand hit a two-month low against the dollar and government bonds weakened sharply on Monday after a newspaper report, denied by the government, that Finance Minister Pravin Gordhan faces arrest. The police and the presidency also dismissed the Sunday Times article, which cited unnamed sources saying Gordhan would be arrested in a case related to the activities of a spy unit formed when he headed the tax revenue agency.But the rand traded at 15.4880 versus the dollar, 0.51 percent weaker from Friday's New York close. The unit hit 15.6800 per dollar before trade in Johannesburg opened, its weakest level since March 17, according to Thomson Reuters data.At 0850 GMT, the yield for the benchmark government bond due in 2026 was up 9.5 basis points at 9.295 percent, after jumping as much as 17 basis points in early trade.Shares rose took some strength from mining stocks boosted by ...

Markets - FXMM - Middle East & Africa

Kenya shilling stable, seen easing on manufacturer dollar demand NAIROBI: The Kenyan shilling held steady against the dollar on Friday, but was seen under pressure due to demand from manufacturers and importers, traders said.At 0902 GMT, commercial banks quoted the shilling at 100.50/60, compared with 100.55/65 at Thursday's close. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand weakens as US rate hike bets lift dollar JOHANNESBURG: South Africa's rand fell 1 percent against the dollar on Friday, mainly reflecting the greenback's broadbased gains as investors speculated that US interest rates were still on track to rise this year. The rand hit a session trough of 15.2000/dollar, and was down 0.86 percent on the day at 15.1780 by 1020 GMT. Some of its losses came after Standard & Poor's said it was concerned about South Africa's dismal economic growth and its ...

Markets - FXMM - Middle East & Africa

Nigerian naira extends losses as speculators take position LAGOS: Nigeria's naira extended its losses against the greenback on Friday amid a jump in demand for dollars by oil importers and speculation of central bank moves to make the exchange rate more flexible, traders said. The local currency slipped to 345 to the dollar on the parallel market in early trade, down 1.2 percent compared with the previous day's closed. "More speculators are taking a position in the market, causing dollar scarcity and fall ...

Markets - FXMM - Middle East & Africa

South Africa's rand, stocks fall as economic growth concerns weigh JOHANNESBURG: South Africa's rand weakened against the dollar on Thursday and stocks fell as domestic growth concerns rattled sentiment towards the continent's most industrialised economy. At 1522 GMT, the rand traded at 15.0860 per dollar, 0.33 percent weaker from Wednesday's New York close. Official data showed that manufacturing production shrunk 2 percent in March and mining output plunged by 18 percent - the most on record. On Tuesday the rand had tumbled to its weakest ...

Markets - FXMM - Middle East & Africa

Nigeria's naira falls 1.25pc on parallel market after fuel hike LAGOS: Nigeria's naira currency weakened 1.25 percent to 324 to the dollar on the parallel market on Thursday after the West African country raised gasoline prices by 67 percent, traders said. "People are holding on to their dollars in anticipation of an increase in demand for dollar by oil importers," said Aminu Gwadabe, head of the bureaux de change operators association.On Wednesday, the government said fuel importers were from now on allowed to get dollars ...

Markets - FXMM - Middle East & Africa

South Africa's rand recoups losses, commodities buoy shares JOHANNESBURG: South Africa's rand firmed against the dollar on Wednesday as the dollar weakened globally but the local currency remained vulnerable due to weak domestic economic growth. Stocks also gained with mining shares among the biggest gainers as prices of commodities such as bullion cruised higher. At 1553 GMT, the rand traded at 15.0235 per the dollar, 0.67 percent firmer from Tuesday's New York close, erasing earlier losses as the greenback eased on profit-taking.Profit-taking hit ...