08282016Sun
Last update: Sun, 28 Aug 2016 05pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Rand flat, Old Mutual weighs on South African shares JOHANNESBURG: South Africa's rand was little changed near 10-month highs on Thursday and gains in the benchmark stock index were limited by losses for Old Mutual shares after weak results and news of a possible delay to its break-up. The currency traded 0.1 percent higher at 13.292 to the dollar. It has gained about 5 percent in the last week after local government elections saw opposition parties make inroads into the ruling African National Congress' majority. But momentum indicators show it has strayed into overbought territory and analysts warn that the election outcome could herald populist policy changes and potential ratings downgrades. "We expect risk aversion to come back. It's a very uncertain economic environment and there is a chance the ratings agencies could flag policy direction after the election," Nedbank senior economist Johannes Khoza said."So we don't expect the strength of the rand to be sustained into the second ...

Markets - FXMM - Middle East & Africa

WEEKAHEAD-AFRICA-FX-Nigeria seen supporting naira, other African currencies steady NAIROBI: Nigeria's central bank is expected to offer support to the naira with foreign exchange sales next week, while the Ghanaian, Kenyan, Ugandan and Tanzanian currencies are expected to hold steady. NIGERIA Nigeria's central bank is expected to continue almost daily sales of foreign exchange next week to ease pressure on the naira as foreign investors stay on the sidelines. On the official market the naira, which opened on Thursday at 320 per dollar, firmed ...

Markets - FXMM - Middle East & Africa

Nigeria's central bank sells dollars LAGOS: Nigeria's central bank sold dollars on Thursday to boost liquidity and help the naira to strengthen against the greenback, traders said.The central bank asked some traders to bid for $1.5 million each, they said, adding that the bank had been selling hard currency since this week. A total of $6.27 million traded on Thursday.The naira, which opened at 320 per dollar, closed at 310 on Thursday. It touched an all-time low of 350 on ...

Markets - FXMM - Middle East & Africa

South Africa's rand at 10-month highs, stocks stumble JOHANNESBURG: South Africa's rand touched a new 10-month high against the dollar early on Wednesday as the greenback sank after weak US productivity data again pushed back expectations of a Federal Reserve rate hike. Local stocks fell, out of step with a global equities rally, as the currency rally took its toll on shares in companies that make most of their money in foreign earnings. Platinum producers bucked that trend after palladium surged overnight to ...

Markets - FXMM - Middle East & Africa

Egypt closes 48 forex bureaus in black market crackdown CAIRO: Egypt's central bank has closed 48 foreign exchange bureaus since the start of the year for trading at black market rates and other violations, banking sources said on Wednesday, as the country tries to end speculation against the Egyptian pound. Egypt has accelerated a crackdown against black market traders it blames for growing pressure to devalue the currency. The dollar is being sold on the black market for about 12.65 to 12.75 Egyptian pounds, ...

Markets - FXMM - Middle East & Africa

Uganda shilling eases slightly after central bank rate cut KAMPALA: The Ugandan shilling weakened slightly on Monday after the central bank slashed its benchmark policy rate by 100 basis points to 14 percent as traders sought to beef up their dollar positions.At 1200 GMT commercial banks quoted the shilling at 3,372/3,382, weaker than Friday's close of 3,365/3,375. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand firmer in quiet trade, stocks inch up JOHANNESBURG: South Africa's rand stretched gains on Monday, still riding the wave of last week's peaceful local government elections and further signs of a delay to interest rate hikes in the United States. Stocks ended slightly higher, with Steinhoff in focus after the retailer announced a surprise $3.8 billion acquisition of a US beds retailer. By 1530 GMT the rand had gained 0.44 percent to 13.6400 per dollar, stretching a rally to its firmest level ...