09282016Wed
Last update: Wed, 28 Sep 2016 01pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand slips as investors bet on US rate rise JOHANNESBURG: South Africa's rand retreated further against the dollar on Wednesday as risk sentiment switched, with investors now seeing a greater chance of rate rises in the United States. Stocks were little changed despite sharp gains by Naspers after its Chinese investment Tencent Holdings reported higher profits. By 1549 GMT, the rand had weakened 0.63 percent to 13.4890 per dollar, its weakest level in two sessions, slipping further away from technical resistance around 13.3000. The rand barely moved after June retail sales registered slower than expected growth, again raising fears that Africa's most industrialised economy may contract for a second consecutive quarter after shrinking 1.2 percent in the first.Retail sales rose 1.7 percent year-on-year in June, according to Statistics South Africa data on Wednesday, much slower than the 3.8 percent expansion predicted by a Reuters poll of analysts. Retail sales grew 4.5 percent in May. Government bonds edged lower with ...

Markets - FXMM - Middle East & Africa

Egyptian pound stable at regular dollar sale, stronger on black market CAIRO: Egypt's central bank held the pound steady against the dollar at its regular foreign currency sale on Tuesday, as the currency strengthened slightly on the black market. The bank sold $118 million at the unchanged rate of 8.78 per dollar. Egypt is facing an acute dollar shortage which saw its foreign reserves fall to $15.5 billion in July, near a critical level that would cover only three months worth of imports. A widening gap ...

Markets - FXMM - Middle East & Africa

South Africa's rand retreats in volatile trade, stocks flat JOHANNESBURG: The rand retreated on Tuesday with a recent rally running out of steam as the currency failed to break a signficant technical resistance level and despite favourable risk conditions globally due to an anticipated delay to US interest rate hikes. Stocks were fractionally higher, with a share buy-back in South Africa-based investment company, Brait, offsetting the impact of a slump in gold mining group AngloGold Ashanti shares on news of a stake sale.By 1520 ...

Markets - FXMM - Middle East & Africa

Rand resumes rally, shares led lower by resource sector JOHANNESBURG: South Africa's rand firmed on Monday, resuming the previous week's rally as commodity-linked currencies globally attracted investors hungry for higher-yield assets in the face of fading chances of US interest rate hikes. The bourse was lower, as the firmer currency hurt resource stocks that rely on a weaker rand to boost export earnings. By 1545 GMT the rand had gained 1.45 percent to 13.2845 per dollar, compared to its Friday close at 13.4800 in ...

Markets - FXMM - Middle East & Africa

South Africa's rand ends week up 3 percent, stocks gain JOHANNESBURG: South Africa's rand firmed on Friday, taking gains for the week to almost 3 percent on rising investor confidence in Africa's biggest economy and the political environment. By 1520 GMT the rand had advanced 0.44 percent to 13.469 per dollar, just off a 10-month high, with further gains on the horizon as investors search for high yielding assets. Upbeat South African manufacturing data on Thursday, a buoyant gold price and growing risk appetite for ...

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' ...

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 ...