05252016Wed
Last update: Wed, 25 May 2016 02am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand weakens on growth worries, Capitec leads stocks down JOHANNESBURG: South Africa's rand stumbled 2 percent to its weakest in more than three weeks against the dollar on Wednesday, hit by concerns about the ailing economy.Stocks inched lower as low-income group lender Capitec Bank said it had been sued for allegedly offering short-term unsecured loans that amounted to "reckless credit".The rand hit a session trough of 14.9450, its softest since April 11 according to Thomson Reuters data. By 1620 GMT it was still down 1.7 percent on the day at 14.8950, the worst performance in a basket of emerging market currencies.The rand took the brunt of a general sell-off in riskier assets due to worries about a global economic downturn.South Africa's own economy is also struggling to grow, and Finance Minister Pravin Gordhan on Wednesday singled this out as a pressing challenge for the government."The rand will likely remain a proxy both for emerging market currencies and risk-aversion, and ...

Markets - FXMM - Middle East & Africa

Nigeria to raise 105bn naira bonds on May 11 LAGOS: Nigeria plans to raise 105 billion naira ($527.90 million) in local currency denominated bonds on May 11, the Debt Management Office (DMO) said on Wednesday. The office said it will sell 50 billion naira of a bond maturing in 2036, 40 billion of paper maturing in 2026 and 15 billion of debt maturing in 2020, using the Dutch auction system. Results of the auction are expected to be released on the following day. All ...

Markets - FXMM - Middle East & Africa

Egyptian pound stable at Tuesday's auction, weaker on black market CAIRO: The Egyptian pound was stable at a central bank auction on Tuesday but weakened on the black market. The central bank sold $119.6 million a 8.78 per dollar, far from the black market rate of around 11.05 per dollar that two traders quoted on Tuesday. They did not give volumes of trade. Last week, traders on the black market quoted 10.40/10.50 to the dollar.The United Arab Emirates has allocated $4 billion to Egypt, half ...

Markets - FXMM - Middle East & Africa

South Africa's rand weakens on import demand, stocks fall JOHANNESBURG: South Africa's rand fell as much as 1.4 percent against the dollar on Tuesday, weighed down by a combination of global risk aversion and a surge in domestic corporate import demand following a public holiday on Monday. Government bonds followed suit, with the yield for the 2026 benchmark climbing 10 basis points to 9.075 percent. The rand hit a session low 14.4820 to the greenback, the weakest it has been since April 28, and ...

Markets - FXMM - Middle East & Africa

South Africa's rand firmer, stocks set to open higher JOHANNESBURG: South Africa's rand firmed slightly against the dollar early on Tuesday, edging back towards five-month highs hit on Friday as investors positioned for a slew of domestic and foreign economic data. At 0645 GMT, the rand traded at 14.2550 versus the dollar, up 0.18 percent from Monday's New York close.The rand hit 14.1165 on Friday, its strongest since November 25, lifted by a broadly weaker dollar, strong trade data and a court ruling against ...

Markets - FXMM - Middle East & Africa

Nigeria's forex reserves fall 2.68pc to $27.14bn in April LAGOS: Nigeria's foreign exchange reserves fell by 2.68 percent to $27.14 billion as of April 27 from a month ago, when they were 27.87 billion, central bank data showed on Friday. The reserves declined by 5.55 percent from $29.51 billion a year ago. A plunge in oil prices has eaten into the foreign reserves of Africa's biggest economy, with the central bank adopting fixed exchange rate to protect further depletion of its reserves. Copyright Reuters, ...

Markets - FXMM - Middle East & Africa

South Africa's rand races to firmest in a week, stocks inch up JOHANNESBURG: South Africa's rand resumed a recent rally on Thursday, racing to a one-week high as emerging currencies lapped up the return of risk appetite after a string of disappointing data releases from the United States.Stocks inched up, buoyed by mining shares as the Fed's decision boosted gold and platinum prices. By 1600 GMT the rand had gained 1 percent to 14.2900 per dollar, the unit's firmest level since April 21. Government bonds were also ...