02082016Mon
Last update: Mon, 08 Feb 2016 02am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand firm, stocks snap four day losing streak on China stimulus hopes JOHANNESBURG: South Africa's rand firmed on Tuesday, by as much as 1-1/2 percent at one stage, after data showing China's economy grew at its weakest pace in nearly seven years fuelled hopes that Beijing would unleash more stimulus policies.South African stocks snapped four straight days of losses, buoyed by the hopes of fiscal stimulus in China, which cheered emerging markets across the board.At 1530 GMT the rand had firmed 0.55 percent to 16.7450 per dollar, pulling back slightly after rallying as far 16.5750 earlier in the session.In the absence of local data South African markets, like fellow emerging economies reliant on exporting to China, fed off growing expectations that more monetary easing measures were imminent from the world's no.2 economy.Ricardo Da Camara, market analyst at ETM Analytics, said China's stimulus measures have been one of the "key risk topics on everybody's radar" as investors fret over the health of Beijing's ...

Markets - FXMM - Middle East & Africa

Kenyan shilling eases on low interbank rates, stocks up NAIROBI: The Kenyan shilling was lost ground against the dollar on Tuesday, hurt by a drastic fall in interbank lending rates which have lead to looser liquidity in the market. Stocks were up slightly.At 1330 GMT, commercial banks posted the shilling at 102.40/50, a touch weaker than Monday's closing rate of 102.35/45."Low interbank rates have increased liquidity and make it easier to short the local currency," said a trader at a commercial bank. The weighted ...

Markets - FXMM - Middle East & Africa

South Africa's rand and bonds firm on hopes of China stimulus JOHANNESBURG: South Africa's rand gained more than one percent against the dollar on Tuesday on hopes for a stimulus in China after its economy grew in the fourth quarter of 2015 at its weakest pace in nearly seven years.There was a growing expectation that more monetary easing measures were imminent, improving sentiment in China's stock markets during the afternoon sessionThe rand firmed 1.34 percent to 16.6250 by 0933 GMT.Ricardo Da Camara, market analyst at ETM ...

Markets - FXMM - Middle East & Africa

Ugandan shilling weakens after a central bank liquidity injection KAMPALA: The Ugandan shilling weakened on Tuesday, hurt by an injection of liquidity into the interbank market by the central bank.At 0918 GMT commercial banks quoted the shilling at 3,470/3,480, weaker than Monday's close of 3,465/3,475."Banks are taking positions after an injection of liquidity by the central bank," said Ahmed Kalule, trader at Bank of Africa, referring to the central bank's Tuesday injection of 166 billion shillings ($47.84 million) via a seven-day reverse repo.Kalule said ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at forex sale, on black market CAIRO: Egypt's central bank kept the pound steady against the dollar at its official foreign currency auction on Tuesday, and the currency also held steady on the black market.Egypt, which depends on imported food and energy, is facing a dollar shortage and increasing pressure to devalue the pound.The central bank surprised markets when it strengthened the pound on Nov. 11 by 20 piasters against the dollar and has bucked expectations by holding it steady ever ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms as investors trim long dollar positions JOHANNESBURG: South Africa's rand gained against the dollar early on Tuesday and could continue to benefit from investors culling their long dollar positions after a recent heavy sell-off.The JSE securities exchange's Top-40 futures index was up 1.1 percent, suggesting the local bourse would open more than 470 points higher at 0700 GMT.At 0755 GMT the rand was at 16.7400 to the dollar, up 0.65 percent from Tuesday's close at 16.8500."There does seem to be an ...

Markets - FXMM - Middle East & Africa

South Africa's rand recovers, stocks dip as European shares fall JOHANNESBURG: South Africa's rand firmed on Monday as intervention by China's central bank in the yuan currency helped ease global investor aversion toward emerging market assets in trade thinned by a holiday in the United States.Stocks inched lower on Monday to end just in the red as a rebound in European shares fizzled after the European Central Bank (ECB)said it would quiz euro zone lenders about high levels of bad loans.By 1625 GMT the rand ...