09282016Wed
Last update: Wed, 28 Sep 2016 08am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand, stocks slip ahead of elections JOHANNESBURG: South Africa's rand lost some ground against the US dollar on Tuesday with traders taking a cautious stance ahead of local government elections on Wednesday and global economic data later in the week. Stocks slipped to an almost two-week low on Tuesday with financials among the biggest decliners on the index but gold mining companies kept the downside momentum in check. At 1500 GMT, the rand traded at 13.9650 per dollar, 0.33 percent softer from its New York close on Monday. South Africa holds local elections on Wednesday when financial markets will remain closed and opinion polls suggest the ruling African National Congress party is in a close race for votes in major cities it has held since the end of apartheid rule 22 years ago. "With the focus on the impending local municipal elections tomorrow, market participants understandably cautious, post that focus will be on the Bank of ...

Markets - FXMM - Middle East & Africa

South Africa's rand retreats, stocks end higher as financials climb JOHANNESBURG: South Africa's rand retreated on Monday, surrendering recent gains as some investors cashed in profits from the previous week's rally to nine months highs. Stocks were higher, buoyed mostly by financials shares. By 1530 GMT the rand had slipped 0.22 percent to 13.9200 per dollar, compared to a close at 13.8900 in New York on Friday. Traders said the rand was likely to resume gains into the week given the current low yield environment ...

Markets - FXMM - Middle East & Africa

Egyptian pound firms on black market after IMF loan announcement CAIRO: The Egyptian pound strengthened on the black market on Thursday, two days after the government announced it was in talks to secure a $12 billion IMF loan package that could ease a dollar shortage and bring economic reforms. Egypt announced on Tuesday it was in the final stages of negotiations with the International Monetary Fund for a three-year loan package to plug a funding gap and stabilise markets.Facing a dollar shortage since a 2011 ...

Markets - FXMM - Middle East & Africa

South Africa's rand up and stocks down as SABMiller slips JOHANNESBURG: South Africa's rand strengthened against the dollar on Thursday in a broad rally by emerging assets after the US central bank left interest rates unchanged on Wednesday.Stocks ended lower with SABMiller slipping after the brewer paused the integration of its businesses with those of its acquirer AB InBev. By 1600 GMT, the rand had gained 0.5 percent to 14.1875 per dollar, shaking off lukewarm unemployment data to resume a forward run that traders bet ...

Markets - FXMM - Middle East & Africa

Nigerian naira hits all-time low of 334.50 per dollar ABUJA: Nigeria naira weakened to an all-time low of 334.50 against the dollar on the interbank market on Wednesday, a day after the central bank hiked interest rates to try to lure foreign investors back into local assets, traders said.The naira fell 5.8 percent on Wednesday from its opening rate, and $10 million was traded at the new record low.Traders said investors were pushing the currency lower to test the limit of how far it ...

Markets - FXMM - Middle East & Africa

South Africa's rand flat in cautious trade ahead of Fed JOHANNESBURG: South Africa's rand was largely unchanged on Wednesday ahead of a central bank decision on interest rates in the United States that investors will watch closely for hints on the future pace of policy easing by the Federal Reserve.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South African rand weaker as risk appetite wanes; retailers buoy stocks JOHANNESBURG: South Africa's rand retreated on Monday as a stronger dollar boosted by revived bets of an interest rate hike in the United States dented risk appetite, while stocks rose lifted by retailers.By 1530 GMT the rand had weakened 0.7 percent to 14.3980 per dollar, falling for a second successive session after failing to hold a breach of technical resistance around 14.20 in the previous week.With relatively low trade volumes in the session, the retreat ...