05042016Wed
Last update: Wed, 04 May 2016 03am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand rallies after president ordered to reimburse state JOHANNESBURG: South Africa's rand rallied to its firmest in four months on Thursday, shrugging off mixed data after the country's top court ordered the President Jacob Zuma to repay the state for some upgrades to his private home. Stocks were weaker as some resource companies suffered. "The rand has outperformed pretty much everything today, gains which point to the politics," said Rand Market Bank currency strategist John Cairns.The currency opened on the front foot following a global rally of emerging assets, then raced to its firmest since the sacking of the finance minister in December, after the Constitutional Court said Zuma was liable for a portion of the 240 million rand ($16 million) spent on renovating the residence. By 1600 GMT the rand gained 1.5 percent to 14.7200 per dollar. Bonds also firmed, with the benchmark 2026 yield falling 6 basis points to 9.125 percent, extending price gains to near ...

Markets - FXMM - Middle East & Africa

South Africa's rand firmer, stocks set to open lower JOHANNESBURG: South Africa's rand firmed against the dollar early on Thursday, holding on to its 3-1/2 month high against the greenback, as receding worries of near-term U.S. interest rate hikes buoy investors' appetite for riskier asset.At 0654 GMT, the rand traded at 14.9100 per dollar, 0.23 percent firmer from Wednesday's New York of 14.9445.The currency rallied to its best since mid-December on Wednesday after emerging markets were buoyed by Federal Reserve chair Janet Yellen's comments ...

Markets - FXMM - Middle East & Africa

Ugandan shilling holds steady due to weak consumer spending KAMPALA: The Ugandan shilling was stable on Wednesday as weak consumer spending weighed on importer appetite for hard currency.At 0944 GMT, commercial banks quoted the shilling at 3,365/3,375, unchanged from Tuesday."People are conservative in terms of spending which is limiting (dollar) demand by importers," said David Bagambe, trader at Diamond Trust Bank. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Nigeria to raise 219 billion naira in Treasury bills LAGOS: Nigeria plans to raise 218.89 billion naira ($1.10 billion) in short-dated treasury bills on April 7, the central bank said on Wednesday. The bank said it will sell 55.40 billion naira of three-month and 33.49 billion naira of six-month bills and 130 billion naira of one-year debt, using the Dutch auction system. The results of the auction are expected to be released on Thursday. According to the central bank's issuing calendar for treasury bills, ...

Markets - FXMM - Middle East & Africa

South Africa's rand rallies to 3-1/2 month high after Yellen's dovish comments JOHANNESBURG: South Africa's rand rallied to a 3-1/2 month high against the US dollar on Wednesday and government bonds firmed after Federal Reserve chair Janet Yellen said the U.S. central bank should be cautious in raising interest rates.The rand has been under pressure since Dec. 9 after President Jacob Zuma fired respected finance minister Nhlanhla Nene and replaced him with an unknown backbencher, triggering a dramatic sell-off in the currency.Although Zuma rescinded his decision within ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms, stocks weaken JOHANNESBURG: South Africa's rand gained on Tuesday following the long Easter weekend, rising alongside other emerging currencies as risk sentiment recovered ahead of a speech by US Federal Reserve Chair Janet Yellen. Stocks were weaker, with Anglo American weighing on the local bourse as a lower global oil price hit other resources. By 1645 GMT the rand gained 0.5 percent to 15.3820 per dollar, marching to its firmest level in nearly a week after the ...

Markets - FXMM - Middle East & Africa

Egyptian pound weakens to record against the dollar on black market CAIRO: The Egyptian pound fell to an unprecedented low on the black market on Monday, five traders said, as hard currency demand rises in the dollar-starved economy.Egypt, which relies heavily on imports, has faced a shortage of foreign currency since a popular uprising in 2011 drove away many tourists and foreign investors.A black market for dollars has sucked up liquidity from the banking system and put a strain on the country's foreign reserves, while the ...