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Last update: Wed, 31 Aug 2016 07am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand weakens on US rate outlook; stocks weaker JOHANNESBURG: The rand fell to its weakest in nearly two weeks against the dollar on Friday, and analysts expect further losses next week if a US rate increase looks more likely or if ratings agencies give negative reviews on South Africa's credit rating. Stocks ended more than 1 percent lower, with media and e-commerce group Naspers among the biggest losers. Mining companies took the most points off the benchmark index. The rand touched a session low of 14.3960 to the dollar, its weakest since mid-November, and was trading down 0.23 percent on the day by 1506 GMT, at 14.3240. Government bonds followed suit, and the yield on debt due in 2026 climbed 4.5 basis points to 8.56 percent. Analysts said the rand had pulled back from 14.4000 after some market players took month-end profit on long dollar positions. The next big push for the dollar is likely to come next ...

Markets - FXMM - Middle East & Africa

South Africa's rand weakens as investors bet on Fed hike, stocks up JOHANNESBURG: South Africa's rand was on the backfoot against the dollar on Thursday, turning in the second-weakest performance in a basket of 25 emerging market currencies offloaded by investors bracing for higher US rates. Stocks ended slightly firmer with bourse heavyweight Anglo American among the biggest gainers as metal prices cruised higher. The rand fell 1 percent to a session low of 14.2900 per dollar, and was 0.9 percent softer at 14.2750 by 1534 GMT, ...

Markets - FXMM - Middle East & Africa

Nigeria naira firmer on unofficial market as central bank tightens forex rules LAGOS: The Nigerian naira strengthened 2.1 percent to 235 per dollar on the unofficial market on Thursday after the central bank moved to enforce documentation requirements on bureau de change operators prior to dollar sales, traders said.In a circular seen by Reuters on Thursday, the central bank asked all bureau de change operators to submit accounts showing their dollar usage at the start of each week before they can access future sales, a move traders ...

Markets - FXMM - Middle East & Africa

Ugandan shilling firm as dollar inflows pick up KAMPALA: The Ugandan shilling was firm on Thursday, buoyed by inflows of foreign exchange from exporters and low corporate demand for dollars.At 0907 GMT commercial banks quoted the shilling at 3,353/3,363, marginally stronger than Wednesday's close of 3,360/3,370."We've been seeing inflows coming in," said Benon Okwenje, trader at Stanbic Bank, adding foreign exchange had come mainly from exporters.Some traders also reported inflows of dollars from offshore investors taking part in this week's Treasury bill auction, ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at dollar sale and on parallel market CAIRO: The Egyptian pound was stable at a dollar sale on Thursday, with the central bank selling $37.1 million at a cut-off price of 7.7301 pounds per dollar, with the currency also steady on the parallel market.Earlier this month the central bank surprised the market by strengthening the pound by 20 piasters from 7.9301 pounds to the dollar.The official cut-off price was unchanged from Sunday's dollar sale, but two traders said the dollar changed hands ...

Markets - FXMM - Middle East & Africa

South Africa's rand weakens as US rate risk rises; stocks flat JOHANNESBURG: South Africa's rand retreated on Wednesday as the dollar rose, lifted by data that fuelled expectations the Federal Reserve will raise US interest rates next month. Stocks ended little changed. Anglo American hit its lowest level in more than 15 years after a brokerage house cut its rating on the stock. Yields on government bonds inched up. The benchmark bond due in 2026 added 0.5 basis points to 8.465 percent. By 1550 GMT, the ...

Markets - FXMM - Middle East & Africa

Kenyan shilling firm, eyes on any central bank action NAIROBI: The Kenyan shilling was steady against the dollar on Wednesday and traders said it would keep moving in a narrow range given prospects of central bank intervention. while shares edged higher.By the 1330 GMT official close, commercial banks posted the shilling at 102.10/20, compared with Tuesday's close of 102.15/25.Traders said the shilling would be stuck in a tight range of 102.00 to 102.50, on concerns the central bank could step in to stop any ...