12052016Mon
Last update: Mon, 05 Dec 2016 01pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand on the back foot in subdued trade, stocks open firmer JOHANNESBURG: South Africa's rand edged down after briefly making gains against the dollar in early trade on Wednesday as the greenback steadied after mixed US data, adding pressure for the battered local currency.US home sales unexpectedly suffered their steepest drop since July 2010 on Tuesday, weighing on dollar sentiment.Separate data showed the world's largest economy's gross domestic product grew in the third quarter.The greenback has since recovered slightly, with the dollar index, which tracks the greenback against a basket of six rival currencies, making small gains, but was still well below a two-week high of 99.294 set on Thursday last week.By 0710 GMT the rand weakened 0.20 percent to 15.1950 per dollar compared to 15.1640, where it closed overnight in New York. "Global headwinds and strong US dollar indirectly weigh on business investment," analysts at NKC African Economics wrote in a note.Trade is expected to be subdued for the remainder ...

Markets - FXMM - Middle East & Africa

South Africa's rand consolidates gains, gold lifts stocks JOHANNESBURG: South Africa's rand firmed on Monday in thin holiday season trade, extending modest gains notched up since calm returned to markets after the fallout over the hiring and firing of finance ministers last week.Stocks also benefited from the calmer mood, with the bourse ending nearly one percent higher. It was also boosted by the gold index, which jumped more than 5 percent as the global price of the metal continued to rise.By 1500 GMT ...

Markets - FXMM - Middle East & Africa

Ugandan shilling strengthens on inflows from NGOs KAMPALA: The Ugandan shilling posted gains on Monday as inflows from non-governmental organisations (NGOs) met with flat dollar demand from corporate firms.At 0834 GMT commercial banks quoted the shilling, which is 16.6 percent weaker against the greenback so far this year, at 3,320/3,330, stronger than Friday's close of 3,350/3,360."The market is receiving normal flows, mostly from NGOs," said Faisal Bukenya, head of market making at Barclays Bank."However, because corporate appetite (for dollars) is low, banks ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at forex sale and on black market CAIRO: The Egyptian pound held steady at an official foreign currency auction on Sunday and on the black market.Egypt, which depends on imported food and energy, is facing a dollar shortage and mounting pressure to devalue the pound. The central bank surprised markets when it strengthened the pound on Nov. 11 by 20 piasters against the dollar.It sold 39.4 million dollars at a cut-off price of 7.7301 pounds to the dollar, unchanged from Thursday.The official ...

Markets - FXMM - Middle East & Africa

Kenya's shilling steady, stocks edge lower NAIROBI: Kenya's shilling was steady on Thursday, hovering near the level of 102.50 to the dollar where the central bank has intervened to support the currency in recent weeks. Shares slipped.At the 1330 GMT close, commercial banks quoted the shilling at 102.35/45, the same as Wednesday's close."There was good demand (for dollars) from all sectors. It was just holding on at 102.50 because of expectations that the central bank will intervene at these levels," said ...

Markets - FXMM - Middle East & Africa

Naira falls to new lows on unofficial market as banks cut dollar limit LAGOS: Nigeria's central bank advised commercial banks to limit how much customers can spend abroad using their debits cards, two executives said on Thursday, in the latest crackdown on dollar demand to save its dwindling foreign reserves.The directive sent the naira to a range of 274 to 280 to the dollar in volatile trades on the unofficial market on Thursday, weaker than Wednesday's 270 naira.On the official interbank market, closed at 196.97 on Thursday.The naira ...

Markets - FXMM - Middle East & Africa

Ugandan shilling weakens on US interest rate rise KAMPALA: The Ugandan shilling was weaker on Thursday due to negative sentiment in the local currency after a rise in US interest rates, traders said.At 0929 GMT commercial banks quoted the local currency at 3,420/3,430, weaker than Wednesday's close of 3,400/3,410."After the Fed rate move, naturally the sentiment toward the shilling had to take a hit," said Shahzad Kamaluddin, a trader at Crane Bank.But Kamaluddin said the shilling's performance after the US rate rise appeared ...