01222017Sun
Last update: Sun, 22 Jan 2017 03pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Uganda shilling hit by manufacturers, energy firms seeking dollars KAMPALA: The Ugandan shilling extended its losses on Monday, hurt by demand for foreign exchange from manufacturers and energy firms.At 1101 GMT, commercial banks quoted the shilling at 3,475/3,485 to the dollar, weaker than Friday's 3,445/3,455 close. The shilling is 20.5 percent weaker so far this year."The depreciation pressure is being driven by demand from manufacturing and energy firms," said Faisal Bukenya, head of market making at Barclays Bank. Firms wanted dollars to meet outstanding payment obligations for the year, he added.Some foreign-owned companies were buying dollars as they prepared for 2015 dividend payments, traders said.Confidence in the shilling has also sagged as investors hedge against the impact of a possible interest rate hike by the US Federal Reserve this week. A rate rise could spur investors to move away from riskier emerging market assets. Copyright Reuters, 2015 ...

Markets - FXMM - Middle East & Africa

South Africa's rand, stocks gain after Gordhan named as finance minister JOHANNESBURG: South Africa's rand leapt on Monday after President Jacob Zuma named Pravin Gordhan as finance minister, seeking to draw a line under days of market turmoil that have triggered calls for him to stand down as leader.Zuma appointed the widely respected Gordhan late on Sunday, his second stint in the job, in a dramatic U-turn that gave Africa's most industrialised economy its third finance minister in less than a week.Fallout from the sacking last ...

Markets - FXMM - Middle East & Africa

Ugandan shilling weakens due to interbank dollar demand KAMPALA: The Ugandan shilling fell sharply on Friday, hurt by strong dollar demand by banks looking to cover short positions. At 0947 GMT commercial banks quoted the shilling at 3,410/3,420, against Thursday's close of 3,365/3,375. "There was a lot of speculative (dollar) demand mainly in the interbank," said Shahzad Kamaluddin, a trader at Crane Bank. "Players are expecting a rebound in appetite by firms for the coming dividend payments that prompted short position covering." Sentiment ...

Markets - FXMM - Middle East & Africa

South African rand hits record low, bank stocks plummet on finmin sacking JOHANNESBURG: South Africa's rand weakened to a new record low on Friday, slumping more than 3 percent in a sell-off by investors after this week's dismissal of the finance minister, while stocks fell, with banks taking the biggest hit. President Jacob Zuma sacked Nhlanhla Nene late on Wednesday in favour of a relatively unknown lawmaker David van Rooyen, unnerving investors in an ailing economy whose 'investment grade' status is already at risk. By 1055 GMT ...

Markets - FXMM - Middle East & Africa

Nigeria tightens rules for retail bureaux de change, naira falls LAGOS: Nigeria's central bank on Friday revised the rules for operating retail bureaux de change in a bid to tighten regulation to curb speculation after the long slide in oil prices hit its dollar reserves and currency. The naira was trading at a new low of 260 to the dollar among most retail money exchange operators on Friday as against 255 on Thursday. On the official interbank market, it traded at 199 at 1227 GMT, ...

Markets - FXMM - Middle East & Africa

Kenyan shilling flat; main stock index falls NAIROBI: Kenya's shilling was unchanged on Thursday, with corporate demand for dollars subdued ahead of the Christmas holidays.At the 1330 GMT market close, the shilling was quoted at 101.80/101.90 to the dollar, unchanged from Wednesday's close."It's been fairly stable, not much activity," said one Nairobi-based trader." Holiday mood is kicking in so people are mostly staying out of the markets."In the stock market, the benchmark NSE20 share index declined, losing 16.35 points, or 0.4 percent, ...

Markets - FXMM - Middle East & Africa

Ugandan shilling weaker as banks, energy buy dollars KAMPALA: The Ugandan shilling ceded ground on Thursday, hurt by dollar demand from commercial banks and energy importers. At 0930 GMT commercial banks quoted the shilling at 3,320/3,330, weaker than Wednesday's close of 3,305/3,315. David Bagambe, trader at Diamond Trust Bank, said the shilling had strengthened recently which prompted institutions to start covering their short dollar positions. "That has spurred (dollar) buying pressure from commercial banks and corporates in the energy sector," said Bagambe. Bagambe ...