10022016Sun
Last update: Sun, 02 Oct 2016 03am

Middle East & Africa

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 could push the unit to its firmest since early December. South Africa's jobless rate inched lower in the second quarter to 26.6 percent on quarterly basis, but rose sharply year-on-year with over 400,000 more people unemployed. High yield assets and commodities, considered a hedge against a low-return environment in developed markets, shone in the session. The rand also benefited from moderating inflation and still high lending interest rates locally. "The global hunt for yield is ...

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 ...

Markets - FXMM - Middle East & Africa

Egypt's pound weakens on black market amid devaluation talk CAIRO: The Egyptian pound weakened to an unprecedented 13 to the dollar on the black market on Monday, hit by expectations of a devaluation as an acute hard currency shortage hampers trade in the import-dependent country.The pound was trading in a wide range of 12.50 to 13.10 to the dollar on the black market on Monday, five dealers told Reuters, at least 42 percent weaker than the central bank's official rate of 8.78 per dollar.The ...

Markets - FXMM - Middle East & Africa

Nigeria naira sinks to record closing low; analysts eye rate hike LAGOS: Nigeria's naira slipped 2.5 percent to a new closing low of 310 per dollar on Monday, failing to lure in local investors or foreign players as trade dried up a day before an expected interest rate hike from the central bank.The currency had opened at a record low of 302.10 on Monday and traded a total of just $8.64 million by the close, far less than $100.54 million on Friday, when the central bank ...

Markets - FXMM - Middle East & Africa

Nigeria central bank has settled $697mn one-month forward at 280 LAGOS: Nigeria's central bank has settled $697 million of one-month outright currency forwards it sold in June at an exchange rate of 280 naira per dollar, one trader said on Friday. The $697 million, part of $4 billion auctioned after the naira was floated last month to help clear a backlog of demand for dollars, was due for settlement on Friday, the trader said.Outstanding forwards sold by the central bank also include $1.22 billion of ...