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Last update: Wed, 31 Aug 2016 12pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand gains 2 percent in global risk rally, stocks flat JOHANNESBURG: South Africa's rand raced to a new two and half month high on Thursday, riding a fresh wave of global demand for high-yielding assets as investors looked to move out of low yield positions in developed economies, while stock remained mostly unchanged. By 1515 GMT the rand had gained 2.1 percent to 14.1800 per dollar, its firmest level since May 3, after an overnight close at 14.855 in New York, with more gains in the offing as the unit again tested crucial psychological levels.Analysis showed the unit making another go at technical resistance around 14.2000, a level it last touched in April which if successfully breached could open the door for a rally to 13.90. The rand gained early in the session on expectations of a rate cut by the Bank of England (BoE), and kept climbing despite the bank's surprise decision to leave rates unchanged as risk appetite ...

Markets - FXMM - Middle East & Africa

South Africa's rand firmer on bets US rates will not rise JOHANNESBURG: South Africa's rand strengthened slightly against the dollar early on Tuesday, boosted, like other emerging market assets, by diminished expectations of U.S. rate hikes this year.The Top-40 futures index of the JSE securities exchange ticked up just 0.08 percent, suggesting the bourse would open flat at 0700 GMT.At 0645 GMT the rand traded 0.76 percent firmer at 14.3600 to the greenback compared with Monday's close.This is the strongest the rand has been since a ...

Markets - FXMM - Middle East & Africa

South Africa's rand, stocks weaker as domestic economy concerns weigh JOHANNESBURG: South Africa's rand fell 1.6 percent against the dollar early on Tuesday, weighed down by worries about the ailing domestic economy which added to renewed fears of a global slowdown, denting risk appetite.Stocks were also weaker, mainly tracking their Asian counterparts with the benchmark Top-40 index down 0.4 percent at 45,842 points while the All-Share index shed 0.5 percent to 52,204 points.The rand stumbled to a session low of 14.8000 to the greenback, and ...

Markets - FXMM - Middle East & Africa

South Africa's rand scales one-week peak, stocks also firmer JOHANNESBURG: South Africa's rand reached its strongest in more than a week to the dollar on Monday, and was still on track to recoup the losses suffered after Britain voted to exit the European, leading to a global risk sell-off. Stocks were firmer for a fourth straight session, boosted by resources companies as investors piled into safe-haven commodities to avoid volatility in Britain politics. The rand climbed to 14.4600 against the dollar before pulling back ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms, stocks set to open higher JOHANNESBURG: South Africa's rand firmed in early trade on Monday as it continued its recovery from a Brexit-triggered slump, but traders remained wary before a slew of local and global economic data later in the week.At 0645 GMT, the rand traded at 14.4980 to the dollar, 0.49 percent firmer than its New York close on Friday.The currency had got support on Friday from bets that leading central banks would keep rates low to minimise the ...

Markets - FXMM - Middle East & Africa

South Africa's rand recovers further from oversold levels after Brexit JOHANNESBURG: South Africa's rand clawed back further ground against the dollar on Wednesday, pulling back from recent oversold levels after a British vote to exit the European Union triggered a flight from risky assets. Government bonds also firmed, and the yield for the 2026 benchmark instrument fell 12.5 basis points to 8.785 percent, its lowest in nearly 7 months.By 0714 GMT, stocks rose in early trade, with the benchmark Top-40 index rising 0.4 percent to ...

Markets - FXMM - Middle East & Africa

Zambia's kwacha jumps 5 percent to 6-week high as firms sell dollars to pay taxes LUSAKA: Zambia's kwacha climbed as much as 5 percent to its strongest in nearly 6 weeks against the dollar on Wednesday, propelled by dollar sales by companies chasing the local currency to make quarterly tax payments.The kwacha touched a session high of 10.2100 per dollar, before pulling back to 10.4900 in volatile trade but was still up 2.3 percent from Tuesday's close."Firms are buying kwacha to comply with quarterly tax obligations on top of the ...