05022016Mon
Last update: Mon, 02 May 2016 05pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand weakens on Zuma showdown, stocks open flat JOHANNESBURG: South Africa's rand weakened against the dollar early on Friday as investors turned focus to a political scandal that has jolted President Jacob Zuma's government and a potential sovereign ratings downgrade. At 0702 GMT, the rand traded at 15.2400 per dollar dollar, 0.46 percent weaker from Thursday's New York close of 15.1700.The currency had rallied more than 3 percent to its strongest in more than a week on Thursday after the central bank hiked interest rates."Factors to consider are any news on the political front, over the long weekend the ANC (African National Congress) is holding its NEC (National Executive Committee) Lekgotla and we await any news from Moody's who are currently in South Africa," Nedbank analysts said in a note, referring to a meeting of the top brass of the ruling party.Analysts from Moody's credit rating agency were due to complete their three-day visit to South Africa on ...

Markets - FXMM - Middle East & Africa

South African rand dips over Gupta row on finmin job JOHANNESBURG: South Africa's rand fell early Thursday after claims that a wealthy family with close ties to President Jacob Zuma may have been behind his decision to sack the country's respected finance minister Nhlanhla Nene in December.The opposition called for the resignation of Zuma after Deputy Finance Minister Mcebisi Jonas said late on Wednesday the Gupta family had offered him Nene's job but that he had rejected it immediately on the grounds that such a ...

Markets - FXMM - Middle East & Africa

South Africa's rand recovers ahead of a US Fed rates decision JOHANNESBURG: South Africa's rand rallied back from three week lows late Wednesday ahead of highly anticipated interest rates decision by the U.S. Fed as some emerging markets staged a late recovery.At 1630 GMT the rand was 0.3 percent weaker to 15.9805 per dollar, recovering from a three-week low of 16.2440.The currency had fallen as investors fretted about an ongoing public row between police and Finance Minister Pravin Gordhan and a possible rating downgrade. Copyright Reuters, ...

Markets - FXMM - Middle East & Africa

Kenyan shilling stuck in a tight band  NAIROBI: The Kenyan shilling was unchanged on Wednesday and traders said it would be hemmed in a tight range due to expectations of intervention by the central bank.At 0617 GMT, commercial banks posted the shilling at 101.40/50 per dollar, unchanged from the previous day's close.Traders said it touched 101.60/70 in the previous session. They said the shilling would likely stay in a 101.30-102.00 range as they expected the central bank to sell dollars if it ...

Markets - FXMM - Middle East & Africa

South African rand, bonds weaken as investors worry over finmin stand-off JOHANNESBURG: South Africa's rand slid to its weakest in more than two weeks against the dollar on Wednesday as investors fretted about a public row between police and Finance Minister Pravin Gordhan and a possible rating downgrade.The rand's sharp fall will complicate the central bank's interest rate decision on Thursday, as it tries to balance fears about waning economic growth and rising inflation pressures.The prolonged spat between Gordhan and the elite Hawks police unit has ...

Markets - FXMM - Middle East & Africa

South African rand, bonds tumble as police challenge finance minister JOHANNESBURG: South Africa's rand plunged to its weakest in two weeks and bond yields jumped on Tuesday after police said they would exercise "constitutional powers" to push Finance Minister Pravin Gordhan to answer questions about a spy unit in the revenue service. By 1620 GMT the rand had tumbled 2.5 percent to 15.9150 per dollar, just shy of the crucial 16.00 mark it hit in late February. The cost of insuring South African debt also ...

Markets - FXMM - Middle East & Africa

South African rand softer in line with EM currencies, stocks down JOHANNESBURG: South Africa's rand was softer against the dollar on Tuesday, in nervous trade ahead of a Moody's rating review visit and the central bank's interest rate decision later in the week.Stocks opened lower, with the JSE securities exchange's Top-40 index dipping 0.7 percent.At 0700 GMT the rand was down 0.35 percent at 15.5950 to the dollar compared with where it closed in New York on Monday.This followed a drop of nearly 2 percent on ...