06272016Mon
Last update: Mon, 27 Jun 2016 02pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand slips ahead of ratings decisions, stocks to inch up JOHANNESBURG: South Africa's rand was under pressure on Monday as a likely credit downgrade due in the week weighed on sentiment and solid economic data from the United States hurt emerging markets.By 0645 GMT the rand slipped 0.4 percent to 15.7860 per dollar following a closing at 15.7250 in New York.Government bonds were flat in early trade, with the yield on the benchmark paper due in 2026 unmoved at 9.435 percent."When the upward revision to US Q1 real GDP growth rate came in, the South African currency knee-jerked weaker," analysts at NKC African Economics said in a note."The higher estimate for economic expansion during 1st quarter in world's largest economy provides more justification for those calling for a hike by U.S. Fed in June."Revised U.S. gross domestic product data for the first quarter released on Friday showed that growth did not slow as much as first estimated, raising bets that ...

Markets - FXMM - Middle East & Africa

South Africa's rand slips on downgrade fears; Bidvest lifts stocks JOHANNESBURG: South Africa's rand weakened against the dollar on Friday as credit ratings downgrade fears weighed on sentiment, coupled with subdued risk appetite globally as investors prepared for a likely hike in US interest rates. Stocks inched up supported by a rise in shares of conglomerate Bidvest Group ahead of its unbundling of it's food services business, Bidcorp, on the bourse. At 1605 GMT, the rand traded at 15.6500 per dollar, 0.84 percent weaker from ...

Markets - FXMM - Middle East & Africa

South Africa's rand falters as US rate risk resurfaces JOHANNESBURG: South Africa's rand edged weaker on Friday as risk appetite faded globally before a speech by the United States central bank that could signal higher interest rates, drawing investor attention away from domestic issues. By 0700 GMT the rand had slipped 0.4 percent to 15.5820 per dollar, weaker than its close at 15.5200 in New York.The rand sunk the session low as traders anticipated that Federal Reserve chairwoman Janet Yellen's would confirm the bank ...

Markets - FXMM - Middle East & Africa

South Africa's rand firmer on EM rally, retailers lift bourse JOHANNESBURG: South Africa's rand firmed late on Thursday as improved global risk appetite helped shift focus away from the possibility of a credit downgrade, while stocks also rose as retailers reported robust sales.At 1530 GMT the rand gained 0.3 percent to 15.6260 per dollar in a mixed session that saw the unit rally to 15.4955 before easing back.Standard & Poor's, which has South Africa one step short of subinvestment grade, is due to deliver its ...

Markets - FXMM - Middle East & Africa

South Africa's rand steady, stocks edge up in early trade JOHANNESBURG: South Africa's rand steadied against the dollar early on Thursday supported by investor appetite for riskier assets that was nonethless tempered by the possibility that the US Federal Reserve may raise interest rates. At 0647 GMT, the rand traded at 15.6645 per dollar, not far off its New York close of 15.6725 on Wednesday.Analysts said this week that risk appetite in emerging markets was buoyed by a debt relief deal being reached for Greece ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms on risk appetite, vulnerable to ratings downgrade fears JOHANNESBURG: South Africa's rand firmed to a one-week high against the dollar early on Wednesday on improved risk appetite, but analysts said the unit looked vulnerable to the possibility of a credit ratings downgrade and a U.S. Federal Reserve interest rate hike.At 0700 GMT, the rand traded at 15.5100 versus the dollar, 0.94 percent firmer from its New York close on Tuesday.The currency was trading at its strongest levels since May 17, according to Thomson ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms on emerging market rally, stocks gain JOHANNESBURG: South Africa's rand firmed on Tuesday, buoyed by positive sentiment towards emerging markets assets, while Ascendis Health led stocks higher after announcing European acquisitions.At 1510 GMT, the rand traded at 15.6400 per dollar, 0.51 percent firmer from its New York close on Monday."It's a general risk-on thing. The Turkish (lira) led the way after the reappointment of Turkish cabinet," Rand Merchant Bank rand trader Jim Bryson said.Turkey's lira bounced off near four-month lows after ...