09302016Fri
Last update: Fri, 30 Sep 2016 03am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand firms after rates decision, stocks flat JOHANNESBURG: South Africa's rand firmed to its strongest in nearly three months against the dollar on Thursday, boosted by a search for higher yield after the central bank left its repo rate unchanged and analysts ruled out any imminent policy easing.Stocks were largely flat even though the resources sector recovered after a dip in the previous session on weak production results.South Africa's Reserve Bank kept its benchmark repo rate unchanged at 7 percent, as expected, saying that while it was still concerned about inflation, the weak economy had provided some room to delay further policy tightening.At 1606 GMT, the rand traded at 14.2220 per dollar, 0.89 percent firmer from its New York close on Wednesday.The currency had firmed to 14.1620 versus the dollar in the session, its strongest level since April 29, according to Thomson Reuters data."International markets are looking for yield, especially if they know the rates are going ...

Markets - FXMM - Middle East & Africa

Nigerian naira weakens to 330.50 in off-market trades LAGOS: Nigeria's naira fell to an all-time low on Thursday, crossing 300 to the dollar for the first time on the interbank market after the central bank last month lifted its peg on the currency to allow it to trade freely.The naira fell 5.4 percent against the greenback to 309 at 1224 GMT on dollar supply shortages. It later recovered to close at 292.40 on the interbank market on thin trades. The interbank market traded ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms after inflation data, stocks flat JOHANNESBURG: South Africa's rand firmed against the US dollar on Wednesday after data showing inflation quickened in June boosted the case for domestic interest rates remaining high this year. Stocks were largely unchanged with mining firms among the biggest losers on weak production results while budget retailer Shoprite led the risers on strong sales. At 1500 GMT, the rand traded at 14.2700 per dollar, 0.42 percent firmer from its New York close on Tuesday. South ...

Markets - FXMM - Middle East & Africa

Nigeria naira at record closing low as dollar shortages linger LAGOS: Nigeria's naira was stuck at a record closing low of 292.90 to the dollar on Wednesday after just one transaction was carried out, with the supply of dollars drying up and no intervention by the central bank, traders said.The naira was unchanged from Tuesday's close after one transaction worth $380,000 was made on Wednesday. That trade was done at 1150 GMT, more than three hours after the market opened.The interbank market had seen just ...

Markets - FXMM - Middle East & Africa

South Africa's rand bounces as Turkey concerns ease JOHANNESBURG: South Africa's rand strengthened two percent against the U.S. dollar on Monday as concerns over a failed coup attempt in Turkey eased and investors sought out higher returns in emerging markets.Stocks ended slightly lower with gold shares among the biggest decliners as traders pared their safe-haven holdings after Turkey's government said it was in control of the country and the economy.At 1549 GMT, the rand traded at 14.267 versus the dollar, 2 percent stronger ...

Markets - FXMM - Middle East & Africa

South Africa's rand bounces as emerging markets shake off Turkey coup worries JOHANNESBURG: South Africa's rand gained nearly two percent early on Monday as emerging markets set aside concerns about a failed coup in Turkey over the weekend and investor focus shifting back to the timing of rate hike in the United States.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Nigeria naira at record low a month after central bank lifts FX peg LAGOS: Nigeria's naira eased 4.3 percent against the dollar on Friday to hit a record low after the central bank sold the greenback at a weaker rate to boost interbank market liquidity, traders said. The naira hit a record low of 295.25 on thin trade, a month after the central bank lifted its currency peg. A total volume of $12 million traded on the interbank on Friday at an average rate of 290 naira, with ...