07292016Fri
Last update: Fri, 29 Jul 2016 09am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand gains, stocks down for fourth straight session JOHANNESBURG: South Africa's rand firmed more than one percent against the dollar on Monday as the unit recovered from a sharp fall in the previous week, although traders said the rally would be short lived as uncertainty tamed appetite for the currency. On the bourse, stocks closed at a three-week low, tracking global markets lower as anxiety grew ahead of a referendum on Britain's potential exit from the European Union (EU).By 1455 GMT the rand had gained 1.23 percent to 15.0530 per dollar with some investors reassessing positions ahead of an interest rates decision by the United States central bank later in the week. "We have the Fed decision on Wednesday. Next week we have the Brexit vote. So all that uncertainty is feeding into the markets at the moment," market analyst at ETM Analytics Ricardo Da Camara said. The rand took advantage of a dip by the greenback, which ...

Markets - FXMM - Middle East & Africa

South Africa's rand steady, vulnerable to risk aversion JOHANNESBURG: South Africa's rand steadied in early trade on Monday, but looked vulnerable to risk aversion before the US Federal Reserve's monetary policy meeting this week and a referendum of Britain's potential exit from the European Union next week.At 0645 GMT, the rand traded at 15.2350 per US dollar, not far off its New York close of 15.2420 on Friday."Dollar strength and risk aversion threaten the rand," Rand Merchant Bank analyst John Cairns said in ...

Markets - FXMM - Middle East & Africa

South Africa's rand weakens as traders book profits, stocks down JOHANNESBURG: South Africa's rand fell more than 2 percent against the dollar on Friday, breaching key technical support levels as lower commodity prices and concerns about global growth hit emerging markets. Stocks were slightly weaker, despite telecoms firm MTN rallying to a six-week high after settling a fine imposed by Nigerian authorities for a less-than-expected amount. The rand hit a session slow of 15.1450, its weakest since Monday, and was trading 2 percent weaker at ...

Markets - FXMM - Middle East & Africa

South Africa's rand weakens as traders book profits JOHANNESBURG: South Africa's rand weakened more than one percent against the dollar on Friday, breaching key technical support levels as lower commodity prices and concerns about global growth hit emerging markets. At 1050 GMT the rand had slipped 1.4 percent to 15.01 per dollar, moving back above the 15.00 mark for the first time in four sessions as investors cashed in on a recent rally. "This pullback was to be expected," said market analyst at ...

Markets - FXMM - Middle East & Africa

South Africa's rand slips as growth concerns, US rates weigh JOHANNESBURG: The rand weakened on Friday as the dollar bounced back from recent weakness, adding pressure further pressure on South Africa's currency following a string of poor growth figures. By 0645 GMT the rand was 0.35 percent weaker at 14.8600 per dollar, down from an overnight high of 14.7950 as it drifted further away from technical resistance around 14.6000.Bonds inched firmer in early trade, with the benchmark government issue due in 2026 cutting 0.5 basis ...

Markets - FXMM - Middle East & Africa

Nigeria's naira falls in NDF market vs dollar LONDON: Nigeria's naira tumbled against the dollar in the non-deliverable forward markets on Thursday, as uncertainty continued over a potential liberalisation of the currency. Three-month non-deliverable forwards showed the naira trading at around 278 per dollar, weakening 2.2 percent on the day, and the weakest since June 3. One-month non-deliverable forwards moved too with the naira 1.5 percent lower, trading at around 239 per dollar. The official naira rate is currently fixed at around 198 ...

Markets - FXMM - Middle East & Africa

South Africa's rand stumbles after economy contracts sharply JOHANNESBURG: South Africa's rand retreated on Thursday as investor confidence was rattled by data showing the economy had contracted sharply in the first quarter, raising the risk of recession just as the country dodged downgrades to subinvestment grade.By 0645 GMT the rand had slipped 0.29 percent to 14.7675 per dollar, wiping out gains that saw the unit climb to a five-week high after Fitch affirmed South Africa's investment grade credit rating and maintained its stable ...