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Last update: Sat, 01 Oct 2016 06am

Middle East & Africa

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 usual salary payments at month-end," said NKC Economics southern Africa analyst Irmgard Erasmus.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand gains as risk demand resurfaces, stocks firmer JOHANNESBURG: South Africa's rand strengthened on Tuesday after two days of losses as emerging assets returned to favour following steep declines triggered by Britain's vote last week to quit the European Union. Brexit-bashed stocks were also firmer as shares in companies linked to the United Kingdom found some relief. By 1545 GMT, the rand had gained 1.67 percent to 15.1600 per dollar, riding the wave of a broad developing market recovery spurred by a weaker ...

Markets - FXMM - Middle East & Africa

South Africa's rand resumes plunge, stocks lower as Brexit wrongfoots risk assets JOHANNESBURG: South Africa's rand fell as much as 3 percent against the dollar on Monday as the effects of Britain's vote to leave the European Union continued to weigh on global risk demand, while stocks also suffered. By 1545 GMT the rand had slipped 2.45 percent to 15.4580 per dollar, erasing most of the recovery that had seen the unit close at 15.0890 in New York on Friday. The rand had tumbled more than 8 ...

Markets - FXMM - Middle East & Africa

South Africa's rand falls as Brexit aftershocks weigh JOHANNESBURG: South Africa's rand weakened against the dollar in early trade on Monday as investors' appetite for risk took a hit from Britain's vote to leave the European Union.At 0642 GMT, the rand traded at 15.1800 versus the dollar, 0.6 percent weaker from its New York close on Friday. It had weakened more than 1 percent earlier in the session."Markets remain cautious and are likely to remain so for a significant period of time as ...

Markets - FXMM - Middle East & Africa

Uganda shilling falls as Brexit weighs on confidence KAMPALA: The Ugandan shilling weakened on Friday, as global fears over the economic ramifications of Britain's vote to leave the European Union triggered a scramble among commercial banks to beef up their dollar positions. At 0851 GMT, commercial banks quoted the shilling at 3,380/3,390, weaker than Friday's close of 3,365/3,375.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Kenyan shilling steady on central bank assurances, shares extend losses NAIROBI: Kenya's shilling was steady on Friday, supported by the central bank's assurance it would step in to calm any jitters about the impact of Britain's vote to exit the European Union, but some banking stocks and other shares extended losses.Equity Bank and Co-operative Bank were down more than 2 percent, although Kenya Commercial Bank was unchanged.The benchmark NSE20 index of leading shares closed on Thursday at 3,744 points, its lowest level since mid-2012, after ...

Markets - FXMM - Middle East & Africa

Nigeria sells 112bn naira treasury bills, yields rise LAGOS: Nigeria sold 79.45 billion nairas ($282.74 million) of three-month to one-year treasury bills on Wednesday at higher yields than at its previous auction, the central bank said on Friday. The bank said it sold 18.12 billion naira of three-month paper at a yield of 9.99 percent, up from 8 percent at a sale on June 15. It raised 11.33 billion naira of six-month debt at 12.3 percent against 9.35 percent, while a total of ...