07302016Sat
Last update: Sat, 30 Jul 2016 04pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand, bonds rally after Fitch affirms rating JOHANNESBURG: South Africa's rand rose to its firmest in just over a month on Wednesday while government bonds also strengthened after ratings agency Fitch affirmed the country's investment-grade credit status. Fitch also maintained its stable outlook, but warned that political tensions could still derail efforts to boost growth.By 1139 GMT the rand had gained 1.16 percent to 14.7295 per dollar, its firmest since May 4. The rand has gained since Friday's decision by S&P's to maintain South Africa's investment grade BBB- rating."The downgrade risk into junk has certainly not gone away and investors will still be cautious about getting into South African assets too quickly," said BNP Paribas Cadiz Securities economist Jeffrey Schultz.GDP data showing the economy had contracted more than expected in the first quarter of the year had earlier weakened the rand, before gaining on Fitch's decision.Bonds were firmer, with the yield on debt maturing in 2026 was ...

Markets - FXMM - Middle East & Africa

South Africa's rand halts rally, GDP data, Fitch review keep market wary JOHANNESBURG: The rand pulled back from the previous session's four-week highs against the dollar on Wednesday and traders said South African GDP data expected to show a small contraction in the first quarter could add pressure on the currency.The rand has gained as much as 5 percent against the dollar since Friday, reaching 14.7995 on Tuesday in a relief rally prompted by S&P's decision to maintain South Africa's investment grade BBB- rating.The currency however gave ...

Markets - FXMM - Middle East & Africa

South Africa's rand reaches firmest in one month, stocks up JOHANNESBURG: South Africa's rand firmed late on Tuesday as investors continued to push back bets of an interest rate hike in the United States, although gains were restrained ahead of local growth data and a ratings decision by Fitch. Stocks closed higher as the firmer currency boosted companies with predominantly local operations. By 1540 GMT the rand had gained 0.1 percent to 14.8850 per dollar, stretching a rally that placed the unit on track for ...

Markets - FXMM - Middle East & Africa

Nigeria naira eases as FX uncertainty spurs dollar buying LAGOS: Nigeria's naira eased 1.1 percent on the parallel market on Tuesday, as customers trying to hedge against a likely currency depreciation when the central bank clarifies it new forex policy, snapped up every available dollar from retail outlets. The naira was quoted at 361 to the dollar on the parallel market, lower than 357 on Monday, driven by dollar scarcity, traders say. "Dollar demand has increased due to uncertainty around central bank's FX policy," ...

Markets - FXMM - Middle East & Africa

South Africa's rand weaker, focus on Fitch, GDP data JOHANNESBURG: South Africa's rand weakened in early trade on Tuesday as market focus shifted to a rating review from Fitch and first-quarter economic growth numbers both expected on Wednesday.At 0646 GMT, the rand traded at 14.9510 per dollar, 0.34 percent softer from its New York close on Monday.The currency broke below 15.0000/dollar for first time in nearly four weeks on Monday after S&P Global Ratings on Friday affirmed the investment-grade credit status of Africa's most ...

Markets - FXMM - Middle East & Africa

South African rand rallies after S&P review, stocks slip JOHANNESBURG: South Africa's rand rose to its firmest in nearly one month on Monday while government bonds also strengthened after S&P Global Ratings affirmed the country's investment-grade credit status on Friday. S&P left its BBB- rating on Africa's most industrialised economy but warned that its negative outlook reflected the potential adverse consequences of low GDP growth. By 1515 GMT the rand had gained 1.25 percent to 14.9105 per dollar, its firmest since May 12, breaking ...

Markets - FXMM - Middle East & Africa

South African rand, bonds rally after S&P review JOHANNESBURG: South Africa's rand rose to its firmest in nearly one month on Monday while government bonds also strengthened after S&P Global Ratings affirmed the country's investment-grade credit status on Friday. S&P left its BBB- rating on Africa's most industrialised economy but warned that its negative outlook reflected the potential adverse consequences of low GDP growth.By 1315 GMT the rand had gained 1.23 percent to 14.9155 per dollar, its firmest since May 12, breaking through ...