02132016Sat
Last update: Sat, 13 Feb 2016 05am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South African rand at 3-1/2 week lows, stocks open weaker JOHANNESBURG: South Africa's rand fell as much as 0.8 percent against the dollar early on Wednesday, reaching its weakest level in more than three weeks as a gloomy domestic economic outlook weighs.The local bourse also got off to a weak start, with the Top-40 index shedding 0.88 percent while the broader all-share index was down 0.78 percent.The rand slid to a session low of 15.7600 per dollar, its softest since tumbling to a record-breaking 16.0485 on Dec. 11 after President Jacob Zuma unexpectedly fired Finance Minister Nhlanhla Nene.By 0706 GMT the local unit was at 15.7450, down 0.72 percent from Tuesday's close.Zuma's move last month rattled investors already worried about sluggish growth in Africa's second largest and most industrialised economy. "Amid relatively thin trading conditions, rand looks set to test resistance around the psychological 16.0000/dollar level soon," NKC African Economics said in a research note, predicting a 15.6500-15.8500 range for ...

Markets - FXMM - Middle East & Africa

Kenyan shilling steady, seen range-bound  NAIROBI: Kenya's shilling was steady on Wednesday and traders said it was expected to stay in a tight band until all market players fully resume trade in the next week.At 0703 GMT, commercial banks quoted the shilling at 102.20/30 to the dollar, compared with Tuesday's close of 102.25/35."There's nothing going on. There's quite a number of players still out until next week. Let's wait and see. Still early to call," a senior trader at one ...

Markets - FXMM - Middle East & Africa

Kenyan shilling seen firming, shares extend losses NAIROBI: The Kenyan shilling was broadly stable on Tuesday and traders said it could strengthen in the days ahead, helped by dollar inflows from non-governmental organisations.Shares slipped, extending losses from Monday, the first day of trading this year.At the 1330 GMT close of trade, commercial banks quoted the shilling at 102.25/35 to the dollar, barely moved from Monday's close of 102.20/30."Maybe when inflows improve, we will see it gaining. I have seen some big NGOs ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at forex sale and black market CAIRO: Egypt's central bank kept the pound steady at 7.7301 pounds to the dollar at its official foreign currency auction on Sunday, and the currency held steady on the black market as well. Egypt, which depends on imported food and energy, is facing a dollar shortage and mounting pressure to devalue the pound. The central bank surprised markets when it strengthened the pound on Nov. 11 by 20 piasters against the dollar and has bucked ...

Markets - FXMM - Middle East & Africa

Nigerian naira down 10pc yr/yr, stocks fall 17pc LAGOS: The Nigerian naira closed little changed against the dollar on both the parallel and interbank market on Thursday, while the stock index rose and the interbank rate remained at 1 percent for overnight lending.The local currency closed on the interbank market at 199.50 to the dollar on Thursday, compared with 181.50 to the dollar a year ago, down 9.91 percent at the official window. On the parallel market, the naira traded at 266 to ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at official auction and black market CAIRO: Egypt's central bank kept the pound steady at 7.7301 pounds to the dollar at its official foreign currency auction on Thursday, and currency held its weaker rate on the black market as well.Egypt, which depends on imported food and energy, is facing a dollar shortage and mounting pressure to devalue the pound. The central bank surprised markets when it strengthened the pound on Nov. 11 by 20 piasters against the dollar. On Thursday, it ...

Markets - FXMM - Middle East & Africa

Ugandan shilling unchanged on low demand, seen marginally weaker KAMPALA: The Ugandan shilling was unchanged on Thursday amid mild demand for the dollar, though traders said it could fall slightly in the coming days as market activity picks up in the new year. At 1040 GMT commercial banks quoted the shilling at 3,380/3,390, unchanged from Wednesday's close. Stephen Kaboyo of Alpha Capital Partners said there were "some pockets of demand seen from market players as they squared their positions ahead of year end". He ...