12082016Thu
Last update: Thu, 08 Dec 2016 02pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand at 10-month highs, stocks stumble JOHANNESBURG: South Africa's rand touched a new 10-month high against the dollar early on Wednesday as the greenback sank after weak US productivity data again pushed back expectations of a Federal Reserve rate hike. Local stocks fell, out of step with a global equities rally, as the currency rally took its toll on shares in companies that make most of their money in foreign earnings. Platinum producers bucked that trend after palladium surged overnight to 14-month highs and platinum rose over 2 percent on a wave of short covering.That lifted Anglo American Platinum 3.71 percent to 469.68 rand and Impala Platinum 3.8 percent to 67.47 rand. Overall, the Top-40 index fell 0.83 percent to 45,132 points while the broader all-share dropped 0.51 percent to 52,218 points."That's a result of some of the big moves in the rand hedges falling on the back of the stronger currency here," said Afrifocus securities ...

Markets - FXMM - Middle East & Africa

Egypt closes 48 forex bureaus in black market crackdown CAIRO: Egypt's central bank has closed 48 foreign exchange bureaus since the start of the year for trading at black market rates and other violations, banking sources said on Wednesday, as the country tries to end speculation against the Egyptian pound. Egypt has accelerated a crackdown against black market traders it blames for growing pressure to devalue the currency. The dollar is being sold on the black market for about 12.65 to 12.75 Egyptian pounds, ...

Markets - FXMM - Middle East & Africa

Uganda shilling eases slightly after central bank rate cut KAMPALA: The Ugandan shilling weakened slightly on Monday after the central bank slashed its benchmark policy rate by 100 basis points to 14 percent as traders sought to beef up their dollar positions.At 1200 GMT commercial banks quoted the shilling at 3,372/3,382, weaker than Friday's close of 3,365/3,375. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand firmer in quiet trade, stocks inch up JOHANNESBURG: South Africa's rand stretched gains on Monday, still riding the wave of last week's peaceful local government elections and further signs of a delay to interest rate hikes in the United States. Stocks ended slightly higher, with Steinhoff in focus after the retailer announced a surprise $3.8 billion acquisition of a US beds retailer. By 1530 GMT the rand had gained 0.44 percent to 13.6400 per dollar, stretching a rally to its firmest level ...

Markets - FXMM - Middle East & Africa

Nigeria's naira hits post-peg black market low of 400 LAGOS: Nigeria's naira hit 400 against the dollar on the black market on Friday, bureaux de change traders said, falling to its lowest since the central bank floated the currency in June. On the official interbank market, the naira ended at 311 per dollar, 0.3 percent weaker, after trades worth $12.63 million. The naira has dropped steadily on the black market this week after opening at 381 on Monday. Traders say dollar demand has been ...

Markets - FXMM - Middle East & Africa

South Africa rand hits 9-month high as poll results trickle in, stocks flat JOHANNESBURG: South Africa's rand hit a nine-month high against the dollar and government bonds firmed on Thursday as the smooth local elections and expectations of continued low interest rates abroad boosted sentiment. Stocks ended flat on Thursday as gold mining companies, which benefit from rand weakness, retreated in the face of the currency's gains, while paper maker Sappi surrendered earlier hefty gains on stellar results. At 1510 GMT, the rand traded at 13.7650 per dollar, ...

Markets - FXMM - Middle East & Africa

South Africa's rand, stocks slip ahead of elections JOHANNESBURG: South Africa's rand lost some ground against the US dollar on Tuesday with traders taking a cautious stance ahead of local government elections on Wednesday and global economic data later in the week. Stocks slipped to an almost two-week low on Tuesday with financials among the biggest decliners on the index but gold mining companies kept the downside momentum in check. At 1500 GMT, the rand traded at 13.9650 per dollar, 0.33 percent softer ...