05292016Sun
Last update: Sun, 29 May 2016 01am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand rallies, stocks boosted by commodity demand JOHANNESBURG: South Africa's rand strengthened on Friday, shrugging off renewed dollar strength as technical factors and a recovery in risk appetite globally helped the unit recoup recent losses, while stocks were lifted by demand for commodities. By 1545 GMT the rand had firmed 0.8 percent to 15.6680 per dollar, further away from the 16.00 mark that traders felt would have triggered further losses. Traders at London-based 4Cast said the currency was moving back into a value region that could ignite buying interest, after selloffs earlier in the week saw it sink to 15.9900, a two-month low. The rand had weakened in the previous session after South Africa's Reserve Bank left its benchmark lending rate unchanged at 7 percent on Thursday, but has bounced back on its way towards resistance around 15.3800. On the bourse, iron ore prices edged higher on Friday as steel mills recovered production which lent support to ...

Markets - FXMM - Middle East & Africa

South Africa's rand steady after central bank holds rates; stocks weaker JOHANNESBURG: South Africa's rand retreated on Thursday after the central bank kept interest rates on hold, while stocks fell as the prices of commodities such as gold, silver and platinum slid on bets of a US rate hike. At 1620 GMT the rand was about flat at 0.09 percent to 15.8850 per dollar, nearer the 16.00 psychological level it last hit on March 16 as the dollar gained. The currency was volatile, turning weaker after ...

Markets - FXMM - Middle East & Africa

Tanzania, Uganda shillings to ease, Zambia kwacha to firm  NAIROBI: The Tanzanian and Ugandan shillings are expected to weaken in the week to Thursday, while the Zambian kwacha is expected to gain, traders said.KENYAKenya's shilling is expected to hold steady, with dollar demand from importers and manufacturing companies expected to be countered by prospects of the central bank selling the US currency.At 1201 GMT, commercial banks quoted the shilling at 100.65/75 to the dollar, compared with last Thursday's close of 100.45/65.UGANDAThe Ugandan shilling is ...

Markets - FXMM - Middle East & Africa

South Africa's rand regains ground after slipping on slowing CPI, stocks up JOHANNESBURG: South Africa's rand regained ground on Wednesday after tumbling more than 2 percent to within a whisker of the 16.00 mark given the declining chance of a rate hike locally and jitters over the Federal Reserve's next move. Stocks closed slightly higher with rand hedge companies benefiting from the weaker currency. At 1645 GMT the rand was 1.15 percent weaker at 15.7400 per dollar, improved from a session low of 15.9050 as pressure on ...

Markets - FXMM - Middle East & Africa

South Africa's rand slips further after April CPI slows JOHANNESBURG: South Africa's rand extended losses to its weakest in more than two months on Wednesday while bonds also suffered after April consumer prices dipped, dampening the chances of a rate hike on Thursday.By 0850 GMT the rand had plunged more than 2 percent to 15.8750 per dollar, its weakest levels since March 16 according to Thomson Reuters data.The unit fell sharply in early trade as the dollar rose on revived expectations of an early ...

Markets - FXMM - Middle East & Africa

South Africa's rand climbs after finmin reacts to reports of his arrest, stocks up JOHANNESBURG: South Africa's rand rallied nearly one percent late on Tuesday after Finance Minister Pravin Gordhan said reports of his imminent arrest amounted to an attack on the Treasury. Metal and mining stocks buoyed the bourse. By 1615 GMT the rand gained 0.8 percent to 15.5300 per dollar, just shy of the session best of 15.4905 it reached after the finance minister's statement.The rand fell to a two-month low on Monday after the report on ...

Markets - FXMM - Middle East & Africa

South African markets dip on report of finance minister's arrest JOHANNESBURG: South Africa's rand hit a two-month low against the dollar and government bonds weakened sharply on Monday after a newspaper report, denied by the government, that Finance Minister Pravin Gordhan faces arrest. The report raised concerns of a repeat of the run on the rand and bonds in December after President Jacob Zuma changed finance ministers twice in a week just as South Africa tries to fend off a credit ratings downgrade. Neither Gordhan ...