05062016Fri
Last update: Fri, 06 May 2016 09pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand firmer, stocks set to open higher JOHANNESBURG: South Africa's rand firmed slightly against the dollar early on Tuesday, edging back towards five-month highs hit on Friday as investors positioned for a slew of domestic and foreign economic data. At 0645 GMT, the rand traded at 14.2550 versus the dollar, up 0.18 percent from Monday's New York close.The rand hit 14.1165 on Friday, its strongest since November 25, lifted by a broadly weaker dollar, strong trade data and a court ruling against scandal-beset President Jacob Zuma.Rand Merchant Bank analyst Isaah Mhlanga said markets were focusing on upcoming data, including the manufacturing Purchasing Managers Index (PMI) and vehicle sales figures for April at home, as well as US trade, durable goods orders, services PMI and non-farm payroll number."Across the Atlantic, this week's data is the first to provide an indication as to the direction the Fed's interest rate policy will take come June," Mhlanga said in a note.South ...

Markets - FXMM - Middle East & Africa

Nigeria's forex reserves fall 2.68pc to $27.14bn in April LAGOS: Nigeria's foreign exchange reserves fell by 2.68 percent to $27.14 billion as of April 27 from a month ago, when they were 27.87 billion, central bank data showed on Friday. The reserves declined by 5.55 percent from $29.51 billion a year ago. A plunge in oil prices has eaten into the foreign reserves of Africa's biggest economy, with the central bank adopting fixed exchange rate to protect further depletion of its reserves. Copyright Reuters, ...

Markets - FXMM - Middle East & Africa

South Africa's rand races to firmest in a week, stocks inch up JOHANNESBURG: South Africa's rand resumed a recent rally on Thursday, racing to a one-week high as emerging currencies lapped up the return of risk appetite after a string of disappointing data releases from the United States.Stocks inched up, buoyed by mining shares as the Fed's decision boosted gold and platinum prices. By 1600 GMT the rand had gained 1 percent to 14.2900 per dollar, the unit's firmest level since April 21. Government bonds were also ...

Markets - FXMM - Middle East & Africa

Weaker dollar boosts South Africa's rand, stocks edge higher JOHANNESBURG: South Africa's rand reversed earlier losses against the dollar on Tuesday, helped mainly by the greenback's weakness in the wake of data that undermined the case for a U.S. rate hike.Stocks were slightly up, but gains were capped by low volumes as traders prepared for a mid-week holiday.Having earlier hit a session low of 14.5350/dollar, the rand clawed its way back to 14.3940 by 1530 GMT, up 0.4 percent from Monday's New York close ...

Markets - FXMM - Middle East & Africa

South Africa's rand slips as EM rally stalls, stocks up JOHANNESBURG: South Africa's rand fell as much as 1 percent against the dollar on Monday, weighed down by muted appetite for riskier assets ahead of a Federal Reserve policy meeting.Stocks were boosted by rand-hedged companies such as SABMiller and Naspers, which are less vulnerable to slumps in the local unit.The rand slumped to 14.5475, its softest in a week according to Thomson Reuters data, and was trading down 0.8 percent weaker on the day at ...

Markets - FXMM - Middle East & Africa

Kenyan shilling holds steady, dividend payments eyed NAIROBI: The Kenyan shilling was unchanged against the dollar on Monday as traders turned their attention to dividend payments by local firms, to their shareholders abroad, to determine potential demand for dollars.At 0916 GMT, commercial banks posted the shilling at 101.15/25 per dollar. Local firms, especially banks with significant foreign shareholding, close their books from this week, meaning they will be buying dollars for dividends.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Ugandan shilling steady, seen gaining in coming days NAIROBI: The Ugandan shilling held steady on Friday, with month-end inflows and scarce liquidity expected to lend extra support to the local currency next week.At 0937 GMT commercial banks quoted the shilling at 3,305/3,315, unchanged from Thursday's close. "The shilling is likely to extend it's stability ... as the month-end flows are expected to render some support," Alpha Capital Partners said in a market report. Copyright Reuters, 2016 ...