09252016Sun
Last update: Sun, 25 Sep 2016 01pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand slumps as lender halts loans to state firms, stocks down JOHANNESBURG: South Africa's rand weakened more than one percent on Wednesday after reports that a large debt manager was halting loans to state-owned firms raised investor concerns over the management of the economy. The rand rand slipped 1.1 percent to 14.6675 at 1350 GMT against dollar, which was at one-month highs after positive employment figures raised bets of a rate hike by the US Federal Reserve."There's uncertainty among investors and concerns generally about how state companies are spending their money. But in the bigger scheme of things it's not a huge amount," said chief trader at Bidvest Bank Ion de Vleeschauwer.South African fixed-income asset manager Futuregrowth has stopped lending to some state-owned local companies, its chief investment officer Andrew Canter said on Wednesday.A narrower trade surplus in July also added pressure on local markets which have been on the ropes amid the possibility that police could charge Finance Minister Pravin ...

Markets - FXMM - Middle East & Africa

Nigeria's naira hits new record low of 420 per dollar on black market LAGOS: Nigeria's central bank sold dollar to some commercial lenders on Wednesday to support the local currency, which hit a fresh all-time low of 420 to the dollar on the unofficial market, the same day Africa's biggest economy officially slid into recession. The currency traded at 418 to the dollar on Tuesday and has been under pressure on the black market for months.The naira closed at 306 to the dollar on the official window after ...

Markets - FXMM - Middle East & Africa

South African rand weakens as US rate hike expectations strengthen JOHANNESBURG: South Africa's rand weakened against the dollar on Monday as the greenback rose on expectations that US interest rates would rise soon, adding pressure on the currency which has been knocked by concerns over the finance minister's future. Stocks closed slightly higher, with rand hedge companies benefiting from the weaker currency. By 1522 GMT, the rand was down 0.13 percent against the dollar to 14.3875, off Friday's close at 14.3690.Against a basket of major ...

Markets - FXMM - Middle East & Africa

Nigeria naira at record black market low, stocks sink as FX bans weigh LAGOS: Nigeria's naira was quoted at an all-time low of 409 to the dollar on the black market on Thursday, compared with 402 the previous day, after the suspension of some banks from forex trading made dollars even harder to obtain. The central bank suspended nine commercial banks from forex transactions on Tuesday for failing to pay money owed to the government - although one was readmitted after making a payment. Shares in some of ...

Markets - FXMM - Middle East & Africa

South Africa's rand under pressure amid political uncertainty, stocks weaken JOHANNESBURG: South Africa's rand weakened further to a one-month low on Thursday, weighed down by lingering uncertainty over whether the finance minister faces arrest.By 1500 GMT the rand was 0.7 percent weaker at 14.2550 per dollar compared with the close of 14.1575 overnight.The rand fell as much as 4 percent when it emerged on Tuesday police had summoned Finance Minister Pravin Gordhan to answer questions over the lawfulness of a spy unit in the revenue ...

Markets - FXMM - Middle East & Africa

South Africa's rand under pressure amid political uncertainty, stocks weaken JOHANNESBURG: South Africa's rand weakened further to a one-month low on Thursday, weighed down by lingering uncertainty over whether the finance minister faces arrest.By 1500 GMT the rand was 0.7 percent weaker at 14.2550 per dollar compared with the close of 14.1575 overnight.The rand fell as much as 4 percent when it emerged on Tuesday police had summoned Finance Minister Pravin Gordhan to answer questions over the lawfulness of a spy unit in the revenue ...

Markets - FXMM - Middle East & Africa

Nigeria's naira hits record low of 409 to dollar on black market LAGOS: Nigeria's naira was quoted at an all-time low of 409 per dollar on the parallel market on Thursday, compared with 402 per dollar at close on the previous day as dollar shortage bite harder in Africa's top crude producer.Traders said the local currency fell due to increase demand for the dollar which they are unable to match with weak supply and the impact of the suspension of some commercial lenders from forex transaction by ...