Forex | - Part 16

Nigeria Capital Market: Week Ended 24th April, 2015

Nigerian Stock Market Weekly Summary and Outlook The market continued to trade sideways this week as investors treaded more cautiously. The NSE ASI shed 1.5% W-o-W settling at 34,485.72 at the close of trade on Friday. Nevertheless, MtD return closed positive at 8.6% although YtD was negative at 0.5%. Following the course of the benchmark index, aggregate market capitalization declined N779.1bn W-o-W and closed at N11.7tn. Market activity was mixed with the aggregate volume of…

Ugandan shilling weaker on central bank liquidity injection

Posted on by The Editorial Team

KAMPALA (Reuters) – The Ugandan shilling eased on Tuesday, undermined by an injection of local currency into the market by the central bank and was seen trading with a bearish bias this week. At 0838 GMT commercial banks quoted the shilling at 3,005/3,015, weaker than Monday’s close of 3,000/3,010.”There was liquidity tightness but the central bank injected shillings which has pushed the unit lower (weaker),” said David Bagambe, trader at Diamond Trust Bank Uganda. The…

Nigeria Capital Market: Week Ended 17th April, 2015

Posted on by The Editorial Team

Nigerian Stock Market Weekly Summary and Outlook The NSE ASI added 20bps W-o-W as the index closed at 35,005.42pts. Market capitalization advanced N25.7bn to N11.9tn while YtD performance remained positive at 1.0% at the close of the week. On the contrary, activity level measured by volume traded retreated 45.3%% to 1.9bn units even as value traded declined 23.0% to N19.4bn. The Banking sector topped the sector advancers for the week, rising 1.5% due to rally…

South Africa’s rand recovers as soft U.S. data weighs on dollar

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand strengthened against the dollar on Thursday as soft U.S. housing and jobs data weighed on the dollar, adding uncertainty over the timing of a rate rise from the Federal Reserve. At 1530 GMT, the rand was trading 0.61 percent firmer at 11.9925 to the dollar, compared with an overnight close of 12.0320 in New York. “The U.S. data is very soft, so thatâ€™s supporting the trend of slight bearing…

Kenyan shilling stays at 3-year-lows, central bank action eyed

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling was hovering at three-year lows on Wednesday but avoiding a further slide due to expectations that the central bank could offer support by selling dollars. At 0800 GMT commercial banks quoted the shilling at 93.35/45 to the dollar, compared with 90.30/50 to the dollar at Tuesday’s close – a level last seen in November 2011. “Fundamentally, it looks weak. What’s keeping it from weakening further is the probability of the…

Morocco reduces euro’s weighting in its currency basket

Posted on by The Editorial Team

RABAT, April 13 (Reuters) – Morocco’s central bank has reduced the euro’s weighting in the currency basket used to set the dirham’s exchange rate, to reflect a fall in trade with the euro zone, it said on Monday. It is the first time in a decade that the bank has changed the basket’s weighting, aiming to make its currency regime more flexible, as recommended by the International Monetary Fund. The dirham is still mostly pegged…

South Africa’s rand, govt bonds weaker on dollar pressures

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand gave up its gains against the dollar on Friday, as the greenback strengthened with jobless claims data easing concern over the state of the U.S. economy. At 1448 GMT the rand was trading 0.32 percent softer at 11.9885 to the dollar compared with its closing level on Thursday. The rand hit an intraday low of 12.0580/dollar during the session, its weakest level since April 1. “It’s all dollar driven…

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