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Rand gains ground on data revision
November 15, 2013--The rand recovered to two week highs against the dollar on Friday, lifted by an official revision of trade data which has left the country with a much narrower deficit than previously stated.
The revision points to a narrower current account shortfall for Africa's biggest economy, but the market relief could be fleeting as the country relies heavily on capital flows which are prone to volatility, to plug the gap.
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Source: FIN24
Safeguarding investments-custody banks spur growth of African capital markets
November 15, 2013--Fast-rising inflows of investment capital to the African markets are spurring an increase in the banks offering custody services. But global players are held back by differences in infrastructure and legal structure in the different markets and the need to reach economies of scale in a low-margin business.
Custodians are responsible for safe-keeping assets. For instance, if a global fund manager wants to invest in different African markets, it might appoint a bank to keep its local holdings of equities or bonds registered in the name of the bank's local nominee company and to ensure that all is correctly registered and administered including purchases and sales, dividends, voting rights and other actions. They are essential to the progress of institutional investors into Africa.
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Source: Africanmarketsnews.com
Naspers leads SA stocks in rebound
November 14, 2013--South African stocks rebounded on Thursday from their biggest fall in four months in the previous session, led by media group Naspers [JSE:NPN] which was lifted by gaming revenue growth by its Chinese money spinner Tencent Holdings.
Naspers ended the session 4.35% higher, the biggest blue chip advancer of the day, after Tencent jumped 5 percent in Hong Kong as investors cheered its 35% gain in online gaming revenue in the third quarter.
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Source: FIN24
SA stocks sink on emerging markets sell-off
November 13, 2013--South African stocks sank on Wednesday in line with a wider emerging market sell-off on uncertainty about US Federal Reserve's stimulus plans, but retailer Spar bucked the trend, gaining smartly on solid results.
Spar, which is focused on the grocery sector, reported a rise in full-year earnings of almost 14%, lifting its share price 2.64% to R122.25.
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Source: FIN24
Rand, government bonds firmer
November 13, 2013--The rand edged up against the dollar on Wednesday as investors took a breather before a hearing for incoming US Federal Reserve chair Janet Yellen on Thursday.
The rand was at R10.3450/$ at 1508 GMT, up 0.2% from Tuesday's New York close.
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Source: FIN24
Tapering fears spook rand
November 12, 2013--The rand was trading near its lowest level in more than two months on Tuesday amid fears that the US Federal Reserve could begin tapering its stimulus sooner than thought.
The rand was at R10.4010/$ at 07:54, down nearly 0.2% from Monday's New York close
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Source: FIN24
SA stocks end flat
November 11, 2013--South African stocks ended flat on Monday but platinum producer Lonmin shone as it returned to profit with forecast-beating results.
Johannesburg shares of Lonmin, the world number 3 platinum producer which is also listed in London, ended 5.5% higher at R56.55 after earlier hitting R59.09, its highest level in 18 months, according to Thomson Reuters data.
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Source: FIN24
Rand steady vs dollar
November 11, 2013--The rand held steady against the dollar early on Monday, finding a stable footing after strong US jobs data knocked emerging market assets at the end of last week.
Dealers expected a quiet trading session with no domestic data and little happening in offshore markets.
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Source: FIN24
South Africa: Study -South Africa Economy Grew Steadily Over Two Decades
November 8, 2013--South Africa's economic growth since the fall of apartheid has been significant, according to a new report from investment banking firm Goldman Sachs.
The company combined several barometers to look at what has happened in South Africa's economy since 1994.
"South Africa in the last year has tended to have a motional, somewhat negative reaction both domestically and internationally," said Colin Coleman, managing director of Goldman Sachs in Sub-Saharan Africa.
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Source: AllAfrica.com
SA stocks decline as rally loses steam
November 8, 2013--Stocks ended lower on Friday, dropping 1.3% as investors cashed in recent hefty gainers such as AngloGold Ashanti and Richemont after a string of record highs.
Shares of Standard Bank, bucked the downward trend, ending flat after Africa's biggest lender said it was in talks to sell its London trading business and confirming an earlier Reuters report.
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Source: FIN24
