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SA stocks slide 1.7%
December 3, 2013--South African stocks slid 1.7% on Tuesday, with AngloGold Ashanti and other index heavyweights hit by a global market sell-off on concerns the US Federal Reserve may start cutting back its stimulus programme.
Shares of drugmaker Adcock Ingram were little changed at R70.01. South African firm Bidvest has asked a high court to stop a $1.2bn (about R12.6bn) takeover bid for Adcock by a Chilean rival, alleging the planned financing of the offer is against the law.
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Source: FIN24
SA stocks close lower
December 2, 2013--South African stocks edged lower on Monday, as investors sold off some recent big gainers, such as Mondi Plc, that they deemed too expensive after this year's record run.
Shares of Adcock Ingram crept up 0.5% to R70.41 after industrial conglomerate Bidvest offered R70 a share in a bid to increase its stake in the drugmaker to a little over a third.
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Source: FIN24
Rand gains, but deficit fears linger
December 2, 2013--The rand firmed within a recent range against the dollar in early Monday trade, boosted by encouraging PMI data out of China, South Africa's leading trade partner.
However the currency was trading within levels set on Friday, with rand bulls hesitant ahead of key domestic and offshore data that could weigh this week.
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Source: FIN24
Rand steady ahead of trade data
November 29, 2013--The rand was steady against the dollar on Friday after hitting a two-week low in the previous session, and it is likely to take its cue from the latest trade figures due later.
The rand was at R10.1855/$ at 06:43 GMT, little changed from Thursday's New York close.
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Source: FIN24
Safeguarding investments -custody banks spur growth of African capital markets
November 28, 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.
Original publication date-November 15, 2013
Source: Africancapitalnews.com
Rand steadies after sharp fall
November 28, 2013--The South African rand steadied against the dollar on Thursday and should find respite from the closure of US markets for a holiday after being buffeted towards two-week lows overnight.
However, the rand remains vulnerable in the long-term to gaping deficits in the national budget and current account, which has earned it a position in the so-called "fragile five" group of emerging markets along with Turkey, India, Brazil and Indonesia.
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Source: FIN24
Rand, government bonds weaker
November 27, 2013--The rand fell on Wednesday as a rise by the euro left emerging-market currencies weaker, while a policy review by the South African Reserve Bank made it clear the central bank was not inclined to prop up the local currency.
The rand was at R10.2040/$ at 14:36 GMT, down 0.8% from the previous day's New York close. Meanwhile, the euro rose more than 1% against the rand.
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Source: FIN24
Africa: South-South Cooperation in Aid, Trade and FDI? A Closer Look At the Economic Engagement Footprint of Rising Powers in Africa
November 27, 2013--Analysis
What do the activities of Chinese businesses in Angola, Brazilian state agencies in Mozambique and Indian exporters in South Africa have in common? For one thing, they all might be seen to represent the trend of (re-)growing linkages between African, Asian and Latin American countries.
As such, they are surrounded by a specific discourse which contains a number of signifiers referring to a particular view of history and economic development. A recurrent phrase within this discourse, 'South-South Cooperation', suggests that such linkages represent a kind of post-colonial recovery of extra-European patterns of trade and exchange. And to varying degrees, bureaucrats and businesspeople from the 'rising powers' do claim that their modes of interaction with African countries are fundamentally different from those behaviours associated with rich countries in the OECD.
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Source: AllAfrica.com
South Africa: Third-Quarter GDP Growth Remains Weak, Outlook Remains Lacklustre
November 27, 2013--On Tuesday, Statistics South Africa released the GDP figures for the third quarter of 2013. They were not encouraging and were slightly below market expectations that have already been modified and managed downwards.
A sharp contraction in the manufacturing sector and weak growth in the tertiary sectors were the leg shackles that kept the economy shuffling along, just when it needs to be running.
Economic growth continues its downward trend
GDP growth for the third quarter of 2013 was anaemic to the point of being mistaken for a Twilight extra. Quarter-on-quarter (QoQ) growth fell to just 0.7%, its lowest level since the negative growth of 2008-09.
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Source: AllAfrica.com
JSE stocks hit as Naspers slides
November 26, 2013--South African stocks slid more than 1% on Tuesday as Naspers [JSE:NPN] tumbled after the high-flying internet firm said spending would likely crimp its earnings this year.
Sentiment was also bruised after data showed Africa's largest economy grew at its slowest pace since a 2009 recession in the third quarter, dragged down by weeks of strikes in the automotive industry.
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Source: FIN24
