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Rand weighed by mining strike concerns
October 25, 2013--The rand weakened against the dollar early on Friday, pressured by mining strike concerns, which pushed the currency to its lowest so far in the trading session.
The Association of Mineworkers and Construction Union (Amcu) could go on strike over wage negotiations, saying it would canvass its members on Monday at Impala Platinum on whether to strike after wage talks failed.
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Source: FIN24
Rand supported by weakening dollar
October 24, 2013--The rand firmed against the dollar, supported by bearish dollar sentiment on Thursday, while bonds steadied with the market digesting the mini budget presented in the previous session.
At 16:02 GMT, the rand was up 0.3% at R9.7725/$, off a R9.8000/$ close in New York on Wednesday.
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Source: FIN24
Rand slightly weaker before mini budget
October 23, 2013--The rand weakened against the dollar early on Wednesday but remained within the previous day's trading range as investors braced for inflation data and the Finance Minister's interim budget statement.
The rand was down 0.26% at R9.7750/$ at 08:47, off a R9.7500 close in New York on Tuesday.
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Source: FIN24
JSE at record highs
October 22, 2013--South African stocks steamed to record highs for the fourth straight session on Tuesday, lifted by gold producers such as AngloGold Ashanti and a big jump for retailer Pick N Pay.
Shares of South Africa's second-largest grocer jumped nearly 8% after it reported a double-digit rise in first-half profit, a sign a costly strategy to win market share and streamline its supply chain is starting to work.
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Source: FIN24
Rand largely steady, awaits US data
October 22, 2013--The rand steadied against the dollar on Tuesday with traders expecting it to hold within its current R9.75-85 band ahead of long awaited US non-farm jobs data later in the day.
Government bonds extended the previous day's losses ahead of a local weekly auction and as some market players saw the off chance of increased issuance when Finance Minister Pravin Gordhan presents his medium-term budget forecasts on Wednesday.
He said that Nigeria was a growing economy and assured that the United States government would help in growing the economy.
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IMF paper-West African Economic and Monetary Union: Financial Depth and Macrostability view the IMF paper-
West African Economic and Monetary Union: Financial Depth and Macrostability
JSE: More record highs unlikely
Rand steady, will take cue from budget view more
SA stocks edge to record close view more
October 22, 2013--United States of America Consul General, Jeffrey Hawkins said that the US has invested $50 million in Nigeria's economy in 2013 alone.
He said this during a courtesy visit to the Nigerian Stock Exchange (NSE) yesterday.
Source: AllAfrica.com
October 22, 2013--Summary: The financial system in the WAEMU remains largely bank-based. The banking sector comprises 106 banks and 13 financial institutions, which together hold more than 90 percent of the financial system's assets (about 54 percent of GDP at end-2011).
Five banks account for 50 percent of banking assets. The ownership structure of the sector is changing fast, with the rapid rise of foreign-owned (pan-African) banks. This contributes to higher competition but also rising heterogeneity in the banking system, with large and profitable cross-country groups competing with often weaker country-based (and sometime government-owned) banks. Nonbank financial institutions are developing quickly, notably insurance companies, but remain overall small. This paper presents a detailed analysis of the banking system.
Source: IMF
October 21, 2013--Major indices on the JSE chalked up another week of strong gains and new records after a somewhat uncertain start on Monday and Tuesday-when the world nervously watched events surrounding the US government's financial worries.
The respite on Wednesday afternoon ignited a relief rally, which turned into a strong run on the JSE. The Top-40 and All Share index reached a new record high of Friday.
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Source: FIN24
October 21, 2013--The rand was little changed against the dollar on Monday and is expected to take its direction this week from the medium-term budget policy statement on Wednesday as well as US unemployment data.
The rand was at R9.7800 to the dollar at 06:32 GMT, in line with Friday's close in New York.
Source: FIN24
October 18, 2013--South African stocks booked their highest close on record on Friday, edging up 0.3% as positive economic data from China helped lift shares of Richemont and other firms sensitive to Asian demand.
Gains were limited as shares of Kumba Iron Ore tumbled 7.6% to R438.06 after it reported a 16% drop in quarterly production.
Source: FIN24