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SA shares buoyed by hopes of US deal
October 10, 2013--South African shares rose for the first time in five sessions on Thursday, climbing 1.3% as signs of a thaw in Washington's fiscal stalemate cheered sentiment and increased appetite for companies across the board.
Shares of Anglo Platinum jumped 4% to R416 after the president of Amcu said workers had ended an almost two-week strike at the world's largest platinum producer.
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Source: FIN24
Rand weakens ahead of factory data
October 10, 2013--The rand was slightly weaker against the dollar on Thursday and could come under pressure if mining and manufacturing data due out later come in softer than expected.
The rand was at R9.9825/$ at 07:42, down 0.2% from Wednesday's New York close.
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Source: FIN24
SA shares set to continue stellar performance
October 10, 2013--The resource-heavy Top 40 index will climb over 3% to new all-time highs before the year-end, as resource stocks and the global economy regain momentum, a Reuters poll found.
A recovery in gold prices, which have already rallied about 10%nt since hitting year-lows in late June, should further bolster the benchmark Top-40 stock index that has risen almost 40% since the year started.
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Source: FIN24
Rand breaches key barrier
October 9, 2013--The rand had a slight upper hand against the dollar on Wednesday after pushing through the key R9.96 barrier overnight, although worries about a US debt ceiling stand-off should keep risk appetite in check.
SA Reserve Bank Governor Gill Marcus was due to lead a presentation to parliament at 09:30 likely to touch on the impact of the looming debt crisis in the world's biggest economy on emerging markets like South Africa.
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Source: FIN24
Kenya eyes huge bond issue
October 9, 2013--Kenya hopes to raise close to $1.5bn in an ambitious international bond issue aimed at revamping crumbling colonial-era infrastructure and accelerating East Africa's largest economy.
The hunt for liquidity from the global capital markets is central to government efforts to close an unhappy chapter marked by political instability, drought and the fall-out from the international financial crisis that conspired to push economic growth down to 1.5%.
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Source: FIN24
Rand firms but market still on edge
October 8, 2013--South Africa's rand rose against the dollar on Tuesday but the market remained subdued as the US government shutdown dragged on.
The rand was at R9.9450/$ at 14:53 GMT, up 0.6% from Monday's New York close.
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Source: FIN24
Barclays Targets Expansion in Nigeria
October 8, 2013--British banking group, Barclays, is planning to expand its business footprint in the African nation of Nigeria without making a large and expensive acquisition in the country.
Banking Business Review quoted Barclays Chief Executive Officer, Antony Jenkins, to have made this remark, adding that the bank would cautiously work to strengthen its operation in Nigeria.
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Source: Thisdaylive.com
Stocks hit by strike threats
October 7, 2013--South African share prices dropped on Monday, bruised by the threat of further strikes in the country's platinum sector and a US political fight that has rattled global markets.
A regulatory review of telephone calling charges also depressed prices of mobile giants MTN and Vodacom.
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Source: FIN24
Rand weakens, remains range-bound
October 7, 2013--The rand weakened against the dollar on Monday and is likely to remain range-bound as long as the budget impasse in the United States continues.
The rand was at R10.0050/$ at 08:35, down 0.3% from its close in New York on Friday
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Source: FIN24
Africa Continues to Grow Strongly but Poverty and Inequality Remain Persistently High
October 7, 2013--Economic growth in Sub-Saharan Africa (SSA) remains strong with growth forecasted to be 4.9% in 2013. Almost a third of countries in the region are growing at 6% and more, and African countries are now routinely among the fastest-growing countries in the world, according to the World Bank's new Africa's Pulse, a twice-yearly analysis of the issues shaping Africa's economic prospects.
Buoyed by rising private investment in the region and remittances now worth US$33 billion a year supporting household incomes GDP growth in Africa will continue to rise and pick up to 5.3% in 2014 and 5.5% in 2015. Strong government investments and higher production in the mineral resources, agriculture and service sectors are supporting the bulk of the economic growth.
view Africa's Pulse
Source: World Bank
