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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
Rand steady ahead of GDP data
November 26, 2013--The rand was steady against the dollar on Tuesday and is likely to take its direction from third quarter economic growth data due later in the day.
The rand was at R10.1000/$ at 08:34, barely changed from Monday's New York close.
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Source: FIN24
Tunisia: NCA Adopts Draft Law On Islamic Investment Funds
November 25, 2013--The National Constituent Assembly (NCA) adopted, during a plenary session held on Friday, a draft law related to the creation, for the first time on the financial market, the Islamic Investment Funds.
These funds achieved an important economic growth in the world according to the report of the finance commission.
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Source: AllAfrica.com
JSE edges up as MTN advances
November 25, 2013--South African stocks edged up on Monday as shares of MTN Group advanced on hopes that a landmark deal over Tehran's nuclear programme may allow the company to repatriate millions of dollars from its Iran business.
But gains were limited as investors sold bullion producers such as AngloGold Ashanti- which fell 4.1% to R134.30-as news that Tehran reached a deal with six world powers also sent the price of gold lower. The precious metal is usually seen as a hedge against political risk.
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Source: FIN24
Rand range-bound, but potential gains seen
November 25, 2013--The rand was slightly weaker against the dollar on Monday as investors sat on long dollar positions, but upbeat global risk sentiment could see the currency gain and test R10/$-levels this week.
At 08:47, the rand was at R10.0975/$, compared with a R10.0790 close in New York on Friday.
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Source: FIN24
SA stocks fall, rand hits exporters
November 22, 2013--South African stocks fell for a second straight session on Friday as a firmer rand hit exporters such as Impala Platinum while paper producer Sappi fell sharply after a ratings downgrade.
Sappi, the world's largest maker of the fine paper used in glossy magazines, fell over 4% to R30.89.
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Source: FIN24
Rand steady on rates decision
November 22, 2013-- The rand held steady against the dollar early on Friday, supported by a slightly hawkish interest rate statement from the Reserve Bank and a slight improvement in the national electricity supply.
The Reserve Bank, facing a dilemma from weak economic growth and heightened inflation risks, left the repo rate at 5% at its last policy meeting for 2013 on Thursday.
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Source: FIN24
SA stocks slide as growth fears widen
November 21, 2013--South African stocks fell more than 1% on Thursday as investors cashed in everything from banks to bullion mining companies on concerns about slowing growth in Africa's largest economy.
Trade was interrupted for foreign investors for much of the day due to a system glitch with the Johannesburg Stock Exchange's data feed in London. A spokesperson for the JSE said local clients were not affected.
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Source: FIN24
Rand firmer on steady rates
November 21, 2013--The rand firmed against the dollar on Thursday after Governor Gill Marcus acknowledged that a rate hike had been discussed at a meeting where the central bank decided against a move.
The rand was at R10.1400/$ at 15:15 GMT, marginally firmer than the previous day's New York close, after reaching a session high of R10.1100/$.
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Source: FIN24
