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Africa turns to sukuk to fund infrastructure
October 16, 2013--Africa is for the first time embracing large-scale Islamic finance as countries seek to tap cash-rich Middle Eastern investors to finance their large infrastructure programmes.
The market for sukuk, or Islamic bonds, received a boost this month after Nigeria became the first major economy in sub-Saharan Africa to use the $100bn a year Islamic market, followed days later by Senegal.
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Source: FT.com
SA stocks up for fifth straight session
October 16, 2013--South African stocks rose for a fifth straight trading session on Wednesday as better-than-expected retail sales numbers gave a boost to chain stores such as Shoprite and Woolworths Holdings.
Sentiment was also buoyed by expectations US politicians would strike a last-minute deal to prevent the world's largest economy from defaulting on its debt.
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Source: FIN24
Rand steady, eyes on US debt talks
October 15, 2013--The rand was largely steady against the dollar early on Tuesday with ongoing US debt ceiling negotiations the main driver of sentiment in the absence of market-moving domestic news.
At 08:43, the rand was trading at R9.9230 to the greenback, barely moved from Monday's close in New York at R9.9150. It was down 0.6% at R13.4581/€.
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Source: FIN24
Stocks soft, but gold producers rise
October 14, 2013--South African shares were little changed on Monday, as investors refrained from taking big bets, hampered by uncertainty over the stand-off to avert a US debt default.
But shares of AngloGold Ashanti and other gold producers gained ground, as nervous investors drove the price of bullion up by about 1 percent.
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Source: FIN24
Rand slightly weaker as US shutdown goes on
October 14, 2013--The rand edged lower against the dollar on Monday, but was still trading within a tight band as talks to end the US government shutdown dragged into a third week.
The rand was at R9.9250/$ at 08:13, down nearly 0.3% from Friday's New York close.
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Source: FIN24
Standard And Poor's Affirms Nigeria's Economy Strong
October 14, 2013--Renowned international credit rating agency, Standard & Poor's, S&P, has affirmed Nigeria's sovereign rating at BB- with a stable outlook.
Nigeria's Minister of Finance and Coordinating Minister of the economy, Dr. Ngozi Okonjo- Iweala, alongside the Governor, Central Bank of Nigeria (CBN,, Mr. Sanusi Lamido Sanusi yesterday disclosed the outcome of the rating assessment at the ongoing IMF/World bank annual meeting in Washington D.C, USA.
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Source: AllAfrica.com
Gold shares lag as SA stocks rise
October 11, 2013--Hopes of a deal to avert a US debt default lifted South African shares on Friday, but gold stocks were dented as bullion's spot price sank to a three-month low.
E-commerce and media firm Naspers was one of the largest advancers. It gained 2.21% to R926.99 after Morgan Stanley raised its price target and rated it "overweight".
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Source: FIN24
Rand nears 3-week high as mine strike ends
October 11, 2013--The rand ticked up to a near three-week high against the dollar on Friday as news that striking workers at Anglo Platinum [JSE:AMS] (Amplats) have returned to work lifted sentiment.
By 08:52 the local currency traded 0.3% firmer on the day at R9.8760/$ after briefly touching R9.8700, the strongest since September 25, according to Reuters data.
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Source: FIN24
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