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Africa: New Data to Show That Nigeria Has Overtaken South Africa as Africa's Largest Economy
November 6, 2013--Nigeria is expected to release revised economic figures in December to show that the country has overtaken South Africa as Africa's largest economy.
The Nigerian economy has been growing faster than the South African economy for some years. In 2012 Nigeria's economy grew by 6.6% while South Africa's grew only between 2-3%.
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Source: AllAfrica.com
Rand falls as risk appetite wanes
November 6, 2013--The rand fell more than 1.3% against the dollar on Tuesday to its weakest level in two months as waning global risk appetite and the threat of more strikes hurt sentiment.
It was the second worst performer after Brazil's real in a basket of 20 emerging market currencies.
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Source: FIN24
SA stocks scale record highs
November 5, 2013--South African stocks scaled record closing peaks for the second straight session on Tuesday, with platinum producers such as Impala Platinum leading the uphill charge on a weaker rand.
The rand fell over 1% on wider emerging market jitters, a boon for platinum producers and other mining companies which export metal for dollars.
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Source: FIN24
Rand recovers from 2-month low
November 5, 2013--The rand made a modest recovery on Tuesday after hitting a two-month low in the previous session and is expected to trade in a narrow range ahead of US employment data later this week.
The rand was at R10.1465/$ at 08:20, down 0.2%t from Monday's New York close but firmer than its R10.2145 trough hit earlier that day.
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Source: FIN24
Sarb to invest in Chinese bonds
November 5, 2013--For the first time in the SA Reserve Bank's history a portion of reserves will be invested in the Chinese interbank bond market, Sarb deputy governor Daniel Mminele said on Tuesday.
"South Africa was the first African central bank to be granted an investment quota for the Chinese onshore market," he said in a speech prepared for delivery.
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Source: FIN24
Stocks edge to another record high
November 4, 2013--South African stocks edged up 0.33% on Monday, booking another record finish as investors piled into longstanding favourites such as paper maker Mondi and luxury goods firm Richemont.
But further gains are likely to be limited, given the string of record highs this year that have pushed Johannesburg stocks into pricey territory.
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Source: FIN24
Rand weighed down by strike fears
November 4, 2013--The rand was trading near eight-week lows on Monday as fears of a major strike in the platinum sector knocked investor confidence in the local economy.
The rand was at R10.1605/$ at 07:57, marginally firmer than its close in New York on Friday.
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Source: FIN24
Rand breaches R10/$ level
November 1, 2013--The rand was trading near one-month lows on Friday, weighed down by the previous day's disappointing trade figures and facing a stronger dollar buoyed by upbeat US economic data.
The rand was at R10.0400/$ at 08:36, 0.2% firmer than its New York close on Thursday. It hit a low of R10.0695 earlier in the session, its weakest level since the beginning of October.
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Source: FIN24
SA stocks book third consecutive record close
October 31, 2013--South African stocks booked their highest close on record for a third straight day on Wednesday, edging up nearly 0.4% and boosted by Adcock Ingram after the drug maker said nearly half of its shareholders support a takeover bid.
Sentiment was also lifted by market hopes the US Federal Reserve would announce plans to keep its bond-buying programme intact for a while longer. Continued stimulus is expected to boost riskier assets such as emerging market equities.
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Source: FIN24
Rand, bonds weaker on Fed statement
October 31, 2013--The rand was weaker on Thursday after the US Federal Reserve's latest policy statement, which maintained its economic stimulus measures but suggested it may taper sooner than previously expected.
The rand was at R9.9525/$ at 08:09, down slightly from Wednesday's New York close of R9.9420.
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Source: FIN24
