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Nigeria: Economy May Face Harsh Times in 2014
September 23, 2013--There are indications that harsh times await Nigeria's economy due to increasing challenges in the sources of income to fund government expenditures in the next fiscal year.
The challenges come to light in the documents submitted by President Goodluck Jonathan to the National Assembly recently.
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Source: AllAfrica.com
Rand gives up Fed gains
September 20, 2013--The rand was steady against the dollar early on Friday, having pared most of the strong gains it and other emerging market currencies made in the aftermath of the US Federal Reserve's decision to maintain monetary stimulus.
At 08:47, the rand was at R9.7010/$, slightly weaker but not far off its close in New York on Thursday.
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Nigeria: Investor Interest Lift Stock Market view more
Nigeria sells first Islamic bond view more
JSE hits new record on Fed euphoria view more
Rand races on Fed stimulus move view more
Rand holds steady ahead of inflation data view more
Rand holds steady at five-week highs view more
JSE down as gold firms weigh view more
Rand hits 5-week high view more
Source: FIN24
September 20, 2013--The Nigerian equities market returned to positive territory Thursday after three days of consistent losses helped buy huge buy interest in highly discounted stocks.
Stockbrokers had told THISDAY Thursday that stocks Oando Plc and Access Bank Plc, offers buy opportunity for investors considering the growth potential in both companies. Specifically, shares of Oando have dipped by 21 per cent in the last three days since news broke that jailed former Governor of Delta State, James Ibori, hid his assets in the integrated energy firm. Ibori has allegedly told a Swiss bank in 2004 that he owned about 30 per cent of the company.
Source: AllAfrica.com
September 19, 2013--Nigeria's Osun State has begun offering the country's first Islamic bond, taking a major step towards developing an Islamic finance industry in Africa's most populous nation, bankers said on Thursday.
The issue makes Nigeria the first big economy in sub-Saharan Africa to market a sukuk, although Gambia has been selling small amounts of Islamic bonds for several years.
Source: FIN24
September 19, 2013--South African stocks surged to new record highs on Thursday in line with global peers after the U.S. Federal Reserve stunned markets by delaying a pull-back in its stimulus programme.
Gold producers such as AngloGold Ashanti led the local charge as bullion's price leapt over 4% on the Fed move, seen as a positive for the precious metal as its status as an inflation hedge is enhanced by the flow of easy money.
Source: FIN24
September 19, 2013--The rand is trading near four-month highs against the dollar,
buoyed by an unexpected US Federal Reserve decision to keep its asset-buying programme intact.
Source: FIN24
September 18, 2013--The rand traded sideways against the dollar early on Wednesday with investors bracing for potentially poor inflation data and the US Federal Reserve's decision on quantitative easing.
At 08:37, the rand was at R9.8045/$, not far off its close in the New York market on Tuesday.
Source: FIN24
September 17, 2013--The rand traded within a few cents of the previous day's five-week highs on Tuesday and should tread in a narrow range in the absence of market-moving data.
By 08:50, the local currency was at R9.8310/$, slipping just 0.3% from Monday's close in New York.
Source: FIN24
September 16, 2013--South African stocks ended almost where they started on Monday, as a global stock rally failed to take root in Johannesburg, where gold producers maintained their downward march in the wake of bullion's falling price.
Gold Fields shed 1.8% and Harmony 1.7% as gold's spot price extended a recent decline, losing 1 percent with markets betting the US Federal Reserve will begin tapering its commodity-boosting monetary stimulus as early as this month.
Source: FIN24
September 16, 2013--The rand has touched its strongest level in five weeks amid speculation the US Federal Reserve may keep an accommodative policy stance,
boosting emerging currencies.
Source: FIN24