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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
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
