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U.S. Invests U.S.$50 Million in Nigeria's Economy in 2013
October 22, 2013--United States of America Consul General, Jeffrey Hawkins said that the US has invested $50 million in Nigeria's economy in 2013 alone.
He said this during a courtesy visit to the Nigerian Stock Exchange (NSE) yesterday.
He said that Nigeria was a growing economy and assured that the United States government would help in growing the economy.
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Source: AllAfrica.com
IMF paper-West African Economic and Monetary Union: Financial Depth and Macrostability
October 22, 2013--Summary: The financial system in the WAEMU remains largely bank-based. The banking sector comprises 106 banks and 13 financial institutions, which together hold more than 90 percent of the financial system's assets (about 54 percent of GDP at end-2011).
Five banks account for 50 percent of banking assets. The ownership structure of the sector is changing fast, with the rapid rise of foreign-owned (pan-African) banks. This contributes to higher competition but also rising heterogeneity in the banking system, with large and profitable cross-country groups competing with often weaker country-based (and sometime government-owned) banks. Nonbank financial institutions are developing quickly, notably insurance companies, but remain overall small. This paper presents a detailed analysis of the banking system.
view the IMF paper-
West African Economic and Monetary Union: Financial Depth and Macrostability
Source: IMF
JSE: More record highs unlikely
October 21, 2013--Major indices on the JSE chalked up another week of strong gains and new records after a somewhat uncertain start on Monday and Tuesday-when the world nervously watched events surrounding the US government's financial worries.
The respite on Wednesday afternoon ignited a relief rally, which turned into a strong run on the JSE. The Top-40 and All Share index reached a new record high of Friday.
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Source: FIN24
Rand steady, will take cue from budget
October 21, 2013--The rand was little changed against the dollar on Monday and is expected to take its direction this week from the medium-term budget policy statement on Wednesday as well as US unemployment data.
The rand was at R9.7800 to the dollar at 06:32 GMT, in line with Friday's close in New York.
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Source: FIN24
SA stocks edge to record close
October 18, 2013--South African stocks booked their highest close on record on Friday, edging up 0.3% as positive economic data from China helped lift shares of Richemont and other firms sensitive to Asian demand.
Gains were limited as shares of Kumba Iron Ore tumbled 7.6% to R438.06 after it reported a 16% drop in quarterly production.
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Source: FIN24
Rand climbs but still vulnerable
October 18, 2013--The rand climbed to four-week highs against the dollar on Friday, lifted by buoyant emerging market investor sentiment following this week's resolution to the US fiscal standoff.
Government bonds followed suit, with yields falling to May/June lows as investors whose risk appetite had been dented by the prospect of a default by the world's biggest economy came back to high-yielding emerging markets.
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Source: FIN24
JSE edges to record high
October 17, 2013--South Africa's All-Share index booked its highest finish on record on Thursday, rising 0.22% as a spike in the bullion price boosted gold producers such as AngloGold Ashanti and Sibanye Gold.
Shares of Life Healthcare rose 2.4% to R38.52 after the private hospital group said full-year earnings likely rose by as much as 22 %.
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Source: FIN24
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
