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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
Stocks hit by strike threats
October 7, 2013--South African share prices dropped on Monday, bruised by the threat of further strikes in the country's platinum sector and a US political fight that has rattled global markets.
A regulatory review of telephone calling charges also depressed prices of mobile giants MTN and Vodacom.
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Source: FIN24
Rand weakens, remains range-bound
October 7, 2013--The rand weakened against the dollar on Monday and is likely to remain range-bound as long as the budget impasse in the United States continues.
The rand was at R10.0050/$ at 08:35, down 0.3% from its close in New York on Friday
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Source: FIN24
Africa Continues to Grow Strongly but Poverty and Inequality Remain Persistently High
October 7, 2013--Economic growth in Sub-Saharan Africa (SSA) remains strong with growth forecasted to be 4.9% in 2013. Almost a third of countries in the region are growing at 6% and more, and African countries are now routinely among the fastest-growing countries in the world, according to the World Bank's new Africa's Pulse, a twice-yearly analysis of the issues shaping Africa's economic prospects.
Buoyed by rising private investment in the region and remittances now worth US$33 billion a year supporting household incomes GDP growth in Africa will continue to rise and pick up to 5.3% in 2014 and 5.5% in 2015. Strong government investments and higher production in the mineral resources, agriculture and service sectors are supporting the bulk of the economic growth.
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Source: World Bank
Nigeria: Market Maintains Positive Posture As Equity Gains N155 Billion
October 5, 2013--The equity market maintained its upward movement this week as market capitalization recorded N155 billion or 1.34 per cent at the end of weekly trading.
The market opened for four trading sessions this week as the Federal Government of Nigeria declared Tuesday, October 1, 2013 as public holiday to mark Nigeria's 53rd Independence Anniversary.
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Source: AllAfrica.com
SA stocks end flat
October 4, 2013--South African stocks moved sideways in sluggish trade on Friday, capping a lacklustre week in which investors refused to take big bets given uncertainty over the US government shutdown.
However, shares of major telecoms companies MTN Group and Vodacom could fall on Monday after the telecoms regulator said after the close of trade it planned to cut the fee mobile operators charge rivals to use their network by up to 75%.
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Source: FIN24
Rand slightly up but strikes limit gains
October 4, 2013--The rand firmed slightly against the dollar on Friday although worries about domestic labour unrest and a wide current account gap will keep gains in check, despite global pressure on the greenback as the US government remains in shutdown.
Government bonds also edged higher in early trade, with yields dipping 3.5 basis points to 7.98% for the benchmark and 2 basis points to 6.075% for the shorter-dated 2015 issue.
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Source: FIN24
SA stocks flat but Abil jumps
October 3, 2013--South African stocks ended little-changed on Thursday as a recovery in shares of Shoprite was counterbalanced by a decline in bullion producers such as AngloGold Ashanti after a drop in gold.
Shares of African Bank Investment rose more than 5% to R19.40 after the mass-market lender said it agreed to pay a regulatory fine of R20m for reckless lending, well below what investors had expected.
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Source: FIN24
