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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.
view Africa's Pulse
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
Rand slips vs softer dollar
October 3, 2013--The rand slipped against the dollar on Thursday despite the unresolved budget impasse in the United States that has kept the greenback on the ropes.
The rand was at R10.0100/$ at 08:37, down 0.2% from its close in New York on Wednesday.
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Source: FIN24
South Africa's JSE again beats the world on regulation-how they do it
October 2, 2013--South Africa's Johannesburg Stock Exchange (www.jse.co.za) is the world's best-regulated stock exchange for the fourth year running. The 2013-14 Global Competitiveness Report by the World Economic Forum (WEF) ranks South Africa first out of 148 countries for regulation of securities exchanges. South Africa's financial market development ranking remains impressive at third in the world.
This is only one of high scoring factors in the report which highlight the attractiveness of the JSE and its good relationship with the regulator, the Financial Services Board.
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Source: African Capital News
Rand holds steady vs dollar
October 2, 2013--The rand was steady against the dollar on Wednesday after failing to take advantage of a struggling greenback, which has been on the back foot following the first partial US government shutdown in 17 years.
The rand was at R10.1450/$ at 08:04, barely changed
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Source: FIN24
IMF South Africa: 2013 Article IV Consultation
October 1, 2013--Summary: South Africa has made impressive strides in economic development over the past two decades. But in recent years, lower growth has exacerbated high unemployment, inequality, and vulnerabilities.
Although weak trading partner growth contributed, domestic factors were an important reason why South Africa’s growth has been below that of other emerging markets. Large current account and fiscal deficits, so far easily financed by global liquidity, have raised vulnerabilities.
view the IMF South Africa: 2013 Article IV Consultation report
Source: IMF
Nigeria: Stock Market Sustains Positive Run On Renewed Optimism
September 30, 2013--Investors in the Nigerian equities market smiled home again last week as the market recovered from the poor start at the beginning of the week to close on a stellar note.
The strong performance recorded in the last three trading days of the week was fuelled by renewed optimism.
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Source: AllAfricaNews.com
