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Absa Capital wins regulatory approval for South African palladium ETF
September 29, 2013--South Africa's Absa Capital has received regulatory approval for its planned Johannesburg-listed palladium exchange-traded fund and hopes to launch the product by the end of the year, a spokesman for Absa said on Sunday.
The fund will be backed exclusively by palladium sourced in South Africa, Absa's head of investments Vladimir Nedeljkovic said on Sunday on the sidelines of the London Bullion Market Association's annual conference
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Source: Reuters
Behind the JSE run
September 27, 2013--What do Peroni beer, Cartier watches and Chinese online games have in common? Very little, except that all three are behind the South African stock market's gravity-defying run in recent years.
Since recovering from the 2008 financial crisis, stocks in Africa's biggest economy have blithely weathered all kinds of bad news-strikes, sputtering growth, credit downgrades and waning consumer demand-to notch up a string of record highs.
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Source: FIN24
Rand falls as Amplats strike weighs
September 27, 2013--South Africa's rand retreated 1 percent on Friday to a two-week low against the dollar, weighed down by the start of a strike at Anglo American Platinum's (Amplats) mines.
The rand hit a session low of 10.1700/$, its lowest since September 6. By 14:30 GMT, it was trading at R10.0970, 1.02% softer than its R9.9950 New York close on Thursday.
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Source: FIN24
Nigeria: NSE Proposes New Rules to Protect Investors
September 27, 2013--The Nigerian Stock Exchange (NSE) has proposed new rules aimed at protecting investors and attracting more participation in the nation's capital market.
Titled 'Rules and Regulations Governing Dealing members (Amendments and additions)', the NSE has asked operators to review the rules and make appropriate contributions before they are harmonised and submitted to the Securities and Exchange Commission (SEC) for approval. The new rules regarding investors, if approved, will mandate stockbroking firms to adopt a Know-Your-Clients (KYC), clients' management procedures and to render monthly financial statements to clients.
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Source: AllAfrica.com
JSE edges down after record run
September 26, 2013--South African stocks took a breather from their record run on Thursday, edging down in line with emerging market peers that lost the last of their post-Fed gains as global attention switched to a battle over the US budget.
Gold producer AngloGold Ashanti was one of the few bright spots on the bourse, adding 1.5% to R134.12 as bullion's spot price inched up on views that a possible US government shutdown next week will buff up gold's tarnished safe-haven status.
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Source: FIN24
Rand stable ahead of PPI
September 26, 2013--The rand was steady against the dollar on Thursday but could come under pressure later in the session if producer price data indicates that inflationary pressures are building in the local economy.
The rand was at R9.9775 /$ at 08:45, little changed from its New York close on Wednesday.
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Source: FIN24
Rand, bonds slightly firmer
September 25, 2013--The rand was slightly firmer against the dollar on Wednesday but economic data from the United States in the coming days could push it weaker if the numbers come through stronger than expected.
The rand was at R9.8520/$ at 08:37, up 0.2% from its New York close on Tuesday.
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Source: FIN24
Kenya: Market Shows Resilience After Terrorism Attack
September 24, 2013--The Securities Exchange was remarkably resilient in the face of the events at Westgate. The key issue for investors will be whether this is a one time event or whether we have now entered a new and more uncertain normal.
The foreign investor participation levels have averaged close to 50% since we entered a bull market in April 2012 and we will need to be cognisant of this. The shilling retreated to trade around the 87.50 level, which was an optimal outcome given the circumstances. The Nairobi all share eased 0.3208% to close at 124.26. which is a very resilient performance.
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Source: AllAfrica.com
Gold drags stocks trend lower
September 23, 2013--South African stocks inched lower ahead of a bank holiday on Tuesday but gold shares like Harmony were on the back foot as the spot price for bullion swayed on confusion over the outlook of US monetary policy.
Bullion was down as much as 0.9% in earlier trade but recouped losses and turned positive in late trade.
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Source: FIN24
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
