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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
Rand gives up Fed gains
September 20, 2013--The rand was steady against the dollar early on Friday, having pared most of the strong gains it and other emerging market currencies made in the aftermath of the US Federal Reserve's decision to maintain monetary stimulus.
At 08:47, the rand was at R9.7010/$, slightly weaker but not far off its close in New York on Thursday.
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Nigeria: Investor Interest Lift Stock Market view more
Nigeria sells first Islamic bond view more
Source: FIN24
September 20, 2013--The Nigerian equities market returned to positive territory Thursday after three days of consistent losses helped buy huge buy interest in highly discounted stocks.
Stockbrokers had told THISDAY Thursday that stocks Oando Plc and Access Bank Plc, offers buy opportunity for investors considering the growth potential in both companies. Specifically, shares of Oando have dipped by 21 per cent in the last three days since news broke that jailed former Governor of Delta State, James Ibori, hid his assets in the integrated energy firm. Ibori has allegedly told a Swiss bank in 2004 that he owned about 30 per cent of the company.
Source: AllAfrica.com
September 19, 2013--Nigeria's Osun State has begun offering the country's first Islamic bond, taking a major step towards developing an Islamic finance industry in Africa's most populous nation, bankers said on Thursday.
The issue makes Nigeria the first big economy in sub-Saharan Africa to market a sukuk, although Gambia has been selling small amounts of Islamic bonds for several years.
Source: FIN24
