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Rand under pressure, bonds weaker
July 8, 2013--The rand touched fresh 2-week lows against the dollar on Monday and could lose further ground as the greenback remains supported by jobs data that has boosted chances the United States will soon pull back on its bond-buying programme.
News that Anglo Platinum [JSE:AMS], the world's number one producer of the precious metal, has been hit by a wildcat strike at one of its mines will weigh further on local sentiment.
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Source: FIN24
Kenya to Introduce Exchange-Traded Funds, Market Regulator Says
July 8, 2013--The Nairobi Securities Exchange (NSEASI), Africa's third-best performing bourse this year, will begin offering exchange-traded funds, the Capital Markets Authority said.
The funds will be offered “in an effort to increase the scope of capital market products available in Kenya,” the Nairobi-based regulator said in an e-mailed statement today.
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Source: Bloomberg Business Week
Stocks driven down by resources slump
July 5, 2013--South African stocks were dragged lower by a slide in the shares of mining companies on Friday as stronger-than-expected US jobs data hit gold prices.
The benchmark Top 40 - (Tradeable) [JSE:J200] declined 2.35% to close at 34 684.53, while the broader All-share index was felled 2.15% to 39 169.83.
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Source: FIN24
Rand under pressure
July 5, 2013--The rand held broadly steady against the dollar in early Friday trade although investors remained jittery ahead of US jobs data that should give a clue about the timing of the Federal Reserve's withdrawal of stimulus.
Domestic mining concerns were also hanging over the local currency.
At 08:49, the rand was at R10.0335/$, compared to a close of R10.0260 in New York time on Thursday.
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Source: FIN24
Egypt faces rising financial risk-data
July 5, 2013--Egypt's crumbling public finances may be in even worse shape than previously estimated.
While stock and bond markets have cheered the ouster of unpopular President Mohamed Mursi by the army and Egypt's debt insurance costs have tumbled, data shows that financial risks are about to escalate.
The central bank's net hard currency reserves, which a country needs to pay for imports, are in negative territory if upcoming short-term obligations are included, indicating a looming funding crunch for Egypt unless it quickly accesses external aid.
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Source: FIN24
Africa: Private Equity-Bringing Development Capital to Africa?
July 4, 2013--Africa's private equity industry has been gaining ground. Last year, despite difficult global economic circumstances, deal value reached $1.1bn with East Africa taking the lion's share.
And the sector has raised as much as $3.7bn of capital, in its 2008 peak before the financial crisis, according to data from Private Equity International.
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Nigeria sells $1bn bonds, Okonjo-Iweala says view more
Rand dips on stronger dollar view more
The yield on the bond due in 2026, the market benchmark, edged up one basis point to 7.955%, as did the shorter-dated 2015 paper to 6.135%.
Source: FIN24
July 3, 2013--The Minister of Finance, Ngozi Okonjo-Iweala, said on Wednesday that Nigeria returned to the capital market after two years of absence and sold $1 billion bond with ease.
Ms. Okonjo-Iweala said this in Abuja while briefing newsmen on the recently concluded road show in Europe and U.S. to float the billion dollar bond to international investors.
Source: Premium Times
July 3, 2013--The rand breached the psychologically important 10-to-the-dollar level on Wednesday as a stronger greenback weakened global currencies while market liquidity remained thin.
The rand was at R10.0350/$ at 08:35, nearly 0.5% weaker than its close in New York on Tuesday.
Source: FIN24
