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JSE down on Chinese PMI, Bernanke
June 20, 2013--South African stocks finished well down on Thursday as signs of weakness in China's manufacturing sector worsened the blows from the outcome of the US monetary policy meeting on Wednesday.
The JSE All Share [JSE:J203] index closed significantly lower‚ losing 3.06% to 39 536.08 points. Platinum miners‚ which tumbled 4.30%‚ were hardest hit‚ followed by the gold index‚ which fell 3.73%.
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Source: FIN24
Rand weak but within range
June 20, 2013--The rand was weaker in late trade albeit well off its intraday weakest level, after it had weakened considerably overnight on fears that the US Federal Reserve may start tapering their quantitative easing programme as soon as the end of the year.
Global markets experienced a vast sell-off that saw equities plunge and gold fall as much as 4% during the course of the day.
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Source: FIN24
Nigeria: '95 Percent of Corruption Eminate From Finances'
June 20, 2013--The Presidency is partnering with the Chartered Institute of Finance and Control of Nigeria (CIFCN) to curb financial corruption, Special Adviser to the President on Ethics and Values, Mrs. Sarah Jibrin has said.
Speaking as a special guest of honour at the fellowship award and dinner night of the institute in Abuja, Mrs. Jibrin explained that it has become imperative for government to partner with such accounting institutes because over 95% of corruption cases in the country emanate from financial transactions.
JSE ends in red, awaits US speech
June 19, 2013--The JSE closed in negative terrain on Wednesday, following global markets lower amid nervousness as world markets await US Federal Reserve chairman Ben Bernanke's speech at 18:30 local time.
All eyes are on the outcome of the US Federal Open Market Committee’s meeting and Bernanke’s press conference afterwards‚ when he is expected to give clarity on its monetary policy stance.
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Source: FIN24
CPI, trade data boosts rand
June 19, 2013--The rand was firmer in late trade, buoyed by better than expected consumer price index and trade data.
At 18:00 the rand was bid at R9.9599/$ from an overnight close of R9.9999/%.
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Source: FIN24
Economic activity loses traction - Sarb
June 19, 2013--Economic growth in the first quarter of 2013 remained subdued due to contraction in the manufacturing sector, the SA Reserve Bank (Sarb) said on Wednesday.
In its quarterly bulletin released on Wednesday, the Sarb said economic activity lost traction in the first quarter as GDP registered growth of just 0.9%.
This was less than the current pace of population growth, the bank said.
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Source: FIN24
JSE ends firmer, rand hedges lift
June 18, 2013--Acquisition talks between two pharmaceutical giants and a weaker rand, which favours dual-listed stocks, led the JSE to post strong gains on Tuesday.
At 17:00‚ the JSE All Share [JSE:J203] index was 1.69% higher at 41 003.25 points. Broad gains were made across all sectors‚ with the exception of gold‚ as the market played catch up from lost trade on Monday due to the public holiday. Market participants were also gearing up for futures close-out on Thursday.
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Source: FIN24
Rand remains weak ahead of US data
June 18, 2013--The rand remained weaker against major currencies in late trade ahead of key event risks on Wednesday, including the Reserve Bank June Quarterly Bulletin.
At 18:00 the rand was bid at R9.9738/$ from an overnight close of R9.9551/$.
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Source: FIN24
Economic Report on Africa 2013
Making the Most of Africa's Commodities: Industrializing for Growth, Jobs and Economic Transformation
June 17, 2013--African countries have a real opportunity to capitalize on their resource endowments and high international commodity prices, as well as on opportunities from changes in the global economy to promote economic transformation through commodity-based industrialization
and to address poverty, inequality and unemployment. If grasped, these opportunities will help Africa promote competitiveness, reduce its dependence on primary commodity exports and associated vulnerability to shocks and emerge as a new global growth pole.
view the Making the Most of Africa’s Commodities: Industrializing for Growth, Jobs and Economic Transformation report- United Nations Economic Commission for Africa
Source: United Nations Economic Commission for Africa
Rand sheds further value
June 14, 2013--The rand shed further value in late afternoon trade, as rumours continued to drive a volatile market.
“Today has been an extremely volatile day in the market with wild gyrations depending on the headlines we see‚” said Jim Bryson a currency trader at RMB.
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Source: FIN24
