Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
Bond remains firm
June 27, 2013--The South African bond market remained firm in late trade after the rand strengthened to the session's best level of R9.9026/$, while the inflation expectations survey for the second quarter came in unchanged at 6.0% compared with the first quarter.
“The stronger rand has been the dominant factor‚ but the unchanged inflation expectations was a pleasant surprise‚” a local bond trader said.
view more
Source: FIN24
Africa: Renminbi Rising
June 26, 2013--Africa's use of renminbi is still limited, but growing trade ties with China position the currency to grow on the continent
Just over two years since it began internationalising, China’s renminbi is well on its way to becoming a global currency. Trade redenomination into the yuan, as the currency is also known, has taken place everywhere from Malaysia to the Middle East. And while it might be some time before the renminbi replaces the dollar as the biggest reserve currency, China’s drive to internationalise the redback is picking up pace.
view more
Source: AllAfrica.com
JSE rallies on defensive counters
June 26, 2013--Equity markets welcomed the "bad news is good news" notion with stalling growth in the world's largest economy buoying local shares and lifting the JSE all share to close 1.20% higher at 38 946.07.
The US Commerce department cut its growth forecast for the US economy to 1.8%‚ compared with a previous estimate of 2.4% sending signals to world markets that the possibility of tapering monetary easing could be ruled out for this year at least.
view more
Source: FIN24
Softer dollar supports rand
June 26, 2013--The local currency traded slightly firmer late on Wednesday as the dollar weakened after the release of a disappointing US first quarter GDP print.
The final reading for first quarter showed that US GDP growth was at 1.8%‚ versus a previous estimate of growth of 2.4%.
view more
Source: FIN24
JSE pushed down by gold miners
June 25, 2013--The JSE extended its losses on Tuesday morning, led down by gold miners, while retailers provided some support.
This follows on a global sell-off on Monday‚ triggered by uncertainty over US Federal Reserve monetary tapering and Chinese growth concerns.
view more
Source: FIN24
Bonds firmer after good auction
June 25, 2013--The South African bond market remained firm in midday trade on Tuesday after a good auction, following a stronger rand.
“We had a good auction, so that should prompt some overseas investors to get back into our market‚” a local bond trader said.
view more
Source: FIN24
Corporate bond boom is boon for SA
June 24, 2013--It is not yet mid-year and already, in the first quarter, R6.1 billion has been raised by companies on the corporate bond market, about the same figure as the total amount raised in the last six months of last year.
The boom in the corporate bond market comes as companies select this method of funding future growth and refinancing existing debt as opposed to previously more traditional methods such as bank loans, helped by almost perfect market conditions.
view more
Source: Business Report
JSE follows world markets lower
June 24, 2013--SA stocks finished sharply lower on Monday propelled by a global sell--off as investors prepare for a world with limited monetary easing.
“We saw more of a negative reaction to peoples’ perceived outlook for stimulus with markets now pricing in for a new world where easing is going to be tapered off‚” said Ryan Wibberley‚ head of equity dealing for EM‚ Investec Asset Management.
view more
Source: FIN24
Rand outshines emerging market peers
June 24, 2013--The rand was the best performing currency among its emerging market peers on Monday, strengthening by as much as 0.54% against the dollar despite a rise in US treasury yields and weaker local bond prices.
“We are seeing a lot of other emerging market currencies trading weaker today with the Turkish lira reaching new year-to-date weakest level but the rand is trading out of sync with broader emerging market currency movements‚” said a local trader.
view more
Source: FIN24
JSE positive, gold miners weigh
June 21, 2013--The JSE was slightly higher at midday with some gains seen in industrial counters but gold mining shares continued to drop.
Local stocks struggled to recover from Thursday’s global sell-off that left all major markets bruised by prospects of less stimulus being injected into the US economy.
view more
Source: FIN24
