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UNCTAD: Nigeria Remains Number One Investment Destination in Africa
June 27, 2013--Nigeria has again emerged number one destination for Foreign Direct Investment (FDI) in Africa, according to the United Nations Conference on Trade and Development (UNCTAD).
UNCTAD said in its World Investment Report 2013, titled: “Global Value Chains: Investment and Trade for Development,” that FDI inflows to Nigeria stood at $7.03billion. South Africa recorded $4.572 billion, Ghana ($3.295 billion), Egypt ($2.798 billion), and Angola (-6.898 billion), among others.
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Source: This Day Live
JSE flat as market consolidates gains
June 27, 2013--The JSE kicked off relatively flat, with the market consolidating gains after two straight days of strong recovery.
“The market remains volatile‚ but we have seen quite a recovery in some stocks that have been heavily sold off since the (Fed chairman Ben Bernanke) Bernanke scare that the US may begin reducing stimulus injections from its economy‚” said Ferdi Heyneke‚ a trader at Afrifocus.
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Source: FIN24
Rand hits R10/$ mark
June 27, 2013--Better than expected producer inflation data sent the rand through the R10 to the dollar mark, with easing tensions over a stimulus withdrawal from the US economy in the near term also providing support.
At 18:00 the rand was bid at R9.9809/$ from Wednesday’s close of R10.0911/$.
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Source: FIN24
Bond remains firm
June 27, 2013--The South African bond market remained firm in late trade after the rand strengthened to the session's best level of R9.9026/$, 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.
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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.
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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.
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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%.
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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.
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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.
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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.
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Source: Business Report
