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Climate Resilience and Low-Carbon Growth Critical for Nigeria's Economic Future
June 10, 2013--Nigeria's economy can be made more climate-resilient and less carbon-intensive without foregoing growth, argue two new World Bank reports "Toward Climate-Resilient Development in Nigeria" and "Low-Carbon Development Opportunities for Nigeria," released today.
These studies are the fruit of a two-year long collaboration between the World Bank and the Government of Nigeria to address the challenges posed by climate change to Nigeria. The reports identify specific technologies and management practices that could be applied to key economic sectors, including agriculture and land use, water resources, oil and gas, power, and transport.
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Source: World Banlk
JSE firmer, aided by rand hedge stocks
June 10, 2013--The JSE was up slightly on Monday at midday as rand hedge stocks helped lift the local bourse despite losses in banks and retail counters.
“The rand is the main factor driving movement on the JSE today and banks are the key underperformers‚” said Ryan Wibberley‚ head of equity dealing for emerging markets at Investec Asset Management.
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Source: FIN24
Rand weakens on mine strike fears
June 10, 2013--The rand extended losses against the dollar to more than 2.4% on Monday and long-dated government bond yields soared 30 basis points, on fears of more mine strikes and as the market prices in higher interest rates this year.
The rand hit a week's low of R10.2152 after ending Friday's session at R9.9700, edging closer to last month's four-year low of R10.2850. It was at R10.1750 by 13:48, down 2% from the previous close.
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Source: FIN24
Absa lists NewPlat ETF
SA investors gain direct exposure to Rand performance of platinum bullion
June 8, 2013--On April 26, 2013, The corporate and investment banking division of Absa Bank Limited (Absa), member of Barclays, listed the first fully backed physical platinum Exchange Traded Fund (ETF) on the Johannesburg Stock Exchange (JSE).
An investment in Absa’s NewPlat ETF issued by NewGold Issuer Limited, issuer of the largest ETF in the South African market, will provide investors with the opportunity to obtain exposure to the Rand performance of platinum bullion.
"As a South African first, the NewPlat ETF demonstrates Absa’s innovation and leadership in brining world class financial products to local investors at competitive rates,” says Vladimir Nedeljkovic, Head of Investments at Absa’s Corporate and Investment Banking division.
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Source: Absa Bank Limited (Absa)
JSE cuts initial losses in volatile trade
June 7, 2013--The JSE rebounded from initial losses to trade higher on Friday in volatile trade ahead the closely watched US jobs report for May.
At 12:54‚ the JSE All Share [JSE:J203] index was up 0.42% to 40 509.50 points‚ trimming the weekly decline to 3.50%.
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Source: FIN24
Bonds softer on weaker rand
June 7, 2013--South African bonds were trading mostly softer in midday trade on Friday due to a weaker rand.
The local currency has dropped about 10c per dollar on Friday from its overnight levels.
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Source: FIN24
Industrials, banks knock local stocks
June 6, 2013--The JSE fell for the fourth day in a row on Thursday, taking the losses in the all-share index to more than 3% since Monday, as rand volatility continued to weigh on large-cap stocks.
The global backdrop also remains largely negative ahead of the US jobs report for May on Friday that is set to provide clues about the health of the world’s largest economy.
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Source: FIN24
Bonds soft but off worst levels
June 6, 2013--The South African bond market was soft in midday trade on Thursday, but bonds were off their worst intraday levels as the rand moved back below the R10 per dollar level.
South African Reserve Bank governor Gill Marcus gave the keynote speech at the Bureau for Economic Research conference this morning and said that the inflationary effect of the weaker exchange rate had so far been muted.
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Source: FIN24
Rand firmer after Marcus speech
June 6, 2013--The rand appreciated against the greenback on Thursday after Reserve Bank governor Gill Marcus downplayed a possible future interest rate cut, maintaining her stance on monetary policy.
There were significant upside risks to the inflation outlook both from the weaker rand and the possibility of high wage settlements‚ Marcus said on Thursday at a conference hosted by the Bureau for Economic Research.
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Source: FIN24
Nigeria: NSE Market Capitalisation Hits 2008 Peak
June 6, 2013--A three-day rally by the bulls saw the market capitalisation of the Nigerian Stock Exchange (NSE) hit its 2008 peak of N12.6 trillion yesterday just as year-to-date growth of the NSE All-Share Index stood at 40.5 per cent.
Dangote Cement Plc, which accounts for 28 per cent of the NSE capitalisation, was a major driver of the growth that pushed the market to its pre-meltdown level.
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Source: Allafrica.com
