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Bonds weaker on softer rand
May 10, 2013--The South African bond market was weaker in midday trade on Friday on the softer rand.
“We are seeing profit taking on the back of the softer rand. We have had a great run‚ so part of it is also position squaring ahead of the weekend‚” a local bond trader said.
At 11:20 the benchmark R186 was trading at 6.660% from 6.575% at Thursday’s close and 6.730% at Wednesday’s close.
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Source: FIN24
Rand weaker on overnight dollar moves
May 10, 2013--The rand was weaker against the dollar on Friday at midday after strong weekly US jobs data and comments made by the European Central Bank (ECB) in its monthly bulletin for April saw the dollar strengthen considerably against other major currencies overnight.
"It has been very quiet today all things considered‚" said Jim Bryson‚ a currency trader at RMB. "The rand is surprisingly strong given the massive moves overnight in the yen‚ the Australian dollar and the euro. These moves were all the results of dollar strength but the rand is holding its own‚ given the relative position of everyone else.”
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Source: FIN24
Economic Diversification an Important Buffer for Africa in Uncertain Global Environment
Africa needs to forge a new model of growth based on inclusivity
Companies are investing in their own continent
May10, 2013--Economic diversification is essential for African economies to build buffers against vulnerability in a volatile world, panellists told a World Economic Forum on Africa session on Africa's economic outlook.
Creating a savings culture and increased tax base to help fund intra-African trade and investment and reduce African countries’ dependence on customs revenues are other factors that could provide buffers against volatility and improve trade flows by lessening the incentive for countries to impose non-tariff barriers, participants said.
Sectors mentioned as being important for the future include agriculture, financial services, natural resource extraction, investment in IT infrastructure, housing, power supply and regional trading of electricity. Participants added tourism and healthcare as important sectors for Africa’s development and job creation.
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Source: World Economic Forum
Regional Integration Essential to Africa's Growth and Development, Says Carl Bildt
Africa's growing economy can accommodate partnerships with developed and emerging economies
New partnerships are based on market forces, not colonialism; but foreign investors should help build more local skills capacity
May 10, 2013--Regional integration within Africa and the continent's integration with developed economies are essential to its growth and development, Carl Bildt, Minister of Foreign Affairs of Sweden, told a Bloomberg televised session on Africa's Global Partnerships at the World Economic Forum on Africa in Cape Town today.
Mario Machungo, Chairman, Millennium BIM, Mozambique, said regional integration would allow countries to be united in their dealings with international partners and small and medium-sized companies to flourish. Commenting on the large gas reserves discovered off the Mozambique coast, he said he believes the find has focused the country’s attention on the need to take control of its own destiny and not take direction “from outside”.
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Source: World Economic Forum (WEF)
World Economic Forum on Africa Closes with Call for Action
The question is no longer "if" Africa will grow, but "how" it will grow
Building on recent growth ideally means investing in human capital and economic diversification
May 10, 2013--Calling for investment to consolidate and make more inclusive recent African growth, leaders from across the continent gathered to close the 2013 World Economic Forum on Africa.
"We’ve had a couple of days of very exciting conversations about what is happening on the continent," said Eric Kacou, Co-Founder, Entrepreneurial Solutions Partners (ESPartners), USA, a Young Global Leader and Member of the Global Agenda Council on Fostering Entrepreneurship. "I think in Africa we are in the middle of a metamorphosis,” he said. “People are just starting to recognize there is potential."
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Source: World Economic Forum (WEF)
Regional Economic Outlook: Sub-Saharan Africa Building Momentum in a Multi-Speed World
May 10, 2013--Growth remained strong in the region in 2012, with regional GDP rates increasing in most countries (excluding Nigeria and South Africa). Projections point to a moderate, broad-based acceleration in growth to around 5½ percent in 2013-14, reflecting a gradually strengthening global economy and robust domestic demand.
Investment in export-oriented sectors remains an important economic driver, and an agriculture rebound in drought-affected areas will also help growth. Uncertainties in the global economy are the main risk to the region’s outlook, but plausible adverse shocks would likely not have a large effect on the region’s overall performance.
view the Regional Economic Outlook: Sub-Saharan Africa Building Momentum in a Multi-Speed World
Source: IMF
Global Board of Trade launches Contract for Difference
May 9, 2013--The Global Board of Trade (GBOT), the first international multi-asset bourse from Mauritius, has successfully launched Contracts for Difference (CFDs).
Contract for Difference (CFD) means a standardised derivative traded on GBOT, where a buyer and a seller agree to exchange the difference in value of a particular underlying between the time when the Contract is opened and when it is closed.
The launch of CFDs on GBOT Tuesday, May 7, 2013 in Mauritius, makes it the first exchange in Africa and second in the world to introduce CFDs.
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Source: Ghana Business News
Gold shares lead JSE rally
May 9, 2013--The JSE powered to a multi-week high on Thursday, more than offsetting last month's wobble in the benchmark index, amid a generally positive global market backdrop.
At 12:29‚ the JSE All Share [JSE:J203] index was up 0.35% 40 597.31‚ lifted by bargain hunting in gold stocks‚ with the index up 2.03%. The top 40 blue chip index garnered 0.37%.
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Source: FIN24
Bonds firm despite bad switch auction
May 9, 2013--The South African bond market was firm in midday trade on Thursday despite a disappointing switch auction earlier.
The National Treasury offered to switch up to R5bn R201 bonds for R186 bonds on a cash for cash basis‚ but received bids worth only R1.12bn and actually switched only R620m.
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Source: FIN24
Stronger gold, platinum prices buoy JSE
May 8, 2013--The JSE closed significantly stronger on Wednesday on higher gold and platinum prices, while gains in large-cap industrials pushed the all share index to its highest level in more than six weeks.
“This morning we took direction from the Chinese trade data which came out stronger than expected which lent significant impetus to the resource sector‚” said Mohammed Nalla‚ head of strategic research for global markets at Nedbank Capital.
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Source: FIN24