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An Unprecedented Threat to Development in Africa
April 15, 2020--Covid-19 threatens to exact a heavy human toll and the ensuing economic crisis risks reversing recent development gains.
The region's economy is set to shrink by 1.6 percent in 2020, and real per capita income to fall by even more--3.9 percent on average.
The most pressing priority is to increase health spending to save lives and implement social transfers to those whose livelihoods are being upended.
Support from international development partners will be critical to meet financing needs, including debt relief for the most vulnerable countries.
Macroeconomic policies should be used to protect vulnerable groups, mitigate economic losses, and support the recovery.
Sub-Saharan Africa is facing an unprecedented health and economic crisis, the International Monetary Fund (IMF) said today in its latest Regional Economic Outlook for Sub-Saharan Africa. The crisis threatens to reverse recent development progress across the region and may weigh on growth for years to come.
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Source: IMF
JSE bruised by US data missing estimates
April 15, 2020--Fears were ignited by a miss in earnings estimates by some of the major US banks causing major losses globally. The JSE Top-40 index eventually closed 3.32% weaker while the JSE All-Share index lost 3.43%.
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Source: FIN24
JSE bruised by US data missing estimates
April 15, 2020--Fears were ignited by a miss in earnings estimates by some of the major US banks causing major losses globally. The JSE Top-40 index eventually closed 3.32% weaker while the JSE All-Share index lost 3.43%.
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Source: FIN24
Rand takes further beating after rate cut, falls 2%
April 15, 2020--The rand was again pummelled hard on Wednesday, falling 2% for the day against the US dollar.
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Source: FIN24
SA business alliance expects 1 million job losses, economy to contract by 10%
April 14, 2020--The economy could contract by 10% and over one million people could join the ranks of the unemployed due to the impact of the coronavirus pandemic, according to preliminary modelling by Business For South Africa.
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Source: fin24.com
Rand strengthens amid slight rally in riskier assets
April 9, 2020--After falling to a record low against the dollar earlier in the week, the rand strengthened to below R18 against the greenback on Thursday.
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Source: FIN24
Stocks surge on the back of additional Fed stimulus pledge
April 9, 2020--The JSE had a seesaw session on Thursday as it swung between gains and losses before closing firmer on the day.
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Source: FIN24
Nigeria: NSE-Market Capitalisation Rises N77bn, Amid Renewed Interest in Blue Chips
April 8, 2020--The Nigerian equities market maintained an upward trend on Wednesday with the market capitalisation growing further by N77 billion following renewed interest in high capitalised stocks.
The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N10.905 trillion rose by N77 billion or 0.71 per cent to close at N10.982 trillion.
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Source: allafrica.com
Nigeria Cuts 2020 Budget By Over N300bn
April 8, 2020--The Nigerian Government has cut the 2020 budget from N10.594 trillion to N10.276 trillion.
This is contained in the new budget proposal sent to the National Assembly by the federal government on Wednesday for consideration.
According to the new proposal, the budget cut became necessary in view of global economic realities as a result of the coronavirus pandemic.
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Source: allafrica.com
Local stocks weaker as volatility in Sasol persists
April 8, 2020--The JSE opened marginally softer on Wednesday but sunk deeper into losses as European counters traded under pressure.
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Source: FIN24
