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Natural Resources Can Fuel Africa's Economic Transformation
May 27, 2013--Africa's agricultural, mining and energy resources could boost the continent's economic growth and pave the way for a breakthrough in human development, according to the African Economic Outlook 2013, released here today.
The report is produced annually by the African Development Bank (AfDB), the OECD Development Centre, the Economic Commission for Africa (ECA) and the UN Development Programme (UNDP).
The continent’s economic outlook for 2013 and 2014 is promising, confirming its healthy resilience to internal and external shocks and its role as a growth pole in an ailing global economy. Africa’s economy is projected to grow by 4.8% in 2013 and accelerate further to 5.3% in 2014.
view the African Economic Outlook 2013
Source: African Development Bank Group
JSE gains on weaker rand
May 27, 2013--The JSE closed in positive territory on Monday afternoon after a quiet start to the day saw industrials and resources gain significantly in late afternoon due to a weaker rand and higher Dow futures.
“We’ve seen a play on sectors today‚ resources were weak this morning and picked up this afternoon‚ and banks came under pressure this morning but closed flat‚” said Michele Santangelo‚ a portfolio manager at Vunani Private Clients.
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Source: FIN24
Bonds softer on weaker rand
April 27, 2013--South African bonds were softer in midday trade on Monday due to a weaker rand.
Dealers said trading was very quiet because of the holidays in the UK and US. “There is nothing to move the market today‚ so now the market is waiting for tomorrow’s economic growth data‚” a local bond trader said.
At 11:41 the benchmark R186 was trading at 7.055% from 7.040% at Friday’s close and 7.070% at Thursday’s close.
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Source: FIN24
JSE flat as miners erode early gains
May 24, 2013--The JSE was flat at midday on Friday as losses in mining started to eat away at the morning's earlier gains.
“We’ve entered a period of volatility there’s no doubt about that‚” said Ryan Wibberley‚ an equity dealer at Investec Asset Management
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Source: FIN24
Bonds flat after ILB auction
May 24, 2013--South African bonds were little changed in midday trade on Friday after the inflation-linked bond (ILB) auction.
“Trading has been dominated by position squaring ahead of the long weekend for our overseas peers as both the UK and US are on holiday on Monday. At this stage guys are just looking to stay out of trouble‚ which is why the market is so flat‚” a local bond trader said.
At 11:31 the benchmark R186 was trading at 7.075% from 7.070% at Thursday’s close.
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Source: FIN24
JSE down as world markets drop
May 23, 2013--The JSE came off lightly compared to other world markets on Thursday morning. The local bourse was down, but nowhere near as badly as the Japanese Nikkei, which tumbled more than 7%.
The Nikkei shed value after US Federal Reserve (Fed) Chairman Ben Bernanke suggested on Wednesday the Fed could scale back its bond purchases in the coming months if the US economy begins to “see further signs of traction”.
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Source: FIN24
Rand under new pressure
May 22, 2013-The rand came under renewed pressure in late trade after Fed chairman Ben Bernanke's speech.
The rand shed all its intraday gains after US Federal Reserve chairperson Ben Bernanke said the bank needed to see a sustained US economic recovery before it eased up on its quantitative easing programmed
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Source: FIN24
JSE hit record high on weaker rand
May 21, 2013--South Africa's JSE Top 40-(Tradeable) [JSE:J200] blue-chip index hit a lifetime high on Tuesday as a weaker rand currency at helped boost some exporters such as Anglo American [JSE:AGL] and Kumba Iron Ore [JSE:KIO].
Exporters benefit from a depreciating rand, which lifts their profits when overseas earnings are brought home.
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Source: FIN24
Rand plummets through R9.60/$
May 21, 2013--The rand slid to its lowest levels against the dollar in four years as investor confidence saw a sell-off in bonds.
Nomura's emerging markets analyst Peter Attard Montalto said the recent move to breach those highs was in part due to dollar strength thanks to the moves in real yields there.
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Source: FIN24
Bonds weaker on rand, wage demands
May 20, 2013--South African bonds were weaker in midday trade on Monday on a softer rand and certain wage demands being made which are ten times higher than inflation.
“The softer rand and the unrealistic wage demands in the mining sector have hurt our bonds‚” a local bond trader said.
At 11:51 the benchmark R186 was trading at 6.930% from 6.820% at Friday’s close.
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Source: FIN24
