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Rand weaker as foreigners sell bonds
May 29, 2013--The rand continued to lose ground against the dollar on Wednesday as foreigners sold local bonds in response to Tuesday's worse than expected gross domestic product (GDP) figures.
“We’re seeing a combination of things pressuring the rand today. The big thing was the GDP numbers yesterday which were a shocker and turned the market significantly because they will have a big effect on our trade balance. It might also force Gill Marcus’s hand and press her into a rate cut‚” said Tony van Dyk‚ a currency dealer at the Iquad Group.
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Source: FIN24
IMF Country report-Nigeria: Financial Sector Stability Assessment
May 28, 2013--May 28, 2013--EXECUTIVE SUMMARY
1. The Nigerian economy has experienced domestic and external shocks in recent
years, which resulted in the 2009 banking crisis. However, the economy has continued to grow rapidly, achieving over 7 percent growth each year since 2009. The performance of
financial institutions has begun to improve, though some of the emergency anti-crisis measures continue to be in place.
The success in maintaining financial stability after the crisis, and in the face of major external threats, reflects the decisive and broad-based
policy response by the government and the Central Bank of Nigeria (CBN).
2. Following the crisis, the authorities took a comprehensive set of remedial measures. Substantial liquidity was injected; a blanket guarantee for depositors, as well as for interbank and foreign credit lines of banks, was provided; the Asset Management Company of Nigeria (AMCON) was established to purchase banks' nonperforming loans (NPLs) in exchange for zero coupon bonds and inject funds to bring capital to zero; regulations and supervision were strengthened and corporate governance enhanced; and the universal banking model was abandoned and banks instructed to establish holding companies or divest their nonbank activities.
view the IMF Country report-Nigeria: Financial Sector Stability Assessment
Source: IMF
Nigeria: Publication of Financial Sector Assessment Program Documentation
Detailed Assessment of Implementation of IOSCO Objectives and Principles of Securities Regulation
May 28, 2013--May 28, 2013--I. SUMMARY
1. The regulatory framework for securities markets in Nigeria has improved markedly since the 2002 FSAP, and particularly in the last five years.
Since the adoption of the Investments and Securities Act 2007 (ISA) and the first set of rules and regulations of
the Nigerian Securities and Exchange Commission (SEC), the regulatory framework has been further strengthened and expanded. It now covers more products and market participants, and has addressed the need to improve the quality and timeliness of disclosures
and manage the risks inherent in the management of client assets in collective investment schemes.
Industrial shares lift JSE
May 28, 2013--The industrial sector rallied on Tuesday, boosting the broader market, as rand weakness continued to support large cap rand hedge stocks such as British American Tobacco.
At 12:30‚ the JSE All Share [JSE:J203] index was up 0.81% to 41 768 points‚ with the Top 40 - (Tradeable) [JSE:J200] blue chip index rallying 0.83%. The industrial index lifted 1.16%‚ as the domestic currency fell to R9.74/$ after the release on Tuesday morning of a weaker than anticipated first quarter GDP print.
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Source: FIN24
Rand weakens on poor GDP data
May 28, 2013--The rand fell 5c against the dollar immediately after the release of disappointing Q1 GDP figures.
The 2013 first quarter GDP growth figure came in well-below expectations at 0.9% compared to 2.1% in the fourth quarter of 2012.
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Source: FIN24
Bonds weak despite poor GDP data
May 28, 2013--South African bonds were weak in midday trade on Tuesday despite a weaker than expected gross domestic product (GDP) figure released at 11:30.
The rand lost 5c against the US dollar immediately after the release of the GDP data to an intra-day worst level of R9.7457.
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Source: FIN24
Economy growing but still weak
May 28, 2013--South Africa's real gross domestic product (GDP) increased by 0.9% in the first quarter of 2013, Statistics SA said on Tuesday.
The increase in GDP was lower than the 2.1% achieved in the fourth quarter of 2012; however, when compared to the first quarter of 2012, the GDP increased by 1.9%.
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Source: Fin24
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
