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KPMG-Nigeria Among World's Four Major Investment Destinations
March 4, 2013--Nigeria has been ranked as one of the four major investment destinations and growth areas in the world.
According to KPMG, one of the world's foremost audit, financial and tax advisory firms, Nigeria's newfound status followed the disappointing returns recorded by the BRICS, with the exception of China.
BRIC was the term coined by Goldman Sachs' economist, Jim O'Neill in 2001, to symbolise the emerging global economic powerhouses of Brazil, Russia, India and China. The term was later expanded to BRICS to accommodate South Africa.
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Source: AllAfrica.com
Rand-hedge stocks support the JSE
March 1, 2013--The JSE closed the Friday session firmer with rand-hedge stocks keeping the local bourse above the 40 000-point level after the rand lost substantial value due to weaker-than-expected trade deficit data that was released on Thursday.
Locally industrials‚ financials and banking stocks lead the JSE firmer‚ while gold miners and resources weighed.
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Source: FIN24
Banks, financials underpin JSE
February 28, 2013--Investors' strong appetite for banking and financial stocks kept the JSE in positive territory on Thursday, offsetting weakness in the general resources sector.
Gold stocks were particularly under pressure as a result of a lower gold spot price as well as caution ahead of the National Energy Regulator of SA’s decision on Eskom’s tariff hikes application‚ due this afternoon. Mining houses are already under pressure from rising costs.
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Source: FIN24
Curve flattens on inflation concerns
February 28, 2013--The South African bond market flattened in midday trade on Thursday as the short-end moved softer in response to rising inflation concerns, while the longer end strengthened on foreign demand.
“The curve has flattened by around five basis points as the market waits for the electricity price announcement this afternoon and tomorrow’s petrol price announcement‚” a local bond trader said.
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Bonds tad firmer on stronger rand view more
Growing Dollarisation of Nigerian Economy Raises Dust
At 12:36 the All Share [JSE:J203] index was 0.89% higher at 40 011.77 points‚ with the Top 40 - (Tradeable) [JSE:J200] index recovering 0.96% at 35 589.88 while the banking and platinum indices regained 1.26% and 1.32% respectively.
Source: FIN24
February 25, 2013--The South African bond market was a touch firmer in quiet midday trade on Monday on a slightly stronger rand.
“The rand is slightly stronger‚ which is helping our bonds‚ but there is not much in it‚ as the GDP data on Tuesday and budget on Wednesday will determine the market’s direction‚” a local bond trader said.
Source: FIN24
January 24, 2013--The concern raised by the House of Representatives over the gradual adoption of the US dollar for transaction in the country has caught the attention of money market watchers who fear the development may erode the confidence of Nigerians in the Naira, reports Festus Akanbi
From Oke-Koto in Agege, a suburb of Lagos, to other boisterous areas of the state including Apapa, Allen Avenue and Murtala Mohammed International Airport, Ikeja, it has been business as usual for the ubiquitous foreign exchange black marketers.
