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Growing Dollarisation of Nigerian Economy Raises Dust
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.
They noted that their projection was based on stability in fixed income securities and stable outlook for the financial services markets. view more
JSE has biggest one-day fall for 2013 view more
Bonds softer despite equity market losses view more
Rand weakens on fears of US data view more
JSE at 3-week low as miners weigh view more
Industrials buoy JSE, retailers weigh view more
Bonds firmer despite weaker rand view more
Source: All Africa.com
February 21, 2013--The JSE experienced its biggest one-day fall since January 2 on Thursday, shedding almost 2% on the day, after a wide selloff in commodities across the world was extended from Wednesday, putting the JSE and other global markets firmly in risk-off mode.
The selloff was triggered by growing investor concerns after news on Wednesday that the third round of US quantitative easing (QE3) could end earlier than expected‚ which would reduce liquidity levels‚ which have benefited commodity prices and global markets of late.
Source: FIN24
February 21, 2013--The South African bond market was softer in midday trade on Thursday despite the global equity market selloff that normally results in a flight to safe haven assets such as bonds.
“We would normally gain from an equity market selloff‚ but because the rand is weaker as well‚ foreigners are not buying our bonds and local asset managers are waiting to see what next week’s budget brings‚ so they are sitting on the sidelines‚“ a local bond trader said.
Source: FIN24
February 21, 2013--The rand lost ground on Thursday following revelations that the third round of US quantitative easing (QE) could end earlier than previously thought.
The minutes of the Federal Open Market Committee (FOMC) meeting suggested that officials are concerned about the dangers of an even bigger balance sheet and that the US Federal Reserve will cut back on open-ended asset purchases.
Source: FIN24
February 20, 2013--The JSE slipped to a fresh three-week intraday low on Wednesday, dragged down mainly by a selloff in gold and resource shares.
At 12:19 the All Share [JSE:J203] index was down 0.71% to 40 444.06 points‚ with the Top 40 - (Tradeable) [JSE:J200] index losing 0.79% and the gold and resource indices shedding 2.47% and 2.44% respectively.
Source: FIN24
February 19, 2013--The all share index closed in the black on Tuesday, with retailers and gold counters showing losses, which were offset by gains in the industrial and financial indices.
At 17:00 the All Share [JSE:J203] index was up 0.54% at 40 732.52 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.65%.
Source: FIN24
February 19, 2013--The South African bond market was firmer in afternoon trade on Tuesday despite a weaker rand, which recovered from an intraday worst level of R8.9463/$ to around R8.90/$.
"We gained after the weekly bond auction‚ but there was a lack of follow-through in the afternoon‚ so volumes have been disappointing” a local bond trader said.
Source: FIN24
