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Rand falls on euro woes
November 21, 2012--The rand fell more than 1.8% against the dollar on Wednesday, reaching its softest level in more than 3-1/2 years
and breaching the key 9.0 level as a renewed attack on the euro fuelled risk aversion.
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Source: FIN24
SA mining industry faces leaner times
November 21, 2012--A tough year for the mining industry lies ahead in the wake of recent industrial action, mounting cost pressure and shrinking profit margins, according to a report issued on Wednesday by professional services firm PwC.
While the 2009-2011 period was characterised by a recovery in overall commodity prices from the lows of the 2008 financial crisis‚ 2012 saw a slowdown in this recovery with gold the only commodity gaining value.
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Source: FIN24
JSE ends up, unlike global markets
November 20, 2012--The JSE bucked the market trend to close higher on Tuesday, unlike major world markets, which were in the red after global credit rating agency Moody's downgraded France's long-term government debt from AAA to Aa1 late on Monday,
which‚ together with a decision on Greece's next aid tranche in the balance‚ weighed on overseas markets.
At 17:00‚ the All Share [JSE:J203] index was up 0.21% at 37 306.60 points‚ with the Top 40 - (Tradeable) [JSE:J200] index up 0.24% to 33 098.28. Platinum added 0.97%‚ while banks shed 1.46%.
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Source: FIN24
Bonds firm after auction
November 20, 2012--The South African bond market was firm in midday trade on Tuesday after a good weekly bond auction at 11:00.
The South African Treasury on Tuesday allotted R700m worth of R209 bonds at a clearing yield of 8.370%‚ R700m worth of R213 bonds at a clearing yield of 8.150% and R700m worth of R214 bonds at a clearing yield of 8.450%.
The bids amounted to R2.795bn‚ R3.565bn and R2.32bn respectively.
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Index Closes Lower Despite More Market-making Stocks Trading last Monday resumed on a poor note and fell on Tuesday as trading activities witnessed intense sell pressure across all sectors as reflected by the NSE sector indices. view more
Platinums jump 5% in JSE rally read more
Rand claws back some lost ground At 3.44pm‚ the rand was bid at R8.8202/$ from Friday’s close of R8.8533 and Thursday’s close of R8.9020. The local currency was bid at R11.2690/€ from its previous close of R11.2864 and at R14.0249 against sterling from R14.0642 before.
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Nigeria GDP grows, oil output climbs view more
South Africa mine strikes end, social tensions remain view more
Nigeria to Join Top 10 Economies in 2050, Says Envoy
He said by 2050, his country would have become the most populous, overtaking China, and the second or third largest economy in the world.
Sachdev, who spoke at the 10th award ceremony for winners of the National Food and Drug Administration and Control (NAFDAC)-organised annual secondary school competition for members of the NAFDAC Consumer Safety Club in Abuja yesterday, said India buys N7 billion worth of goods from Nigeria daily, amounting to N689 billion a quarter.
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Source: FIN24
November 19, 2012--After reversing its two-week losing streak the previous week, the Nigerian equities market again relapsed last week despite the addition of three more securities to the basket pool of stocks in the market-making basket.
The equities market had returned to positive territory the previous week helped by the activities of bargain hunters to take position for possible future gains after two weeks of profits taking.
Source: This Day Live
November 19, 2012--The JSE closed the Monday session firmly stronger following in the footsteps of European and US markets, with the German Dax and Paris CAC both trading more than 2% higher and the Dow Jones gaining more than 1% by late morning.
At 17:00‚ the All Share [JSE:J203] index was 1.12% higher at 37 229.64 points‚ with the Top 40 - (Tradeable) [JSE:J200] index adding 1.25% to 33 020.13 points. The platinum sector surged 5.03% and resources added 2.05%.
Source: FIN24
November 19, 2012--The rand was on a firmer footing in late trade on Monday, recovering from last week's weaker levels, which saw the local currency flirting with the R9/$ dollar mark.
The slide was attributed‚ among other things‚ to a bout of risk aversion.
Source: FIN24
November 19, 2012--Nigeria, Africa's second-biggest economy, grew 6.5% in the third quarter from a year earlier, helped by solid growth in the non-oil economy, data showed on Monday.
GDP growth accelerated slightly from 6.3% in the second quarter of this year, figures from the National Bureau of Statistics (NBS) showed on Monday. Oil output in Africa's biggest producer climbed nearly 6% from the corresponding period a year ago.
Source: FIN24
November 18, 2012--The last of a wave of illegal strikes that have swept South Africa's mining sector ended on Thursday after workers accepted an offer from Anglo American Platinum Ltd, the world's top producer of the precious metal.
South Africa’s platinum and gold sectors have been rocked for months by often violent wildcat action, spawned by income disparities and a union turf war for members, and more conflict could be sparked by looming job cuts and wage talks next year. The labour unrest has rattled investors in the continent’s largest economy and has claimed the lives of over 50 people, including 34 shot dead by police in one incident in mid-August near a mine operated by platinum producer Lonmin Plc.
Source: Today's Zaman
November 16, 2012--With an estimate of 500 million people, making her the fifth most populous country by 2050, Nigeria will become one of the 10 largest economies by that year, according the Indian High Commissioner to Nigeria, Mr Mahesh Sachdev.
Sachdev affirmed that Nigeria could actually meet the target of being among the 20 leading economies by 2020.
Source: This Day Live