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Rand firms in temporary reprieve
July 24, 2012--The rand firmed against the dollar on Tuesday, tracking global markets that were cheered by signs of improvement in Chinese manufacturing data, while government bonds improved from weaker levels from the previous session.
The South African currency was up 0.4% to the dollar at R8.4283 by 06:06 GMT, after hitting a near one month low on Monday as investors globally sought cover in safe haven assets from Spain’s debt troubles.
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Source: FIN24
Circumstances at Birth are Important Drivers of Inequality in South Africa
Slower Growth Forecast Places Sharper Focus on Policy Challenges
July 24, 2012--A weakened global economy and dampening of consumer and business confidence are triggering a slowdown in South Africa's growth momentum, and the forecast is a lowered growth rate of 2.5 percent for 2012 according to a new World Bank report, "South Africa Economic Update: Focus on Inequality of Opportunity" released today. The forecast is lower than the earlier, November 2011 estimate of 3.1 percent by the World Bank.
“South Africa is highly integrated with the global economy, and is therefore susceptible to the ongoing slowdown in the Euro zone countries and China, the two principal export destinations for its goods and services,” said Asad Alam, World Bank Country Director for South Africa speaking at the press launch. “The global headwinds have put into even sharper focus the demanding policy challenges of high inequality and unemployment in the country. We are confident that the report will spur debate and contribute to informed policymaking, especially the findings from the first-ever application of the Human Opportunity Index for South Africa.”
view the South Africa Economic Update Focus on Inequality of Opportunity report
Source: World Bank
JSE softer in noon trade‚ miners weigh
July 23, 2012--The JSE was trading softer in noon trade on Monday after reaching its lowest level in four days at the start of the day‚ with the eurozone crises again weighing on markets.
“The dollar is ironically seen as a safe haven and therefore our rand is trading lower and a stronger dollar pushed commodity prices lower‚ which affects local commodity companies negatively‚” said Hennie Fourie‚ stockbroker at PSG Konsult.
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Source: FIN24
Rand slides further in afternoon trade
July 23, 2012--The rand slipped further in afternoon trade amidst growing concerns over the eurozone debt-crisis.
The local currency has been under-pressure since last Friday‚ on risk aversion.
Concerns over the 17-member bloc’s growth resurfaced as EU Finance Ministers approved EUR100bn financial aid for Spanish banks. However‚ the mood quickly soured when Spanish authorities announced that the country was likely to remain in recession until 2014.
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Source: FIN24
JSE ends softer on profit taking
July 20, 2012--SA's benchmark stock index, the JSE All Share [JSE:J203] Index, shed 0.19% on Friday to close at 34 225.42 points on the back of profit taking after a couple of good trading days, and also due to the eurozone crisis weighing on the market at the end of the day.
The market was buoyed by gold mining counters‚ which gained 2.25%‚ while resources shed 0.19%‚ platinums lost 1.89% and banks weakened 0.94%.
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Source: FIN24
JSE a tad higher, platinums weigh
July 19, 2012--The JSE was a touch higher at the open on Thursday, as the platinum sector weighed on the all-share index following Anglo Platinum's (AMS) downbeat trading update.
At 09:25 local time‚ the JSE All Share [JSE:J203] index inched up 0.09% to 34‚064.29 points‚ with resources slipping 0.10%‚ platinum shares shedding 0.54% and gold counters dipping 0.11%.
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Source: FIN24
Bonds off best level after CPI
July 19, 2012--South African bonds were off their best level in midday trade on Wednesday, after the release of consumer price index (CPI) data at 10:00.
CPI was expected to have eased further‚ to 5.4% year on year (y/y) in June from 5.7% y/y in May‚ according to a survey of leading economists by I-Net Bridge. Forecasts for CPI among the 10 economists ranged from 5.3% to 5.6%. The actual outcome was a 5.5% y/y rise.
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Source: FIN24
NSE Index Hits 23,039.27 as Rally Continues
July 18, 2012--The bullish trading at the stock market continued Tuesday with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) crossing the 23,000 threshold to close at 23,039.27.
Activities of bargain hunters encouraged by the impressive half year results by companies have sustained the positive run in the market in the past two weeks.
The upward trend pushed the index to an 11-month high last week and when the market opened on Monday, the momentum was increased, with the index rising by 1.04 per cent.
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Source: This Day Live
Nigeria's Foreign Direct Investment Hits $9bn
July 18, 2012--The total value of Foreign Direct Investment (FDI) that came into Nigeria in 2011 was $8.9 billion with the country recording over 20 per cent of the total FDI to Africa.
Analysts at Renaissance Capital (RenCap) which disclosed this, also revealed that FDI inflow into Africa in 2011 increased by 28 per cent to $35 billion in 2011, as against the $27.4 billion it was in 2010.
The investment and financial advisory firm disclosed these in a report titled ‘Sub-Saharan Africa: 2011 FDI Reaches Record High’, made available to THISDAY Tuesday.
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Source: This Day Live
JSE firmer amid quiet trade
July 18, 2012--The JSE was steady at midday, amid a slow trading day so far, with lacklustre volumes due to investor fatigue and a lack of clear direction in the market.
“US Fed Chairperson Ben Bernanke yesterday did elude to further quantitative easing if necessary‚ which helped the local market higher‚ albeit in a very cautious tone‚” said Devin Shutte‚ market analyst at stockbrokerage Newstrading.
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Source: FIN24
