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Rand slightly softer on global concerns
June 4, 2012--The rand softened against the dollar on Monday as fears of a global slowdown dealt another blow to risk sentiment among investors.
At 06:38 GMT, the rand was trading at R8.6035 against the dollar, slightly softer than Friday’s New York close of R8.59.
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Source: FIN24
India admits to no fiscal firepower
June 4, 2012--India's finance minister admitted on Monday that the government had no scope to increase public spending to spur the flagging economy, but said interest rate cuts might be possible.
Shock economic growth figures published last Thursday showed the Indian economy growing at 5.3% in the January-March period, the slowest quarterly growth figure in nine years.
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Source: FIN24
African exchanges embrace ETFs
June 4, 2012--Africa is fast becoming a hotspot for the exchange-traded fund market, with South Africa in particular driving growth.
The total value of the ETF market on South Africa’s national bourse, the Johannesburg Stock Exchange, grew 60% to R4.8bn ($622m) at the end of 2011 compared with the same period a year before.
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Source: Financial News
IMF Working paper-Exchange Rate Pass-Through in Sub-Saharan African Economies and its Determinants
June 1, 2012--Summary: This paper analyzes the exchange rate pass-through to domestic prices and its determinants in sub-Saharan African countries. It finds that the pass-through is incomplete.
The pass-through is larger following a depreciation than after an appreciation of the local currency. The average elasticity is estimated at about 0.4. It is lower in countries with more flexible exchange rate regimes and in countries with a higher income. A low inflation environment, a prudent monetary policy, and a sustainable fiscal policy are associated with a lower pass-through. The degree of pass-through has declined in the SSA region since the mid-1990s following marked improvements in macroeconomic and political environments.
view the IMF working paper-Exchange Rate Pass-Through in Sub-Saharan African Economies and its Determinants
Source: IMF
JSE flat in tentative trade
June 1, 2012--The JSE fell early in its opening session on Friday before recovering slightly in volatile trade as market players looked to the US jobs report later in the session for direction.
At 09:26 local time the JSE All Share [JSE:J203] index edged down 0.6% to 33?122.36 points with resources flat (-0.02%) while gold counters shed 0.87% and platinums counters lost 1.31%.
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Source: FIN24
Rand hits fresh low on US jobs data
June 1, 2012--The rand fell 2.2% to a fresh three-year low against the dollar on Friday after below-consensus US jobs data pointed to a slowdown in the world's largest economy.
The rand briefly touched R8.71 to the dollar, its weakest since May 2009, before coming back slightly to R8.6670 by 12:36 GMT.
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Source: FIN24
Gold stocks lead JSE bounce
May 31, 2012--The JSE kept a positive bias at noon, led mainly by gold shares, as the all-share index looked to recover from the previous day's selloff.
At 12:11 local time, the JSE All Share [JSE:J203] index was up 0.82% to 33 239.69 points, with gold shares gaining 2.26%, resources recovering 0.77% and platinums counters edging up 0.10%.
Financials lifted 0.42%, banking stocks garnered 0.49% and industrials were 0.99% in the black.
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Source: FIN24
Rand slightly firmer, ignores PPI
May 31, 2012--The rand held its own in afternoon trade after having made a slight recovery on Thursday morning. The PPI numbers released earlier had little impact on the currency, while the eurozone debt crisis continues to affect markets.
SA's April producer inflation reading came in at a lower than expected 6.6% from 7.2% in March, Statistics SA data showed.
PPI was up 0.3% on the month, while export inflation rose 5.3% on the year, but went down 0.2% on the month.
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Source: FIN24
OTC Market: NASD Finalises Trading Rules
May 30, 2012--The NASD Limited, which was has been granted an Approval-in-Principle (AIP) by the Securities and Exchange Commission (SEC) to operate Over-the-Counter (OTC) market in Nigeria, is finalising its trading rules and is targeting the last quarter of this year to commence operations.
NASD Limited was formed in 1998 to promote and operate an OTC market open to all interested registered securities dealers in Nigeria. It has been working towards putting in place an organised OTC market in place. SEC gave its approval last year.
It had planned to commence operations late last year but that was not possible as it was sourcing for funds and how to get a trading platform among other issues.
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Source: Todays Day live
JSE dips as miners weigh
May 30, 2012--The JSE fell at the start of trade on Wednesday with general mining shares leading the downside on the combination of Chinese economic growth worries and lingering eurozone debt woes.
At 09:27 local time the JSE All Share [JSE:J203] index was down 0.52% to 33 266.29 points with resources sliding 1.32% platinums losing 1.11% and gold counters shedding 1.68%.
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Source: FIN24
