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Survey: More investment in Africa
May 2, 2012--Growing confidence in African economies has more than doubled foreign direct investment into the continent over the last decade, said a survey released Thursday.
"Growing optimism and confidence among international and African investors has led to significant inward investment into Africa over the last decade," according accounting firm Ernst & Young.
Investment from across the world surged from 339 projects in 2003 to 857 in 2011. Growth in intra-African investment was being led by the regional powerhouses of Kenya, Nigeria and South Africa.
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Source: FIN24
JSE off session highs at noon
April 30, 2012--The JSE was off session highs in midday trade on Monday, but strong buying interest in the resources sector kept the local bourse in the black.
At 12:00 local time, the JSE All Share [JSE:J203] index was up 0.32% to 34 362.67 points, with resources gaining 0.99% and platinum shares edging up 0.14%, while gold counters lost 1.49%.
Financials lifted 0.45%, banking stocks were up 0.39% and industrials slipped 0.12%.
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Source: FIN24
Rand stuck in ranges ahead of holiday
April 30, 2012--The rand was stuck in ranges in Monday afternoon trade despite SA's trade deficit of R5.5 billion for its trade with non-Southern African Customs Union trading partners in March.
The rand remained firm throughout the day before the trade data was released by SARS. Its performance was said to be flat by analysts who also anticipated little movement of the local currency until the outcome of the European Central Bank (ECB) meeting later this week.
The ECB is meeting on Thursday in Barcelona and media reports say it may refuse any more easy money for governments as the political resolve to rein in deficits shows signs of crumbling in that region.
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Source: FIN24
Nigerian Stock Exchange to roll out top-speed NASDAQ OMX trading platform
April 27, 2012--The Nigerian Stock Exchange says it will have the fastest trading system in Africa when it upgrades its trading to NASDAQ OMX Group's X-Stream platform, with a target date of second quarter of 2013.
The new system will handle a wide range of instruments, accounts will be accessible from smart-phones and it will enable the NSE to host other exchanges’ trading platforms.
Previously the NSE was automated with NASDAQ’s Horizon system. The new platform is part of the wider reforms being carried through by CEO Oscar Onyema, some of which were initiated by the previous interim administrator Emmanuel Ikazoboh. Reuters reports that reforms to the market include allowing covered short-selling and extending trading hours. The news agency reports that exchange officials said that the new trading system will build confidence in the market’s transparency and adds that analysts expect the market to end 2012 with gains.
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Source: African Capital Markets
JSE firm, buoyed by gold stocks
April 26, 2012--The JSE ended the day and week on a firmer footing on Thursday, buoyed mainly by gold stocks, amid positive global investor sentiment.
SA markets are closed on Friday for the Freedom Day public holiday, and again on Tuesday for Workers' Day.
At 17:00 local time, the JSE All Share [JSE:J203] index was up 0.65% to 34 251.43 points, with gold stocks rallying 3.50%, platinum shares lifted 0.92% and resources picked up 1.11%.
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Source: FIN24
Bonds firmer on short-covering
April 26, 2012--Bonds were a few basis points firmer in midday trade on Thursday which traders attributed mainly to some short-covering and residual buying by local investors.
The local gilts took little succour from better than expected producer price inflation data for March and also received little support from the rand which was range bound against major currencies, taking a breather after posting some gains over the past few days.
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Source: FIN24
Rand steady as it enjoys a respite
April 26, 2012--The rand remained range bound in noon trade on Thursday, taking a breather after posting some gains over the past few days on the back of a general rise in global risk appetite.
The local unit was unmoved by producer price inflation data for March which was much better than expected.
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Source: FIN24
Africa ready to embrace a low-carbon future
Carbon reduction can be combined with development and rising incomes
April 26, 2012--With a record number of 1,200 registered participants, this year's Africa Carbon Forum (ACF) demonstrated that Africa represents a golden opportunity for a green future.
The annual forum is the leading knowledge-sharing and carbon trade platform in Africa. The event, which this year was held in Addis Ababa, Ethiopia, brought together project developers, service providers, buyers and sellers of carbon credits, and various other private and public sector stakeholders. All are hoping to tap the potential of carbon finance to promote low carbon development on the continent.
Judging by the success of the conference, Kai-Uwe Schmidt, team lead of Carbon Finance Assist at the World Bank, called the ACF one of the key climate events in Africa.
“This conference definitely exceeded our expectations.” he said, “especially in terms of the remarkable increase in the breadth and depth of the interactions among policymakers, experts, and practitioners from the public and private sectors. It has been a great place to see peers exchanging knowledge and collaborating on major issues, including low-carbon development strategies, action plans, climate, and carbon finance."
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Source: World Bank
JSE boosted by resources rebound
April 25, 2012--South African stocks edged up on Wednesday in thin trade, with resource firms including platinum producer Lonmin leading the charge on expectations that demand may pick up in China.
Shares of AngloGold Ashanti, Africa's largest gold producer, ended a five-session drubbing to post a 1.98% gain, closing at R260.57.
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Source: FIN24
Rand stuck in range after UK data
April 25, 2012--The rand was stuck in ranges in Wednesday afternoon trade after the release of UK GDP data that indicated that the country had fallen into recession, a trader said.
The data, released this afternoon, revealed that he UK economy shrank in the first three months of the year, after also contracting in the fourth quarter 2011. A recession is defined as two consecutive quarters of economic contraction.
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Source: FIN24
