Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
Rand off worst levels despite Dutch rumour
April 23, 2012--The rand came off its worst levels in afternoon trade on Monday despite the expected resignation of the Dutch prime minister Mark Rutte after his right-wing parliamentary partner walked out of austerity talks.
"The Dutch move has so far not impacted as it is still unconfirmed, even though it has already been discounted by the markets," a local trader said.
At 18:00 local time the rand was bid at R7.8602 to the dollar from its previous close of R7.7988 and touching a worst level of R7.8807.
read more
Source: FIN24
JSE higher, led by Aspen drug deal
April 20, 2012--South African stocks rose for a fourth day on Friday as generic drug maker Aspen Pharmacare hit an all-time high after announcing a $263m deal with Britain's GlaxoSmithKline.
More widely, local stocks tracked foreign markets higher though choppy trade was seen in the week ahead with juries still out on Europe's seemingly never-ending debt problems.
read more
Source: FIN 24
Bonds sashay into stronger territory
April 20, 2012--South African bonds were firmer in midday play on Friday, as the stronger rand provided direction and foreign buying boosted the market.
At 11:50, the benchmark R157 bond was trading at 6.445% from its previous close of 6.510%. The R207 was trading at 7.560% from a previous close of 7.580% and the R186 bid at 8.105% and offered at 8.085% from its close of 8.165%.
The rand was bid at R7.8114 against the dollar from its previous close of R7.8399.
read more
Source: FIN24
JSE up on solid US earnings
April 19, 2012--The JSE closed marginally higher on Thursday following positive earnings reports out of the US.
At 17:00 local time, the JSE All Share [JSE:J203] index was up 0.17% at 34 106.92 points, with resources 0.40% higher, and industrials gaining 0.19%.
Platinum miners were down 1.01%, banks fell 0.86% and financials gave up 0.23%.
Gold miners were flat (-0.03%).
read more
Source: FIN24
Rand touch firmer after Spanish auction
April 19, 2012--The rand was firmer against the dollar in quiet midday trade on Thursday.
Dealers said the rand had gained after the Spanish bond auction was viewed as successful, even though the yield was higher than that of the previous auction.
"Trading today so far has been dead. We expected a successful Spanish bond auction, as we believed that the European Central Bank would be active to stop any surprises.
read more
Source: FIN24
Bonds quiet as market 'takes stock'
April 19, 2012--The benchmark R157s were flat in midday trade on Thursday, while other major bonds were untraded.
A domestic bond trader said that after Tuesday's "Citi story" the rand and bond market had quietened down.
On Tuesday, it was announced that South African government bonds were likely to be included in the World Government Bond Index (WGBI).
read more
Source: FIN24
Upbeat growth forecasts lift JSE
April 18, 2012--The JSE ended in the black on Wednesday on the back of what a local trader said was improved sentiment following an upgrading of global growth forecasts by the International Monetary Fund (IMF) and some buying returning to the markets.
Network connectivity issues caused the JSE to lose three hours of trading time. The network issues started at the opening and interruptions were experienced several times during the morning and early afternoon.
At 17:00 local time, the JSE All Share [JSE:J203] index was up 0.81% at 34 050.24 points, with banks rising 1.59%, financials added 0.96%, and resources were 0.84% higher.
read more
Source: FIN24
Rand ends softer on Spanish woes
April 18, 2012--The rand ended softer on Wednesday as news that the Spanish bank bad loan ratio hit its highest level since 1994 pressured the euro.
"We saw importers come in this morning after the R7.78 level held and have now retraced some of yesterday's gains," a local trader said.
News emerged from Citigroup on Tuesday that SA government bonds were entering a monitoring period for inclusion in their World Government Bond Index (WGBI) in October.
read more
Source: FIN24
Africa Poised for Faster Growth In Spite of Volatile Global Economy-New World Bank Report
But region remains vulnerable with drought in the Sahel and fuel subsidies that consume 1.4 percent of GDP and mostly benefit the rich
April 18, 2012--Economic growth in Sub-Saharan Africa remains strong and is poised for lift-off after growing at 4.9 percent in 2011, just shy of the pre-crisis average of 5 percent.
Excluding South Africa, which accounts for over a third of the region’s GDP, growth in the rest of region was 5.9 percent, making it one of the fastest growing developing regions, according to a new World Bank report on Africa’s economy.
Over a third of countries in the region attained growth rates of at least 6 percent, with another 40 percent growing between 4 - 6 percent. Among fast- growing economies in 2011 were resource-rich countries such as Ghana, Mozambique, and Nigeria, as well as other economies such as Rwanda and Ethiopia, all posting growth rates of at least 7 percent in 2011.
view Africa's Pulse-An analysis of issues shaping Africa’s economic future
Source: World Bank
Miners weigh on flat JSE
April 17, 2012--The JSE was fairly flat at midday on Tuesday despite firmer global bourses, as miners weighed on the overall market. There was also little corporate news to give the market any direction.
At 12:03 local time, the JSE All Share [JSE:J203] index was up just three points. Resources were 0.68% lower, gold miners shed 1.37% and platinum miners eased 0.1%. Industrials were up 0.38%, financials advanced 0.25% and banking shares were 0.25% higher.
read more
Source: FIN24
