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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.
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Source: FIN24
Rand firms on international news
April 17, 2012--The rand moved sharply firmer on Tuesday after the German ZEW investor sentiment index came in better than expected, as well as news that Citigroup may include SA government bonds in its World Government Bond Index (WGBI) in October.
"This is a positive for local assets and one that Treasury will welcome warmly against the backdrop of SA's credit rating being under negative outlook by the three major global rating agencies," Barclays said on Tuesday.
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Source: FIN24
JSE takes direction from global stocks
April 16, 2012--In the absence of local market moving news, the JSE tracked international markets for direction and traded a tad firmer at midday on Monday.
At 12:00 local time, the JSE All Share [JSE:J203] index was up 0.12% to 33 745.56 points, with industrials rising 0.42%. Banks were up 0.09%, while resources were flat.
Platinums were 0.54% softer, gold shares shed 0.41%, and financials were down 0.31%.
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Source: FIN24
Rand recovers on euro bounce
April 16, 2012--The rand recovered to end almost unchanged on Monday after briefly moving above R8 to the dollar in early trade as the euro bounced off the US$1.30 per dollar level.
At 17:55 local time the rand was bid at R7.9641 to the dollar from its previous close of R7.9366 after reaching an intraday worst level of R8.0239. It was bid at R10.4085 to the euro from R10.3758 before, and at R12.6250 against sterling from R12.5868 previously.
The euro was bid at US$1.3070 from its previous close of $1.3068, but off its earlier low of $1.2993.
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Source: FIN24
JSE down on poor global sentiment
April 13, 2012--The JSE ended the week in the red, in line with the international markets, following the release of poor economic data out of the US and China.
At 17:00 local time, the JSE All Share [JSE:J203] index was down 0.33% at 33 705.53 points. Gold miners were knocked by 1.19% and resources lost 0.40%, while platinum miners nudged up to 0.12%.
Banks gained 0.26%, financials lost 0.10% and industrials dropped by 0.34%.
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Source: FIN24
Rand range bound on position squaring
April 13, 2012--The rand was range bound in afternoon trade on Friday as traders squared positions ahead of the weekend. The rand softened earlier after weaker than expected Chinese growth data was reported in the morning.
At 18:00 local time, the rand was bid at R7.9362 to the dollar from its previous close of R7.8742 after reaching a worst level of 7.9498 in the afternoon. It was bid at R10.3832 to the euro from R10.3804 before, and at R12.5731 against sterling from R12.5597 previously.
The euro was bid at $1.3079 from its Thursday close of $1.3182.
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Source: FIN24
JSE ends firmer, tracks global stocks
April 12, 2012--Share prices of South African companies such as Assore closed firmer after thin sideways trading for much of Thursday and investors' eyes trained on US and European markets for direction.
South Africa’s resource-heavy bourse has many foreign investors, whose activity moves it largely in tandem with global equity market trends.
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Source: FIN24
Bonds little moved in lacklustre trade
April 12, 2012--South African bonds remained on firm footing, tracking the rand amid quiet conditions during midday play on Thursday.
At 11:50, the benchmark R157 bond was at trading 6.700% from its previous close of 6.735%. The R207 was bid at 7.850% and offered at 7.825% from a previous close of 7.855% and the R186 trading at 8.470% from its close of 8.475%.
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Source: FIN24
Rand rallies against dollar
April 12, 2012--The rand rallied more than 1.5% against the dollar on Thursday in line with other high-yield currencies, as rekindled expectations of further quantitative easing in the US weighed on the greenback.
The unit touched a session high of R7.8825 to the dollar, and was at R7.8970 by 15:30 GMT compared to Wednesday’s close at R8.0050.
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Source: FIN24
