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Nigeria Q4 growth quickens
March 13, 2012--Nigeria’s economy grew 7.68% in the fourth quarter last year, faster than the 7.40% in the previous quarter, the national bureau of statistics (NBS) said on Tuesday.
Nigeria’s oil production fell to an average of 2.4 million barrels per day in the fourth quarter 2011, compared with 2.6 million bpd in the same period the previous year, NBS said in a report.
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Source: FIN24
SA stocks down, China worries hit resources
March 12, 2012--South African stocks edged lower on Monday, snapping three straight days of gains as worries about softer demand in commodity-consuming giant China hit resource firms such as Kumba Iron Ore [JSE:KIO]
Chinese officials have suggested 2012 could be one of the worst years ever for the domestic steel sector, with overcapacity and slow demand continuing to erode margins, and some say iron ore import volumes could fall this year.
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Source: FIN24
Rand steadies against dollar
March 12, 2012--The rand was largely flat against the dollar in early Monday trade but government bonds weakened, with investors opting for US Treasuries as data pointed to a better outlook for the world’s largest economy.
By 07:12 GMT the local currency was at R7.5745 to the greenback, barely changed from Friday’s closing level of R7.5735.
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Source: FIN24
Kenya licences first ethical Islamic finance fund
March 10, 2012--Kenya has licensed its first ethical fund, an Islamic fund issued by FCB Capital, a sharia-compliant investment bank. It is a fully-owned subsidiary of First Community Bank and the first to offer a Collective Investment Scheme geared towards ethical investing under Islamic capital markets product range.
"Kenya has ambitions of becoming the Islamic finance hub of East Africa as part of our wider aspiration to become an international financial centre,” said Stella Kilonzo, Chief Executive Officer of the Capital Markets Authority, at the licencing of First Ethical Opportunities Fund on 7 March, according to press reports in Xinhua and Coastweek. She said the CMA will continue to encourage stakeholders in Islamic finance to explore opportunities available for structuring, issuance and investment shariah-compliant products such as Real Estate Investment Trusts (REITs) and bonds.
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Source: African Capital Market News
Nigerian Equities Soar Further
March 9, 2012--Nigerian equities closed on a positive note for the sixth day running Thursday as investors swooped on shares considered to be trading at heavy discounts.
The Nigerian Stock Exchange (NSE) All-Share Index rose by 0.53 per cent to close at 21,181.42 as 25 equities appreciated in value. In the same vein, market capitalisation added N46 billion to close at N6.685 trillion.
The market has remained on the upbeat since last week Thursday following renewed activities of bargain hunters and high expectation for improved 2011 full year financial results.
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Source: This Day Live
JSE closes up, gold fall blunts gains
March 9, 2012--South African stocks managed their third straight session in the black on Friday, cheered by the unveiling of lower-than-expected power price increases and a court dismissal of a bid to unwind Wal-Mart's $2.4bn acquisition of Massmart.
Upbeat US jobs data also help lift prices, although a sliding gold price hit producers such as Gold Fields.
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Source: FIN24
Rand comes off lows on US payrolls data
March 9, 2012--The rand came off its lows of the day against the dollar in late afternoon trade on Friday, following the release of US non-farm payrolls data.
"The rand really liked the data," a local currency trader said.
"The euro wasn't quite as fortunate as it probably lifted only about 30 points against the greenback, however the dollar rand came back nicely to 7.47 just after the news - but it will probably drift softer again, given the worries over the Greek debt swap and the sentiment regarding the euro," he added
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Source: FIN24
SA stocks up as results, Greece cheer
March 8, 2012--South African shares staged their second straight day of gains on Thursday led by Aspen Pharmacare, as robust local results and brighter news on the Greek front cheered investors.
All eyes on Friday will be on US employment data and the next twist in the Greek saga, with investors taking heart from signs that Greece would complete a much-needed private debt swap to avoid a messy default.
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Source: FIN24
Rand firmer as euro confidence grows
March 8, 2012--The rand was firmer against the dollar in late afternoon trade on Thursday as it tracked a euro that had rallied as investors grew more confident about the Greek debt-swap due to take place later today.
"I don't foresee problems with the debt swap, as the European Central Bank has done enough to turn things around from a sovereign risk perspective," a local analyst said.
He added that in the longer term the trend was towards market strength and a move towards riskier assets.
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Source: FIN24
Ghana bourse aims for 50 listed companies
March 8, 2012--The Ghana Stock Exchange is targeting a total of 50 listed companies within five years, up from 34, and will launch an alternative market this year to enable smaller companies to raise capital.
It will also introduce its first exchange traded fund, deputy managing director Ekow Afedzie told Reuters in a telephone interview.
"Our target is to get 50 listed companies as early as possible ... to make the market look more viable and more interesting. We are giving ourselves three to five years," he said on Thursday.
Afedzie said the west African cocoa producer's solid economic fundamentals, the government's recapitalisation of the banking sector and pension reforms would all contribute to the growth of the stock market.
"I think there is potential for the market to grow," he said. "The macroeconomic environment is very stable. Inflation is below 10 percent and it has been like that for a long time. We have seen a little instability in the currency, but it has stabilised now."
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Source: Reuters Africa
