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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
JSE gathers pace, MTN lends support
March 7, 2012--The JSE pushed higher at noon on Wednesday, boosted by market players picking up beaten down shares.
The rally in MTN Group [JSE:MTN] shares following the release of its year-end results boosted overall market sentiment.
At 12:00 local time, the JSE All Share [JSE:J203] index was up 0.59% at 33 582.75 points, with gold miners picking up 1.47%, resources lifting 0.88%, and platinums gaining 0.87%.
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Source: FIN24
Rand flat, bonds edge higher
March 7, 2012--South African government bonds edged higher on Wednesday and the rand was little changed against the dollar in very thin trading as the market took a breather from a bout of profit-taking that drove the currency as much as 1.7 percent weaker the previous day.
A one-day nationwide strike against the use of brokers in the labour market and a controversial new road toll hit output in the key mining sector but had little impact on the debt and currency markets, traders said.
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Source: FIN24
SA ups forex reserves
March 7, 2012--South Africa's net gold and foreign exchange reserves stood at $49.639bn at the end of February from $49.072bn in January, data from the central bank showed on Wednesday.
Gross reserves rose to $51.889bn from $51.451bn in January, the bank said in a statement on its website.
The forward position, which represents the bank’s unsettled spot or swap transactions, was at $6.618bn compared with $6.555bn in January.
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Source: FIN24
JSE closes down as miners bleed
March 6, 2012--Miners such as Lonmin were felled by a slide in metal prices and led South African shares lower on Tuesday, with blue chips posting their biggest one-day loss in over three months.
The benchmark blue-chip Top 40 - (Tradeable) [JSE:J200] index shed 2.07% to 29 612.31, its biggest fall since late November, while the broader All Share [JSE:J203] index gave up 1.89% to 33 387.04.
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Source: FIN24
