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Experts Fret as Nigeria's Debt to GDP Ratio Approaches 30%
February 22, 2012--Experts have warned that it is imperative for the Federal Government to closely monitor the country's current debt position, to ensure that it does not surpass a debt to GDP ratio of 30 per cent.
The warning came as the latest figures released by the Debt Management Office (DMO) revealed that the nation’s public debt stock is approaching the 30 per cent mark.
Available data from the DMO showed that Nigeria’s total debt stock (addition of external and domestic debts) as at December 31, 2011 stood at N6.510 trillion representing an increase of 24.37 per cent from the December 31, 2010 figure of N5.235 trillion.
A breakdown of the debt stock showed that external debt accounted for 13.64 per cent of the total debt stock at N887.95 billion, while domestic debt stock accounted for 86.36 per cent of the total debt stock at N5.623 trillion.
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Source: This Day Live
JSE gains on Greek deal
February 21, 2012--South African stocks edged up 0.15% on Tuesday, with some gold firms such as Harmony and banks ticking higher after the long-awaited Greek bailout deal soothed concerns about a default in the eurozone.
Shares of Shoprite rose 1.4% to R134.50 after the retailer reported a 19% rise in first-half profit, underpinned by recovering consumer demand in Africa’s top economy.
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Source: FIN24
Rand flat as Greek euphoria fades
February 21, 2012--The rand was flat against the dollar in noon trade on Tuesday as it tracked a euro that had been flustered by reports that Greece might still need a third bailout.
"The euphoria is wearing off as the Greek deal was already priced into the markets," a local currency trader said.
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Source: FIN24
Sarb index shows softer growth outlook
February 21, 2012--The South African Reserve Bank's monthly economic indicator fell by 0.4% month-on-month in December as four of its 10 components decreased, the bank said on Tuesday.
The indicator collates data such as business confidence, job advertisements and volume of manufacturing orders to gauge the economic outlook. It was generally soft for most of 2011.
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Source: FIN24
JSE cuts gains to end flat
February 20, 2012--The JSE ended flat on Monday, cutting earlier gains as market players cleared their positions ahead of the Greek bailout package decision.
At 17:00 local time, the JSE All Share [JSE:J203] index was up 0.07% to 34 106 points, led by the platinum sector, which climbed 0.96%, resources were flat (0.04%), while the gold index shed 1.30%.
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Source: FIN24
Rand, bonds closer higher in risk-on trade
February 20, 2012--The rand strengthened against the dollar on Monday on rising global risk appetite and South African government bonds edged higher, but local debt could come under pressure if the government signals a rise in borrowing in its budget this week.
Economists expect Finance Minister Pravin Gordhan to target a budget deficit of 5.4% of GDP for the 2012/13 fiscal year when he unveils his annual budget on Wednesday. That would be down from an estimated 5.3% of GDP in 2011/12 but higher than a forecast of 4.8% of GDP for 2012/13 made in last year's budget as the government ramps up spending on infrastructure and social services.
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Source: FIN24
ECOWAS to Introduce Single Currency by 2020
February 20, 2012--The Economic Community of West African States (ECOWAS) is to introduce single currency in the sub-region by 2020, while it will become effective in English speaking countries in 2015.
Speaker of the ECOWAS Parliament, Senator Ike Ekweremadu, made this disclosure during a dinner party organised by him in his house for members of the Administration, Finance and Budget Committee, after their one week meeting/workshop held in Enugu.
Ekweremadu who is also the Deputy Senate President, welcomed the Parliamentarians to Enugu and maintained that his tenure as the Speaker would see the Parliament performing all her legislative functions to the fullest and taking the sub- region to the next level.
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Source: This Day Live
JSE stays positive on world markets
February 17, 2012--The JSE remained positive in midday trade on Friday, tracking the firmer tone on world stock markets amid fresh hopes that Greece will secure its financial bailout on Monday, and positive US economic data.
At 12:00 local time, the JSE All Share [JSE:J203] index was up 0.80% to 34 073.58 points, led by resources, which climbed 1.57%; gold miners rose 1.23%, while the platinum index lifted 1.15%.
Financials were up 0.37%, banks gained 0.38%, while industrials firmed 0.38%.
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Source: FIN24
Stocks up as platinum recovers
February 17, 2012--South Africa's benchmark index rose 0.9% on Friday as recovery in the platinum price prompted a rebound in miners such as Lonmin, while Anglo American rose after posting a rise in full-year earnings.
Local sentiment was also buoyed by strong U.S. macro-economic data and optimism over the possibility of a Greek debt deal early next week.
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Source: FIN24
Rand ends firm ahead of Greek deal
February 17, 2012--The rand firmed against the dollar in afternoon trade on Friday ahead of Monday's expected announcement of a Greek deal.
"All eyes will be on Greece on Monday, so this afternoon saw some short-covering ahead of the weekend," a local dealer said.
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Source: FIN24
