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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
JSE extends losses on risk aversion
February 16, 2012--The JSE extended losses in midday trade on Thursday, with mining shares such as Anglo Gold Ashanti and Kumba Iron Ore coming under heavy selling pressure amid risk aversion, in line with global markets.
At 12:04 local time, the JSE All Share [JSE:J203] index was off 0.94% to 33 768.79 points, led down by platinum miners, which dropped 2.31%, gold miners slid 2.08%, while the resource index lost 1.57%.
Financials were down 0.87%, banks lost 1.32%, while industrials dipped 0.43%
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Source: FIN24
Rand trims losses but still vulnerable
February 16, 2012--South Africa's rand weakened against the dollar on Thursday but was off two-and-half week lows hit earlier after higher than expected U.S. data boosted risk appetite.
South African government bonds also weakened in line with the rand and are expected to stay under pressure before the National Treasury’s Budget next Wednesday
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Source: FIN24
African ETF market gains traction
February 15, 2012--African investors are tapping the exchange-traded fund market as new listings across the continent increase on-exchange liquidity and boost access to gold ETFs.
The Nigerian Stock Exchange, or NSE, saw its newly listed gold exchange traded fund rally, reflecting growing interest in the region for ETFs.
The NewGold ETF, which was listed on December 19, rallied nearly 10% in the last week, closing at 2,768 Nigerian Nairas (€13.1) per unit last Friday. This was a 9.5% rise from December’s opening price of N2,526.
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Financial News
JSE trims gains at noon
February 15, 2012--The JSE remained in positive territory at noon on Wednesday but off session highs, as resources erased their early gains.
At 12:04 local time, the JSE All Share [JSE:J203] index was up 0.24% to 34 195.28 points, with platinum shares lifting 0.34%; resources were flat, while the gold index dipped 0.90%.
Industrials added 0.42%, banks gained 0.27% and financials edged up 0.25%.
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Source: FIN24
Rand off best levels as euro slides
February 15, 2012--The rand was off its best levels of the day against the dollar in late afternoon trade on Wednesday as it tracked a euro that had slid against the greenback following comments from the German Ministry of Finance.
There were also rumours in the market that eurozone officials were considering a delay to all or part of the second Greek bailout until after the Greek elections expected in April.
"There's been a euro sell-off and considering this, the rand has remained quite strong and hasn't weakened as much as we expected," a local currency trader said.
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Source: FIN24
JSE down, investors hung up over Telkom
February 14, 2012--South African stocks ended 0.29% lower on Tuesday, undermined by investors banking profits for resource companies such as Anglo American.
Telkom declined 2.7% to R27.45 after the competition regulator asked that the fixed-line operator be fined R3.5bn ($454m) for excessive pricing dating back to 2004.
The Competition Tribunal, which adjudicates on such complaints, is currently hearing arguments from both Telkom and the Competition Commission, South Africa's anti-trust regulator.
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Source: FIN24
