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Forget China, invest in Africa says Russia's Renaissance
December 2, 2011--Investors should forget China and park their money in sub-Saharan Africa if they wish to benefit from the growth in emerging markets, the chief investment officer at Russia's Renaissance Asset Managers said on Friday.
Africa reminds me of China back in 1999. If you missed China then, don't do that now," Plamen Monovski told Reuters in an interview. "It's the last place in the world that is due for that rapid change and advancement."
Africa, once shunned by most investors, is beginning to attract interest from some of the world's largest banks and corporates.
Singapore commodities firm Olam International Ltd this week announced plans to invest about $100 million in Nigeria, while Standard Chartered's private bank said in October it planned to set up an onshore presence in Kenya.
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Source: Reuters
SA stocks post best week since February
December 2, 2011--The JSE's Top 40 - (Tradeable) [JSE:J200] index booked its biggest weekly gain in 10 months on Friday,
rising 5.1% during the week on investor optimism after global central banks announced a coordinated effort to inject liquidity into markets.
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Source: FIN24
Rand strengthens, breaks R8/$
December 2, 2011--The rand gained more than 1.1% against the dollar on Friday to its strongest level in nearly three weeks, tracking a firmer euro and on course for its biggest weekly gain since April.
The rand touched a session high of R7.9750/$, its firmest level since November. 14 and was at R7.9890/$ in late afternoon trade compared to Thursday's close at R8.0855/$.
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Source: FIN24
JSE pulls back, charts bearish
December 1, 2011--South African stocks pulled back on Thursday as investors booked profits after previous session’s surge, although the index still remained on course for its biggest weekly gain in more than 2 years.
While downbeat jobless claims data in the U.S. also dampened the mood, technical indicators showed that Johannesburg’s benchmark Top-40 index was due for some selling.
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Source: FIN24
Rand firms in line with euro
December 1, 2011--The rand firmed in afternoon trade on Thursday, in line with a stronger euro and targeting 8.05 against the buck following a strong Spanish government debt auction.
At 18:00 local time, the rand was bid at 8.0957 to the dollar from its previous close of 8.1177. It was bid at 10.8994 to the euro from 10.9181 before, and at 12.6996 against sterling from 12.7486 previously.
The euro was at $1.3468 from $1.3444 previously.
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Source: FIN24
SA investor index falls on global woes
December 1, 2011--Investor confidence in South African assets fell sharply to 81.9 in the third quarter from an upwardly revised 99.4 in Q2, as risk aversion grips foreign players rattled by the debt crisis in Europe, compilers ETM and Maxim said on Thursday.
"The domestic growth outlook also continued to moderate in Q3 2011, continuing a trend that began in mid-2010. The Sarb (South African Reserve Bank) leading indicators suggest that the growth outlook in the months ahead remains benign," ETM and Maxim said in a statement.
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Source: FIN24
JSE, rand ignited by central banks' move
November 30, 2011-- South African stocks surged more 4% on Wednesday, as coordinated efforts by major central banks to provide liquidity to the global financial system sent Johannesburg’s benchmark index to its biggest one-day gain in more than 18 months.
The central banks of the United States, Europe, Japan, Canada, Britain and Switzerland announced a global action to provide liquidity to the financial system, lowering the price on existing dollar swaps.
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Source: FIN24
JSE down after day of profit-taking
November 29, 2011--The JSE ended the day in negative territory as investors sought to reap the benefits of recent gains.
A local trader said: "It's been a busy day if one looks at the volumes."
He said today's trade was mainly profit-taking at work. Concerning news had affected markets, however, in the form of rising Spanish and Italian bond yields which were nearing 8%
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Source: FIN24
Bonds mostly firmer after GDP
November 29, 2011--South African bonds were mostly firmer in midday trade on Tuesday, which a trader said was on the back of the lower than anticipated GDP figure. The R186s were a touch weaker.
Stats SA said SA's real gross domestic product (GDP) at market prices on a quarter-on-quarter (q/q) seasonally adjusted annualised (saa) basis rose by 1.4% in the third quarter of 2011 from 1.3% in the second quarter.
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Source: FIN24
SA's GDP rises, but growth stunted
November 29, 2011--South Africa’s economic growth came in less than expected at 1.4% in the third quarter of 2011 on a seasonally adjusted and annualised basis, compared with a 1.3% rise in the second quarter, data showed on Tuesday.
On an unadjusted year-on-year basis, economic growth was at 3.1% from an upwardly revised 3.2% in the second quarter.
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Source: FIN24
