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JSE extends losses on US data
July 27, 2011--The JSE ended decidedly weaker on Wednesday, as disappointing US economic data added to risk aversion.
Nick Kunze, head of dealing at BJM Private Client Services, said the worse than expected US manufacturing data also triggered a sell-off in commodities, particularly the spot price of Brent Crude. He noted that US debt worries still topped investors' concerns.
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Source: AME Info
Softer dollar bolsters rand
July 27, 2011--The rand remained at almost a three-month high against the dollar in late afternoon trade on Wednesday as investors' concerns about US debt negotiations persisted.
The last time the rand was seen at these levels against the dollar was around the beginning of May.
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Source: FIN24
Bonds receive fillip from strong rand
July 27, 2011-- South African bonds were up to six basis points firmer in late trade on Wednesday, having received a fillip from a strong rand.
By 15:40, the benchmark R157 bond was bid at 7.325% and offered at 7.320% from 7.385% at its previous close. The R207 was bid at 8.235% and offered at 8.215% from 8.285%, and the R186 was bid at 8.470% and offered at 8.455% from 8.525%.
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Source: FIN24
The Quest for Higher Growth in the WAEMU Region: The Role of Accelerations and Decelerations -IMF Working paper
July 26, 2011--Summary: With the exception of Burkina Faso and Mali, the growth experience for WAEMU countries has been disappointing, even when compared to other sub-Saharan African (SSA) countries. The main objective of the paper is to investigate why the quest for a growth takeoff has been more elusive in the WAEMU countries compared to other SSA countries.
To do this, the paper focuses on the determinants of growth accelerations and decelerations in SSA and the WAEMU. It finds that the variables most closely associated with growth accelerations and decelerations in SSA are changes in terms of trade, private investment, civil tension, real exchange rates, and inflation. Second, as found elsewhere in the literature, there is a certain asymmetry between accelerations and decelerations, in both frequency and determinants, and that the WAEMU region is quite different from the rest of SSA.
US debt ceiling vote drags on JSE
July 26, 2011-- The JSE ended 197 points weaker on Tuesday as the lack of a decision by US legislators on the debt ceiling continued to fuel concerns of uncertainty in world markets.
By 17:00 local time, the JSE All Share [JSE:J203] index shed 0.61%, with gold miners giving up 2.88%, resources falling 0.82% and banks shedding 0.61%. Industrials were 0.47% lower and financials lost 0.41%. Platinum miners fell 0.16%.
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Source: FIN24
Rand rallies on US debt fears
July 26, 2011-- The rand strengthened 1.5% to an 11-week high against the dollar on Tuesday, largely reflecting the greenback’s broad-based weakness.
The rand was trading at R6.6705/$ in early evening trade, compared with Monday’s close at R6.7640/$. It touched R6.6650/$ earlier, the strongest it has been since May 9, according to Reuters data.
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Source: FIN24
Foreign investment in SA dives in 2010
July 26, 2011--South Africa's share of foreign direct investment (FDI) fell 70% in 2010 from the previous year, according to a United Nations Conference on Trade and Development report released on Tuesday.
South Africa "saw its inflows fall by over 70% to $1.6bn, a level amounting to only one-sixth of the peak recorded in the country in 2008", according to the World Investment Report 2011.
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Source: FIN24
GSE to start listing Exchange Traded Funds in September
July 25, 2011--Barring any regulatory hitches, the Ghana Stock Exchange will see the listing of its first Exchange Traded Funds (ETFs) in September, this year.
Exchange Traded Funds are securities traded on exchanges like shares but linked to the combined value of a portfolio or basket of underlying assets such as shares, commodities or bonds.
It provides investors the opportunity to own units tied to the commensurate value of the underlying assets.
The Exchange is working with ABSA Capital to list the commodity-backed NewGold ETF, which is already listed on the Johannesburg and Botswana Stock exchanges.
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Source: Ghana News
JSE edges up, but US debt weighs
July 25, 2011--The JSE plodded along to eke out a modest 49-point gain on Monday as US debt concerns continued to weigh on markets. Gold, considered a safe haven during periods of uncertainty, rose on Monday, giving gold stocks a lift.
By 17:00 local time, the JSE all-share index rose 0.15%, with banks up 0.97%, platinum miners up 0.68%, and industrials 0.46% higher. Financials were up 0.38%, while gold miners added 0.35%. Resources, however, shed 0.33%.
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Source: FIN24
Bonds weak ahead of auction
July 25, 2011--SA bonds were a few basis points weaker on Monday afternoon ahead of the auction on Tuesday.
By 15:32, the benchmark R157 bond was trading at 7.390% from its previous close of 7.370%. The R207 was bid at 8.280% and offered at 8.250% from 8.225%, and the R186 was trading at 8.510% from 8.465%.
The rand was bid at 6.7925 against the dollar from its previous close of 6.7706.
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Source: FIN24