Africa ETF News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Bonds weaken on MPC inflation outlook
May 12, 2011--South African bonds were up to five basis points weaker in late trade on Thursday, which a trader said was on the back of South African Reserve Bank (Sarb) governor Gill Marcus's comment that inflation was forecast to reach 6.3% in the first quarter of 2012.
Meanwhile, the Sarb's Monetary Policy Committee decided to maintain the repo rate at 5.5% following its three-day meeting. The decision had been expected.
read more
Source: FIN24
Commodities sell-off drags on JSE
May 12, 2011--The JSE suffered a sell-off along with many other equities markets on Thursday, pressured by a drop in commodity prices and the resurgent dollar.
"The sharp sell-off in commodities, from last week, and the strong dollar are still putting pressure on the market," an equity derivatives dealer said.
read more
Source: FIN24
Rand bruised by stronger dollar
May 12, 2011--The rand remained weaker against the dollar in early evening trade on Thursday, despite getting a boost earlier in the day by the Reserve Bank's decision to keep interest rates on hold.
It was bid at at R6.93/$ at the JSE's close from R6.80/$ at Wednesday's close.
read more
Source: FIN24
Marcus warns of worsening inflation
May 12, 2011--South African Reserve Bank (Sarb) governor Gill Marcus again warned of the risks of higher inflation as the Monetary Policy Committee (MPC) kept interest rates on hold.
Rising inflation was driven mainly by higher prices for food, housing utilities and transport. She also cautioned against above-inflation wage increases being demanded by trade unions.
read more
Source: FIN24
Niger: Putting the Economy on a Path of Higher Growth
May 11, 2011--Niger is a vast landlocked country in the Sahel, with an estimated 14.7 million people, the majority of whom live along a narrow
band of arable land on the country’s southern border. Although endowed with precious mineral resources such as uranium, oil and gold, Niger is one of the poorest countries in the world with
a gross domestic product (GDP) per capita of less than US$400.
The economy of Niger currently depends essentially on agriculture,
which accounts for about 45 percent of GDP. This primary sector
is dominated by rain-fed agriculture, (though with an increasing
focus on irrigation) with livestock production accounting for about
a third of the value added in the sector.
With some 80 percent of Niger’s population living in rural areas, rural development through transformation and modernization of agriculture sector is a priority if the country is to raise incomes and reduce poverty.
view the brief-Niger: Putting the Economy on a Path of Higher Growth
Source: World Bank
Bonds remain weak in late trade
May 11, 2011--South African bonds were up to seven basis points weaker in late trade on Wednesday, which a trader attributed to the weaker local currency and some selling of benchmark R157 bonds.
The main focus this week is the all-important SA Reserve Bank (Sarb) Monetary Policy Committee (MPC) meeting, which got underway yesterday, with the decision on interest rates due on Thursday afternoon.
By 15:45, the benchmark R157 bond was trading at 7.620% and offered at 7.605% from 7.550% at the previous close.
read more
Source: FIN24
JSE ends volatile day slightly lower
May 11, 2011-- The JSE finished modestly lower on Wednesday in a volatile session that saw the local bourse swerve from losses to gains, with falling commodities adding pressure.
The exchange fared better than some of its global counterparts, however, with the weak rand minimising losses to just over 0.10%, said Kevin Algeo, portfolio manager at Imara SP Reid. By contrast, London's FTSE 100 was 0.77% softer at 17:03 local time.
read more
Source: FIN24
Dollar demand knocks rand
May 11, 2011-- The rand fell more than 1.7% to a fresh three week low against the dollar on Wednesday as Europe's debt problems kept investors wary of risk and local oil importers bought dollars.
Government bonds also had a tough session, frustrated by the weak rand and local selling at the front end of the curve. Stocks closed slightly lower, tracking US markets weaker after the release of trade deficit figures for the United States.
read more
Source: FIN24
In Africa, Technology Helps Citizens Hold Their Governments Accountable
May 10, 2011--Shimmering new call centers, the rapid explosion of mobile phones and Internet connections today mark the landscape of many African cities—where improved Information and Communication Technology (or ICT) infrastructure is helping connect urban dwellers to global networks.
Though the continent is rapidly urbanizing—3.5 percent of Sub Saharan Africa’s one billion people move into cities each year—and local governments have trouble providing essential public services to the growing numbers of people, many municipalities are taking advantage of the rise of ICT to improve the lives of their residents.
“By linking citizens and municipalities, ICT can serve as an effective tool for strengthening urban governance, which is the key to addressing the challenge of urban development,” said Junaid Ahmad, the World Bank’s Sector Manager for Africa Urban and Water.
view the Guidebook: Good Urban Governance through ICT: Issues, Analysis, and Strategies
Bonds take direction from rand By 15:55, the benchmark R157 bond was trading at 7.570% from 7.555% at the previous close. read more
Source: World Bank
May 10, 2011--South African bonds took their direction from the rand, remaining firm in late trade on Tuesday.
A local trader said that, at these levels, the market was seeing strong offshore demand.
Source: FIN24