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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.
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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.
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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.
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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.
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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
Risk aversion weighs down rand read more
JSE rallies on commodities and rand read more
Nigerian pensions reach $12.8 bn read more
Source: World Bank
May 10, 2011--South African bonds took their direction from the rand, remaining firm in late trade on Tuesday.
A local trader said that, at these levels, the market was seeing strong offshore demand.
Source: FIN24
May 10, 2011-- The rand fell 1.4% to a three-week low against the dollar on Tuesday, as debt problems in some European countries dented investors' risk appetite and also in a correction after last week's three-year highs.
In Tuesday late afternoon trade, the unit traded at R6.7851/$ after earlier touching a session low of R6.8125/$, its softest level since April 19.
Source: FIN24
May 10, 2011-- The JSE ended sharply higher on Tuesday, as firmer commodity prices and a weaker rand helped lift mining counters such as Anglo America [JSE:AGL]. The resources index surged just over 2%.
The rand targeted a sustained push above 6.80 against the dollar in afternoon trade on Tuesday as a result of risk aversion amid uncertainty in the market created by concerns of the fiscal state of the euro zone.
Source: FIN24
May 10, 2011--The National Pension Commission of Nigeria regulates over N2 trillion ($12.8 billion) in assets under management. This has been accumulated from 4.7 million people who have opened Retirement Savings Accounts and other pensions since the Pension Reform Act 2004. The assets are up from N1.8 trillion at July 2010 and the rate of contribution is increasing each year.
Africa’s domestic savings institutions are growing fast in many countries. In some capital markets they are growing faster than the demand for capital, the issuing of new shares, bonds and other investments, and they are mopping up available liquidity in the securities markets. Mr. Muhammad K. Ahmad, Director General of PenCom, gave the figure at the opening of a two-day workshop jointly organized by PenCom and Organisation of Pension Supervisors (IOPS) on 5 May, according to a report in Daily Trust newspaper.
Source: African Capital Markets
