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Council lauds SA's Bric invite
January 10, 2011--- SA's invitation to join the Bric group of countries (Brazil, Russia, India, China) is an affirmation of its role in the world economy and will boost trade and investment, the International Marketing Council (IMC) said on Monday.
"It can expect to boost investment and trade opportunities for the country, as it has done for the other four states comprising the informal grouping," the council said.
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Source: FIN24
Bonds a tad firmer after US jobs data
January 7, 2011--After being weak for most of Friday's session, South African bonds were slightly firmer in late trade, after worse than expected US jobs data.
By 15:45 local time the benchmark R157 bond was trading at 7.230% from its previous close of 7.240%, while the R207 was bid at 8.090% from its previous close of 8.065%. The R186 was bid at 8.240% from 8.215%.
The rand was bid at 6.8074 to the dollar from its previous close of 6.7880.
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Source: FIN24
JSE trims losses on US jobs data
January 5, 2011--The JSE ended the first week of trade in 2011 on a lower gear on Friday, but the local bourse managed to retreat from the day's worst levels after the release of a report showing a drop in the US unemployment rate.
Resources kept the broader market under pressure on softer commodity prices and a strong dollar, an equity derivatives trader said.
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Source: FIN24
Nigerian Securities And Exchange Commission Releases Report Of The Committee On Road Map To The Adoption Of International Financial Reporting Standards In Nigeria
January 6, 2011--Executive Summary
The globalization of capital markets is an irreversible process, and there
are many potential benefits to be gained from mutually recognised and
respected international accounting standards. Common standards cut
the costs of doing business across borders by reducing the need for
supplementary information.
They make information more comparable,
thereby enhancing evaluation and analysis by users of financial
statements. Users become more confident of the information they are
provided and presumably, this reduced uncertainty promotes an efficient
allocation of resources and reduces capital costs.
There are however some inherent problems with aligning with international accounting standards. This is due to the competing perspectives of different nations, together with the universal tendency to resist change. Too often cooperation comes only from compromise and sometimes to the detriment of quality. On the regulatory side, tolerating the use of different standards by foreign and domestic companies not only detracts from comparability but may also undermine domestic financial reporting. The ultimate effect of various proposals in Nigeria to ease requirements for foreign issuers could significantly erode comparability.
This report contains the Roadmap on the adoption of International Financial Reporting Standards (IFRS) (issued by the International Accounting Standards Board) as basis for the preparation of statutory financial statements in Nigeria.
view the Report of the Committee on Road Map to the Adoption of International Financial Reporting
Standards in Nigeria
Source: Nigerian Accounting Standards Board
Rand's weakening trend persists
January 6, 2011-- The rand remained softer in afternoon trade on Thursday as the currency's weakening trend persisted.
"The market is really waiting for the US non-farms payroll data for December that's out tomorrow [Friday]," a currency analyst said.
"If that number is a lot stronger than expected, then the dollar rally will persist until next week - but if not, the rand should claw its way back," he added.
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Source: FIN24
JSE rises on back of US jobs data
January 6, 2011--The JSE tracked other global markets to end in positive territory on Thursday, following better than expected jobs data in the US. Commodities continued to come under pressure, however, amid dollar strength.
At 17:00 local time, the JSE all share index was up 0.33%, with financials gaining 0.57%, and resources 0.46% higher. Banks added 0.46%, while industrials gained a small 0.09%
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Source: FIN24
Short covering keeps bonds firm
January 4, 2011--- South African bonds were firmer in late trade on Tuesday, which traders attributed to some short covering.
By 15:45 local time the benchmark R157 bond traded at 7.200% from its previous close of 7.260%, while the R207 was bid at 8.020% from its previous close of 8.070%. The R186 traded at 8.210% from 8.240%.
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Source: FIN24
Rand falls on imports pressure
September 3, 2011--The rand weakened 1% against the dollar on Tuesday on increasing import pressure after the holiday season, while anticipation of a domestic interest rate cut this month boosted bonds.
In late afternoon trade, the unit was R6.7/$ compared to Monday's close at R6.63/$. Bond yields fell sharply, with the benchmark 2015 ZAR157= shedding as much as 21 basis points. The yield was last at 7.225%, down 19.5 basis points on the day.
The rand was described as "overbought" in thin trade.
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Source: FIN24
Bonds remain firm in late trade
January 3, 2011-South African bonds remained firm in late trade on Monday, largely on the back of a delayed reaction to the recent strength of the rand.
The rand is at its best levels in more than three years after reportedly touching 6.57 at the weekend.
By 15:45 local time the benchmark R157 bond was bid at 7.260% from its previous close of 7.310%, while the R207 was bid at 8.085% from its previous close of 8.120%. The R186 was bid at 8.255% from 8.290%.
Strong rand holds firm read more
Source: FIN24
January 3, 2011--South African stocks inched higher in thin trading on Monday, helped by firmer commodity prices, and the rand touched a near 3-1/2 year high against the dollar, adding to the chances of another cut in interest rates.
The JSE Top-40 index of blue chips rose 0.67% while the broader All-share index gained 0.59%.
Source: FIN24