Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
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.
read more
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%
read more
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%.
read more
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.
read more
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
China makes nuclear fuel breakthrough
"China's proven uranium sources will last only 50 to 70 years, but this now changes to 3 000 years," said the report. read more
Bonds close session mainly flat reaf more
JSE ends 2010 on a weaker note Volumes were light in line with overseas equities, one trader said. 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
January 3, 2011--Chinese scientists have made a breakthrough in nuclear fuel reprocessing technology that could effectively end any uranium supply concerns, state media reported on Monday.
The technology developed by state-run China National Nuclear Corp enables the country to re-use irradiated nuclear fuel, China Central Television said.
Source: FIN24
December 31, 2010-- In their last session for 2010, South African bonds were mostly flat in quiet midday trade on Friday, while the R157s remained a tad firmer.
Markets closed at noon ahead of the New Year's Day holiday tomorrow and have been very thin throughout the week with many players on holiday between Christmas and New Year.
Source: FIN24
December 31, 2010-- The JSE ended 2010 on a slightly negative note on Friday, with some local investors placing last-minute trades as they squared off positions before the year-end.
Markets closed at noon ahead of the New Year's Day holiday tomorrow.
Source: FIN24
