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Nigeria spending raises instability fears
December 16, 2010--Heavy election-season spending in Nigeria risks exposing sub-Saharan Africa’s biggest oil producer to economic instability and potentially a currency shock, senior officials and bankers have warned, as fears mount over the rapid depletion of foreign reserves
Successive governments have all but emptied Nigeria’s oil savings account, dragging down hard currency reserves and leaving the central bank ever less room to manoeuvre as it seeks to keep the naira at 150 to the dollar.
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Source: FT.com
Bonds stay weak, but off worst levels
December 16, 2010--South African bonds remained weak but were off the session's worst levels in late on Wednesday. A local trader said that the market was very thin.
By 15:58 the benchmark R157 bond was at 7.440% from its previous close of 7.370%, while the R207 was bid at 8.280% from 8.195% at its previous close. The R186 was bid at 8.450% after closing at 8.365%.
The rand was bid at 6.7906 to the dollar from its previous close of 6.8156.
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Source: AME Info
Futures close-out boosts JSE
December 16, 2010--- The JSE closed slightly firmer on Wednesday despite renewed worries over the euro zone debt crisis, with a futures close-out today propping up local equities. But, global bourses were generally weaker following the threat of downgrade of Spanish debt.
Banks climbed nearly 2% after RMB Holdings [JSE:RMH] on Wednesday announced a far-reaching restructuring of its banking and insurance interests, Andrew Todd, an equity derivatives trader at Imara SP Reid, said.
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Source: FIN24
Bonds stay weak, but off worst levels
December 15, 2010-- South African bonds remained weak but were off the session's worst levels in late on Wednesday. A local trader said that the market was very thin.
By 15:58 the benchmark R157 bond was at 7.440% from its previous close of 7.370%, while the R207 was bid at 8.280% from 8.195% at its previous close. The R186 was bid at 8.450% after closing at 8.365%.
The rand was bid at 6.7906 to the dollar from its previous close of 6.8156.
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Source: AME Info
Futures close-out boosts JSE
December 15, 2010--The JSE closed slightly firmer on Wednesday despite renewed worries over the euro zone debt crisis, with a futures close-out today propping up local equities. But, global bourses were generally weaker following the threat of downgrade of Spanish debt.
Banks climbed nearly 2% after RMB Holdings [JSE:RMH] on Wednesday announced a far-reaching restructuring of its banking and insurance interests, Andrew Todd, an equity derivatives trader at Imara SP Reid, said.
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Source: FIN24
Business optimistic on 2011 outlook
December 15, 2010--Business Unity SA (Busa) president Futhi Mtoba said on Wednesday the group was "cautiously optimistic" about the economic and business outlook for 2011.
However, Mtoba said that while economic recovery in 2010 has been mild, 2011's prospects seem brighter.
Analysts are already warning that although growth will edge up in 2011, employment could remain subdued and unemployment was likely to remain at 25.3% for some time.
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Source: FIN24
Carbon tax could hurt business, consumers
December 15, 2010--South Africa is likely to phase-in a carbon tax on fossil fuel inputs as part of new measures to curb carbon dioxide emissions, the national treasury said, in a move that may hit company profits and hurt consumers.
Africa's biggest economy, also the continent's worst polluter, is considering three carbon tax options as it moves to reduce CO² discharges by 34% over the next decade.
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Source: FIN24
Nigeria would like to see Turkey as energy investor
December 14, 2010--Nigeria's minister of state for power has invited Turkey to invest in Nigeria's energy sector to address its energy shortage despite the fact Nigeria is the world's eighth largest oil exporter
Nuhu Somo Wya, Nigeria's state minister of state for power, briefed Turkish State Minister Zafer Ça?layan on the energy situation in Nigeria on Tuesday and emphasized that the country needs Turkey's expertise in the field of electricity production.
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Source: Todays Zaman
Bonds firm in quiet late trade
December 14, 2010--South African bonds remained firm in quiet late trade on Tuesday after a tepid auction and higher than expected CPI figure.
By 15:45 the benchmark R157 bond was at 7.370% from its previous close of 7.405%, while the R207 was bid at 8.215% and offered at 8.185% from 8.235% at its previous close. The R186 was bid at 8.380% and offered at 8.350% after closing at 8.430.
The rand was bid at 6.8152 to the dollar from its previous close of 6.8159.
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Source: FIN24
Gold stocks support JSE at close
December 14, 2010--The JSE closed in positive territory on Tuesday as commodity stocks shone on the back of a softer US dollar.
At 17:00, the JSE all share index was 0.32% higher, with gold miners climbing 1.49%. Both banks and financials advanced 0.59%.
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Source: Fin24
