Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
World Bank funding for SA green energy
November 5, 2010--The World Bank's Clean Technology Fund plans to invest $85m in renewable energy and co-generation projects in South Africa, according to an advertisement in the Business Day newspaper on Friday.
The fund said it had $50m available for wind and solar renewable energy projects and $35m for co-generation, where waste energy and gases are used to produce power.
read more
Source: FIN24
SA reserves jump higher
November 5, 2010--South Africa's net reserves rose in October, official data showed on Friday, pointing to heightened efforts by the Reserve Bank to intervene in the market and try and curb gains in the rand.
The rand has gained nearly 30% against the dollar since the beginning of last year as foreign investors buy emerging market assets offering higher yields than those in developed countries.
Net gold and foreign exchange reserves stood at at $43.112bn at the end of October from $40.854bn in September, the South African Reserve Bank said in a statement posted on its website on Friday.
read more
Source: FIN24
Bonds perky on rand
November 4, 2010-- South African bonds were up to 7 basis points firmer in late trade on Thursday, as they continued to track a stronger local currency.
Markets worldwide are being supported by the widely expected decision by the US Federal Reserve that it is to engage in a second round of asset purchases (QE2).
By 15:50 the benchmark R157 bond was at 6.900% from 6.970 at its close on Wednesday, while the R207 was bid at 7.700% and offered at 7.670% from 7.755% at its previous close. The R186 was bid at 7.935% and offered at 7.890% after closing at 7.935%
read more
Source: FIN24
JSE rallies after Fed action
November 4, 2010-The JSE rallied on Thursday, a day after the US Federal Reserve announced a new round of quantitative easing (QE2) measures that were well ahead of expectations, boosting equities around the world.
Local mining stocks led the rally as investors dumped the dollar in favour of commodities and equities.
The benchmark index broke through a key technical resistance level, moving above the 31,000 mark, Kevin Algeo, portfolio manager at Imara SP Reid, said, adding that this is a bullish sign.
read more
Source: FIN24
Bonds firmer on rand; eye FOMC
November 3, 2010--South African bonds were firmer in late trade on Wednesday on the back of a firmer currency.
By 15:56 the benchmark R157 bond was at 6.970% from its close of 6.975 on Tuesday, while the R207 was bid at 7.775% and offered at 7.745% from 7.775% at its previous close. The R186 was bid at 7.940% and offered at 7.920% after closing at 7.980%
read more
Source: FIN24
JSE ends firmer ahead of Fed outcome
November 3, 2010--The JSE stayed in the black until the final bell on Wednesday in anticipation of the US Federal Reserve's decision on a widely expected new round of quantitative easing (QE2). The US Fed's Open Market Committee will reveal its plans for further quantitative easing at 20:15 local time.
Retailers, banks, and mining stocks, particularly iron ore producers, performed particularly well, Kevin Algeo, portfolio manager at Imara SP Reid, said.
By 17:00 local time the JSE all share index was up 0.68%, with industrials gathering 1.29%, financials firming 0.78% higher and banks gaining 0.77%. But platinum miners lost 1.35% and gold stocks shed 0.15%, while resources closed flat.
read more
Source: FIN24
Bonds follow rand firmer
November 2, 2010-- South African bonds were up to six basis points firmer in late trade on Tuesday, mainly in line with a stronger rand.
By 15:50 the benchmark R157 bond was at 6.975% from its close of 7.010% on Monday, while the R207 was bid at 7.770% and offered at 7.765% from 7.810% at its previous close. The R186 was bid at 7.980% and offered at 7.970% after closing at 8.040%.
The rand was bid at 6.9242 to the dollar from its previous close of 6.9695
read more
Source: FIN24
JSE ends flat ahead of FOMC
November 2, 2010--The JSE closed with its nose in negative territory on Tuesday, ahead of the FOMC meeting on Wednesday in the US.
Positive global sentiment helped the local bourse recover some of its earlier losses, following profit taking in the morning session
By 17:00 local time the JSE all share index was down 0.09%, with gold stocks losing 0.89%, resources shedding 0.24% and platinum miners coming off 0.44%. Industrials gathered 0.16%, but financials were 0.35% weaker and banks were 0.51% worse off.read more
Source: FIN24
Nationalisation 'will cost taxpayers'
November 2, 2010--NATIONALISED mines would have cost South African taxpayers R67bn in 2009, outgoing Chamber of Mines (COM) president and Exxaro Resources CEO Sipho Nkosi said on Tuesday
“It is worth pointing out to the proponents of nationalisation that mines operate in a tough global environment which is not about the enormous accumulation of wealth,” Nkosi said at the COM annual general meeting.
“It is a difficult industry. Nationalisation has never been a successful enduring business anywhere and has impoverished many countries.”
read more
Source: miningmx.com
Rate cut hopes keep bonds firm
October 29, 2010--South African bonds remained firm in midday trade on Friday. A local trader said that bonds were being spurred on by positive data releases which all point to a rate cut in November.
By 12:00 the benchmark R157 bond was at 7.065% from its close of 7.095% on Thursday, while the R207 was bid at 7.840% and offered at 7.830% from 7.875% at its previous close. The R186 was bid at 8.040% and offered at 8.030% after closing at 8.070%.
The rand was bid at 7.0200 to the dollar from its previous close of 6.9900.
read more
Source: FIN24
