Africa ETF News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
No major intervention to ease rand
September 7, 2010--South Africa's international reserves edged higher in August, mainly driven by a rise in the forward position and suggesting the central bank had not sold currencies aggressively to ease the rand's gains.
Data posted on the Reserve Bank's website on Tuesday showed net gold and foreign exchange reserves stood at $39.178bn at the end of August from $38.665bn in July. Gross reserves dipped to $43.133bn in August from $43.159bn.
Foreign currency reserves fell $259m to $35.464bn while gold reserves increased by $255m to $4.97bn.
read more
Source: FIN24
Africa offers Middle East investors growth opportunities
September 7, 2010--Middle East based firms have traditionally been some of the key investors into Africa and despite a plethora of taxes, and the global downturn, the continent continues to offer companies strong growth potential, according to PricewaterhouseCoopers (PwC), the leading international professional services organisation.
Being the second largest and third most populous continent after Asia, with an estimated population of one billion, Africa has a large and untapped consumer base.
read more
Source: AME Info
South Africa issues draft responsible investing code for institutions
September 6, 2010--A panel chaired by John Oliphant, investment head at South Africa’s R700bn (€75.4bn) Government Employees’ Pension Fund (GEPF), has issued a draft code on responsible investment for the country’s institutional investors.
The Committee on Responsible Investing by Institutional Investors in South Africa, which comprises various institutional investors, asset managers and other bodies, has issued the eight-page document for public comment by the end of October.
The new code aims to build on the United Nations Principles for Responsible Investment and ensure that institutions actually implement environmental social and governance (ESG) policies.
Like South Africa’s King Report on Corporate Governance (King III), the new code is based on a set of “apply or explain” principles. Oliphant said: “Responsible investing and corporate governance guidelines in South Africa are largely voluntary. The code aims to put in place the checks and balances needed to make this voluntary framework successful.” He said the draft code consists of “simple, yet powerful, voluntary principles that encourage...
view the DRAFT CODE FOR RESPONSIBLE INVESTING BY INSTITUTIONAL INVESTORS IN SOUTH AFRICA
Source: Responsible Investor
Bonds firmer on rand
September 3, 2010-- South African bonds were firmer in midday play on Friday, on the back of a slightly firmer rand.
US jobs data due later in the day is likely to determine the dollar's - and hence the rand's - direction going into the weekend.
By 11:50 the benchmark R157 bond was bid at 7.240% from 7.265% at its close on Thursday. The benchmark R207 was bid at 7.935% from 7.955%, while the R186 was bid at 8.010% from 8.030%.
read more
Source: FIN24
JSE rises as risk appetite returns
September 3, 2010-- The JSE posted modest gains on Friday as risk appetite returned, with foreign investors buying local equities again encouraged by upbeat global economic data.
But with US markets closing for the Labour Day holiday on Monday, investors weren't as committed as usual as was reflected in the light trading volumes today, an equity trader said.
By 17:00 local time the JSE all share index rose 0.37%, with resources 0.39% higher. But platinum miners lost 0.66% and gold miners fell 0.39%.
read more
Source: FIN24
Rand hits best level in 30 months
September 3, 2010--South Africa's rand hit a fresh 2 1/2 year high against the dollar on Friday, gaining momentum to challenge the key 7.15 technical level, and local stocks also gained.
The rand was trading at 7.1801 to the dollar at 20:15, 0.77% stronger than its previous New York close of 7.2375. Earlier it hit 7.1527, its strongest since early 2008.
The 7.15 area is key resistance for the rand, tested and held in August 2008 and repeatedly since the fourth quarter of 2009.
read more
Source: FIN24
Rand awaits Bernanke
August 27, 2010--The rand was off its intraday worst levels in afternoon trade on Friday, following profit taking in the midday session, and ahead of the anticipated speech from Federal Reserve chair Ben Bernanke on plans for the ailing US economy.
At 15.39 local time the rand was bid at 7.3570 to the dollar from 7.3065 at the previous close. It was bid at 9.3607 to the euro from 9.2735 before and at 11.3909 against the sterling from 11.3250 at its previous close.
read more
Source: FIN24
Skittish JSE lower after US data
August 27, 2010--The JSE posted losses on Friday, despite better than expected US GDP data and comments by US Federal Reserve Chair Ben Bernanke indicating he is ready to do whatever is required to support an economic recovery.
By 17:00 local time the JSE all share index had fallen 0.50%, with resources sliding 1.20%, gold counters losing 0.46%, and platinum stocks
declining 2.21%. Banks shed 0.51%, financials gave up 0.07%, and industrials fell 0.07%.
read more
Source: FIN24
Rand awaits Bernanke
August 27, 2010-- The rand was off its intraday worst levels in afternoon trade on Friday, following profit taking in the midday session, and ahead of the anticipated speech from Federal Reserve chair Ben Bernanke on plans for the ailing US economy.
At 15.39 local time the rand was bid at 7.3570 to the dollar from 7.3065 at the previous close. It was bid at 9.3607 to the euro from 9.2735 before and at 11.3909 against the sterling from 11.3250 at its previous close.
The euro was bid at $1.2712 from $1.2731 overnight.
rea more
Source: FIN24
Zuma: SA aims for 7% growth
August 25, 2010--SA is developing plans to achieve a target growth rate of at least 7% per annum in the near future, President Jacob Zuma said on Wednesday.
In a lecture prepared for delivery to the Renmin University in Beijing, China, Zuma said this target growth rate was achievable as the country was investing heavily in electricity, freight transport systems, and public transport.
Last year SA suffered its first recession in 17 years as a result of the global financial crisis.
read more
Source: FIN24