Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
JSE up modestly as industrials shine
October 11, 2010--The JSE closed marginally firmer on Monday, with industrial stocks getting a boost from bargain hunting in a session that lacked direction amid caution ahead of the third-quarter earnings in the US.
By 17:00 local time the JSE all share index was up 0.33%, with resources rising 0.03% and platinum miners gaining 0.85%. But gold miners edged down 0.21%.
read more
Source: FIN24
Rand consolidates, awaits US data
October 8, 2010-The rand was slightly weaker in early trade on Friday as the market awaits the key US employment data later in the afternoon.
At 09:00 local time the rand was bid at R6.8882 to the dollar from R6.8611 at the previous close. It was bid at R9.6132 to the euro from R9.5710 before and at R10.9290 against sterling from R10.9049 at its previous close.
The euro was bid at $1.3932 from $1.3924 overnight
read more
Source: FIN24
JSE up modestly after key US jobs data
October 8, 2010-- A volatile JSE ended the week with modest gains on Friday, as investors digested poor US nonfarm payrolls data, which has strengthened hopes that the US might embark on quantitative easing to stimulate fragile economy.
There was excessive volatility in the dollar movement for an hour between 14:30 local time and 15:30, Mpho Mojalefa, trader at BJM Private Client Services, said. The greenback swung from 1.38 against the euro to 1.39.
read more
Source: FIN24
Bonds weaker ahead of the weekend
October 8, 2010-South African bonds were weaker in late trade on Friday. A local trader said that players were squaring their positions ahead of the weekend and the US public holiday on Monday.
By 15:50 the benchmark R157 bond was at 7.290% from 7.260% at its close on Thursday, while the R207 was bid at 7.975% and offered at 7.945% from 7.935% at its previous close. The R186 was bid at 8.030% and offered at 8.015% after closing at 7.995%.
read more
Source: FIN24
Agri- boom in Africa Could Have Greater Impact on Development than Mobile Phone
October 8, 2010-- Agriculture and agri-business offer the biggest transformational potential for Africa, with an even greater positive impact on ordinary people’s lives than the mobile phone boom.
“If you ask me what the next ‘big thing’ in Africa will be, I’d say without hesitation agriculture and agri-business,” the World Bank Vice President for Africa, Ms. Obiageli K. Ezekwesili, told investors at the Africa Investment Climate Summit in Washington, DC, Friday.
The Summit was convened by Africa Investor Magazine, a pan-African investment promotion monthly with offices in London, Johannesburg and Beijing.
“The World Bank is bullish on Africa,” Ms. Ezekwesili told participants at the Summit, which took place alongside the Annual Meetings of the World Bank and International Monetary Fund.
Africa is “on the cusp of an economic transformation”, Summit participants noted, suggesting that the continent is probably at the same point where India and China were20 and 30 years ago respectively, just before their own economic takeoff.
read more
Source: World Bank
SA battles in global currency war
October 7, 2010--The Reserve Bank bought at least $618m in the currency markets to try to push the rand weaker in September, the bank's latest statement on its gold and foreign exchange reserves shows. This is more than the $504m bought the previous month.
That is SA's contribution to the so-called currency war being waged in international markets at the moment. It's small by international standards - central banks like Brazil's think nothing of buying $1bn a day.
A wall of foreign capital has flowed to emerging markets because of abnormally low interest rates in developed countries. This flood of capital is pushing up currencies all over the world, and central banks have been intervening (buying dollars) to stop their currencies from overheating.
read more
Source: Fin 24
JSE ends higher on strong gold stocks
October 5, 2010--The JSE closed higher on Tuesday supported by a strong performance in gold stocks and stronger than expected US manufacturing numbers.
By 17:00 local time the JSE all share index was up 0.94%, with gold miners adding 2.48% and resources gaining 1.79%. Platinum miners edged up 0.97% while banks added 0.83%. Financials were 0.67% higher and industrials were up 0.30%.
read more
Source: FIN24
Treasury moots tighter regulation
October 5, 2010--The treasury is in the process of creating a council of regulators, which would bring together all financial regulators for increased coordination and information-sharing.
This was disclosed in parliament on Tuesday in a written reply by Finance Minister Pravin Gordhan to Dion George, Democratic Alliance spokesperson for finance.
Gordhan said a round table of regulators is being formalised into the council, and that it has already begun work on areas of financial stability, enforcement, market conduct and legislative alignment.
read more
Source: FIN24
Bonds lose ground on foreign sales
October 4, 2010-- South African bonds were up to 7 basis points weaker in late trade on Monday after foreigners sold close to R3.5bn worth of South African bonds on Friday.
By 15:50 the benchmark R157 bond was at 7.385% from 7.330% at its close on Friday, while the R207 was bid at 8.060% and offered at 8.030% from 7.980% at its previous close. The R186 was bid at 8.090% and offered at 8.060% after closing at 8.020%.
The rand was bid at R6.9704 to the dollar from its previous close at R6.9196.
read more
Source: FIN24
Rand edges a tad lower
October 4, 2010--The rand was softer in afternoon trade on Monday, tracking a weaker euro against the dollar amid Ireland's budget deficit woes.
At 15:39 local time the rand was bid at R6.9486 to the dollar from R6.9196 at the previous close. It was bid at R9.5497 to the euro from R9.5452 before and at R11.0300 against sterling from R10.9428 at its previous close. The euro was bid at $1.3711 from $1.3778 overnight.
A local dealer said: "We are a bit weaker tracking euro weakness against the dollar. Same investors are suggesting a slight correction on the euro after a good week, but I don't think this changes the overall picture for continued rand strength."
read more
Source: FIN24
