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Africa: Will Free Trade Be Continent's Economic Game Changer?
May 24, 2019--The ambitious African Continental Free Trade Agreement (AfCFTA) which technically enters into force on 30 May could be the game changer for Africa's hitherto lackluster economy. Driven by Rwandan President Paul Kagame, the process of reaching this point may well have broken all African records. African Union member states launched negotiations to create this huge market of 1.2 billion people with a GDP of over US$3.4 trillion in only March last year.
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Source: allafrica.com
Markets WRAP: Rand closes at R14.4339/$
May 24, 2019--Sterling gained for the first time in 15 sessions against the common currency Friday, having been battered this month by the prospect that a hard-line Brexit candidate could replace May.
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Source: FIN24
TECHNICAL ANALYSIS: JSE All-share index seen breaking below support area
May 23, 2019--The JSE Al-share index is currently breaking below a very important support area as the US-China trade war creates havoc with world stock markets.
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Source: FIN24
SEC, NSE Streamline Listing Process to Encourage More Listings
May 23, 2019--The Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange ("The Exchange" or "NSE") have moved to make the processes involving listing on the NSE more efficient and cost-effective by streamlining the approval process between the SEC and the NSE.
The streamlined process which will come into effect on June 1, 2019, is aimed at reducing the regulatory burden on issuers by eliminating duplication of processes between the SEC and the NSE, reducing the time to market for the issuance and listing of securities and ultimately driving more listing on the Exchange.
With the streamlined processes, the SEC and the NSE will carry out joint site visits of companies intending to get listed, following the registration of their securities with the SEC. In the same vein, certain offer documents such as the Vending Agreement, Underwriting Agreement, Trust Deed and ISPO, identified to be strictly within the jurisdiction of the SEC are to be submitted only to the SEC. Also, The Exchange will rely on SEC for approval of offer documents such as a Prospectus.
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Source: he Nigerian Stock Exchange (NSE)
Africa: Africa's Appetite for Cryptocurrencies Surges
May 22, 2019--The price of bitcoin soared to an all-time high of $20,000 in December 2017 and collapsed to $3,400 a month later, prompting speculation that cryptocurrencies had imploded in the fizz of their own hype and unfulfilled promises. Since then, however, the price has held steady and even begun to tick back upwards. In South Africa, and on the continent, there have been several recent crypto developments, suggesting the market here is beginning to tingle with life.
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Source: allafrica.com
Markets WRAP: Rand closes at R14.36/$
May 22, 2019--The local unit ended the day's session at R14.36 to the dollar, having opened at R14.39.
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Source: FIN24
Local bourse weaker as resources buckle
May 22, 2019--The JSE closed weaker on Wednesday led by moderate losses across most blue-chip stocks.
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Source: FIN24
Nigeria: GDP Growth Slows As Oil Sector Contracts
May 21, 2019--Nigeria's economic growth slowed as it recorded a gross domestic product (GDP) of 2.01 per cent in the first quarter of 2019, compared to the 2.38 per cent recorded in the previous quarter (Q4 2018), the National Bureau of Statistics (NBS) said on Monday.
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Source: allafrica.com
Markets WRAP: Rand closes at R14.38/$
May 21, 2019--The rand ended the day at R14.38 to the greenback.
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Source: FIN24
JSE closes softer after muted trading session
May 21, 2019--The JSE traded mostly flat on Tuesday as it struggled for direction following a mixed trading session in Asia.
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Source: FIN24
