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Launch of Minimum Variance Indices
April 11, 2014--The new Minimum Variance Indices will be launched on 10 May 2014.
The FTSE/JSE Minimum Variance indices aim to reduce index volatility based on historical return information. This offers potential improvements to the risk-reward ratio, whilst maintaining full allocation to the relevant equity market. Reduced volatility is achieved by applying a transparent rules-based approach which minimises historical variance subject to additional constraints on the weight of individual stocks. An All Share and a Top 40 version are being introduced.
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Source: Johannesburg Stock Exchange
Launch of Risk Target Indices
April 10, 2014--The new Risk Target Indices will be launched on 10 May 2014.
The FTSE/JSE Top 40 Net Risk Target indices are based upon a rules-based framework that tracks the return of an investment strategy which aims to provide an investor with risk targeted exposures to the FTSE/JSE Top 40 Net Total Return Index. The volatility target indices make use of the empirical properties of the risk statistic and aim to provide an equity investor access to three different levels of risk exposure: 10%, 15% and 20%.
The indices de-leverage during times of higher volatility (i.e. increases cash position, decreases index position) and re-leverage during times of lower volatility. Volatility forecasts are based on an exponentially weighted 120 day moving average approach, and are applied daily.
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Source: Johannesburg Stock Exchange
World Bank Africa's Growth Set to Reach 5.2 percent in 2014 With Strong Investment Growth and Household Spending
April 7, 2014--Economic growth in Sub-Saharan Africa (SSA) continues to rise from 4.7 percent in 2013 to a forecasted 5.2 percent in 2014. This performance is boosted by rising investment in natural resources and infrastructure, and strong household spending, according to the World Bank’s new Africa's Pulse, a twice-yearly analysis of the issues shaping Africa's economic prospects.
Growth was notably buoyant in resource-rich countries, including Sierra Leone and the Democratic Republic of Congo. It remained steady in Cote d'Ivoire, while rebounding in Mali, supported by improved political stability and security. Non-resource-rich countries, particularly Ethiopia and Rwanda, also experienced solid economic growth in 2013.
view Africa's Pulse April 2014
Source: World Bank
Nigeria Declares Self Africas 'Largest Economy
April 6, 2014--Nigerian statistics chief Yemi Kale said Sunday the country's economy is estimated at about $490 billion, easily topping the $384 billion figure the World Bank calculated for South Africa in 2012.
Nigeria reached the new figure for its economy, the 26th largest in the world, after taking into account such industries as airlines, telecommunications, and information technology that were not included in its last calculation in 1990. Nigeria said then it had 300,000 landline telephones, but now boasts 100 million cell phone users.
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Source: AllAfrica.com
Managing Volatile Capital Flows: Experiences and Lessons for Sub-Saharan African Frontier Markets
March 24, 2014--Summary: During the past three years the frontier markets of sub-Saharan Africa have received growing amounts of portfolio capital flows, with heightened interest from foreign investors. Compared with foreign direct investment, portfolio capital flows tend to be more volatile, and thus pose challenges for sub-Saharan African frontier markets.
This study examines the evolution of capital flows since 2010 and discusses the policies these countries have designed to reduce risks from the inherent volatility of these flows.
view the Managing Volatile Capital Flows Experiences and Lessons for Sub-Saharan African Frontier Markets
Source: IMF
JSE falls with global peers
March 20, 2014--South African stocks fell for a second straight session on Thursday, tracking global shares that stumbled as investors braced for a speedier rise in US interest rates than previously thought.
But losses were capped by some mining firms such as platinum producer Aquarius Platinum, which added almost 2% to R7.15, helped by the weakening rand.
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Source: FIN24
Standard Bank to Launch 3 ETFs on the JSE
March 20, 2014--Mining Weekly reported yesterday that Standard Bank plans to launch three new exchange-traded funds (ETFs)-the AfricaGold ETF, AfricaPlatinum ETF and AfricaPalladium ETF-on the JSE.
As quoted in the market news:
"AfricaPalladium, which was expected to list later this week, would also be the first palladium ETF to be listed in the local market following a strong demand for the metal.
The AfricaGold and AfricaPlatinum ETFs would be listed at the beginning of April.
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Source: Gold Investing News
Two Palladium ETFs To Launch In South Africa Next Week
March 20, 2014--It turns out that not one but two palladium exchange-traded funds will be launched in South Africa next week.
The corporate and investment banking division of Absa Bank Ltd., member of Barclays BCS-1.39%, Thursday said it will list its palladium-backed ETF, NewPalladium, on the Johannesburg Stock Exchange on March 27.
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Source: Forbes
Naspers, mining drag JSE lower
March 19, 2014--South African stocks ended lower on Wednesday, with Naspers taking the most points off the main index after its Chinese money-maker posted slower profit growth while tumbling metal prices added to a downbeat mood.
Naspers, whose share price rally in recent months has largely been on the back of China's Tencent Holdings, dived 4.9% to R1 160.05, paring gains so far this year to about 7%.
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Source: FIN24
Rand steady after inflation data
March 19, 2014--The rand was steady against the dollar on Wednesday after consumer inflation data brought few surprises and retail sales figures beat expectations.
The rand, which has traded in a narrow range throughout the week, was at R10.7420/$ at 15:43 GMT, barely changed from Tuesday's New York close.
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Source: FIN24
