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JSE books biggest drop in over a month
January 24, 2014--South Africa's stocks have ended lower on Friday with the main indices logging their biggest fall in more than a month as worries grew the US Federal Reserve would trim its stimulus programme.
Naspers topped the decliners' list on the blue-chip index, tracking a sell-off in its Chinese money spinner Tencent Holdings overnight.
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Source: FIN24
Rand at multi-year lows amid strikes
January 24, 2014--The rand struggled at five-year lows against the dollar on Friday as the second day of a strike across the country's platinum mining belt continued to unnerve investors.
The rand, which breached the 11.00 level on Thursday for the first time since October 2008, was at R11.1075/$ at 15:11 GMT, 1% weaker than Thursday's New York close.
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Source: FIN24
Nigeria: SEC Approves Rules for NSE's Investors' Protection Fund
January 24, 2014--Hope of investors in the Nigerian capital market receiving compensation for losses from negligence or bankruptcy of stockbroking firms brightened Thursday. This followed the approval of the rules governing the operation of the Nigerian Stock Exchange (NSE)'s Investors' Protection Fund (IPF) by the Securities and Exchange Commission (SEC).
The rules had been developed by the Board of Trustees (BoT) of the IPF last year and have been awaiting the approval of the regulator of the capital market. According to the NSE, the rules were approved along with other rules governing dealing members, registration as dealing members and use of issuers' portal.
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Source: AllAfrica.com
Nigeria: Local Economy Set to Overtake SA in 2014
January 24, 2014-- NIGERIA could overtake South Africa as the biggest economy in Africa this year, the Rand Merchant Bank (RMB) has projected.
"We note in the 2013/2014 edition of Where to Invest in Africa: A guide to corporate investment that Nigeria could displace South Africa as the largest economy on the continent by 2014, if the rebasing of its Gross Domestic Product (GDP) leads to an estimated 60 percent expansion of its economic size (similar to Ghana), thereby enhancing its attractiveness as an investment destination," RMB researchers, Celeste Fauconnier and Nema Ramkhelawan-Bhana, stated on Friday.
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Source: AllAfrica.com
JSE climbs to record highs
January 23, 2014--South Africa's main stock indices set record highs on Thursday with strike-hit platinum shares among the top gainers on hopes that industrial action on the platinum belt could be resolved soon.
Mines producing half the world's platinum shut down on Thursday as the sector's main union began a strike for hefty wage hikes their employers say they cannot pay.
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Source: FIN24
Rand breaches R11/$ level amid strikes
January 23, 2014--The rand weakened more than 1% to the psychologically key R11/$ level on Thursday, its lowest since October 2008 when R49bn of capital was pulled out of the economy.
On the first day of strikes at platinum mines, the rand was at R10.9910/$ at 15:42 GMT, down 1.05% from Wednesday's New York close, after earlier touching 11.
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Source: FIN24
South Africa: Platinum Production At a Standstill
January 23, 2014--Platinum production in South Africa is at a standstill as mineworkers lay down their tools. It is the first walkout since the 2012 wildcat strike at Marikana in which police killed 34 miners.
A crowd of striking South African platinum miners gathered outside mines on Thursday (23.01.2014) dancing and singing some slogans. They are demanding a monthly wage increase of about 12,500 rand ($1,143, 838 euros), twice the amount they currently earn.
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Source: AllAfrica.com
JSE edges higher, Amplats surges
January 22, 2014--South African stocks rose slightly on Wednesday as investors returned to retailers such as Shoprite that have been sold in recent sessions and resource firms, even as their production is threatened by strikes.
Shares of Anglo Platinum (Amplats), the world's top platinum producer, rose 3.4% to R432 after it said it swung back to profit in 2013, rebounding from a wave of strikes
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Source: FIN24
Rand range-bound as strikes loom
January 22, 2013--The rand was range-bound against the dollar on Wednesday, with a looming strike by platinum miners apparently priced in.
The rand was at R10.8525/$ at 15:13, nearly 0.3% lower than Tuesday's New York close.
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Source: FIN24
Rand regains poise after heavy sell-off
January 21, 2014--The rand held its ground against the dollar on Tuesday after a heavy sell-off last week, with investors taking looming strikes in the mining sector in their stride.
The local currency has regained its footing after stumbling to a five-year low of R10.9620/$ last week, a move some market players felt was overdone.
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Source: FIN24
