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New Pacts Ease Path Toward East African Single Currency
Agreements outline ten-year roadmap toward monetary union
Greater integration should sustain economic growth, boost efficiency
Payments system expected to speed cross-border payments, promote trade
December 30, 2013--Moves toward deeper economic integration among the countries of the East African Community (EAC)-Burundi, Kenya, Rwanda, Tanzania, and Uganda-have gained new impetus from agreements sealed in recent weeks.
The signing of a Monetary Union Protocol by community heads of state in Kampala, Uganda, on November 30 is a milestone outlining a ten-year roadmap toward monetary union. The formal launch of the East African Cross Border Payment System on November 25 is a significant operational step increasing monetary and economic integration.
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Source: IMF
No new year boom for JSE
December 30, 2013--The new year might start on a less festive note for the JSE, with most analysts and market commentators predicting a rather lacklustre year after strong gains made in 2013.
The week that was
Shares had a jolly time during the week of Christmas festivities and major indices ended Friday within spitting distance of their recent record highs. The Top-40 index gained around 2% on Friday alone as most shares continued the stronger trend of the last week or so.
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Source: FIN24
SA stocks rise on global rally
December 27, 2013--South African stocks jumped more than 2% on Friday, gaining for the seventh straight session and coming within sight of lifetime highs on the back of a record run in global markets.
The gains were across the board with Africa's top bullion producer AngloGold Ashanti the biggest advancer among blue chips, adding more than 5 percent.
Rand slides to 3-week lows
December 27, 2013--The rand slid more than 1% to a 21-day low against the dollar on Friday as political turmoil in Turkey made investors nervous about high-yielding but riskier emerging market assets.
Government bonds were not spared from the sell-off, with the yield for the benchmark 2026 note adding three basis points to 8.185% while that for the 2015 paper was up 2.5 basis points to 6.08%.
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Source: FIN24
SA stocks rise again
December 24, 2013--South African stocks put in a sixth straight day of gains on Tuesday in a shortened Christmas Eve session as renewed appetite for risk brought the market closer to life highs reached last month.
Among gainers, Blue Label Telecoms, which provides pre-paid cellular airtime, added 2.3% to R8.10 after the company said one of its units had acquired a data provider for around $30m (about R306.6m) that will open new channels for the distribution of its products and services.
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Source: FIN24
Rand flat in thin pre-holiday trade
December 24, 2013--The rand was virtually unchanged against the dollar in very thin Tuesday trade, with Johannesburg-based market players finishing early on the eve of Christmas.
Government bonds were also largely steady, with the yield for the benchmark 2026 note unchanged at 8.155% while that for the 2015 paper at the shorter end of the curve crept up half a basis point to 6.055%.
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Source: FIN24
SA stocks maintain late-year rally
December 23, 2013--South African stocks gained for a fifth straight session on Monday, as signs of improving U.S. economic growth helped markets ease into holiday mode with last-minute festive buying.
But bullion producers such as Harmony Gold remained out of favour as the gold price edged down and headed for its biggest yearly loss since 1981.
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Source: FIN24
Rand edges up, bonds firm
December 23, 2013--The rand edged up against the dollar and government bonds were also firmer in a quiet Monday session with many market players taking year-end breaks.
The yields for the benchmark 2026 note and the 2015 paper were each down 4 basis points, at 8.155% and 6.05% respectively.
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Source: FIN24
SA stocks close higher
December 20, 2013--South African stocks have edged up on Friday, their fourth straight day of gains, with riskier assets still in demand following a broadly neutral shift in U.S. monetary policy.
"The market is still going for risky assets. You see that as riskier assets such as Impala Platinum are really running today," said Abri du Plessis, chief investment officer at Gryphon Asset in Cape Town.
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Source: FIN24
Rand stable, bonds slightly weaker
December 20, 2013--The rand was stable on Friday but remained on a weaker footing against a firmer dollar, buoyed by the US Federal Reserve's decision to start trimming its bond-buying programme.
The rand was at R10.4050 to the dollar at 06:29 GMT, little changed from its New York close on Thursday, when it fell to a one-week low of R10.4400.
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Source: FIN24
