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Africa Now the World's Second Fastest Economy, to Grow 5.3% in 2013
Africa is now the world's second fastest growing economy, and may grow even faster in 2013
Most African states have achieved political stability, which is important for investment
The risks include governance, economic and political exclusion, and weak institutions
January 23, 2013--Africa is already the world's second fastest growing economy after expanding 5% a year in the past two years, well above the global average,
and Africa’s GDP is on track to grow by 5.3% this year, a televised debate with the presidents of Nigeria and South Africa and business leaders reported today at the 43rd World Economic Forum Annual Meeting in Davos, Switzerland.
"If certain bottlenecks were taken out, I can easily see that doubling,” said Graham Mackay, Chairman, SABMiller, United Kingdom.
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Source: WEF (World Economic Forum)
Nairobi -Launch of the Growth Enterprise Market Segment
January 22, 2013--The Nairobi Securities Exchange (NSE) today launched the Growth Enterprise Market Segment (GEMS).
GEMS enables small and medium sized firms to raise substantial initial and ongoing capital, while benefiting from increased profile and liquidity within a regulatory environment designed specifically to meet their needs. Mr. Eddy Njoroge, the Chairman of Nairobi Securities Exchange stated, “The establishment of a GEMS market in Kenya will pave way for the listing of Small and Medium Sized Enterprises (SMEs) on the Exchange, which is a major driver of our country’s economy.” He further stated that GEMS is supported by a wide community of experienced advisers, ranging from brokers to accountants, lawyers and the fundamental Nominated Advisors (NOMADS) who will assist companies to list on GEMS and to comply with good corporate governance and global best practices.
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Source: Nairobi Securities Exchange (NSE)
JSE softer on consolidation
January 22, 2013--The JSE came under pressure on Tuesday, leaving most constituent benchmarks in negative territory amid consolidation after a strong start to the year.
At 12:37‚ the All Share [JSE:J203] index was 0.62% lower at 39 741.43 points‚ with the Top 40 - (Tradeable) [JSE:J200] index shedding 0.70% to 35 316.46 while the bank and platinum indices lost 1.32% and 1.16% respectively.
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Source: FIN24
Rand fairly quiet, awaits MPC decision
January 22, 2013--The rand remained on the sidelines at midday on Tuesday, in anticipation of CPI figures to be released on Wednesday and the MPC announcement on Thursday.
“The rand is a bit tossed and turned today. Markets are waiting on the data due throughout the rest of the week‚” said Ockert van Niekerk‚ head of trading at PSG.
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Source: FIN24
Industrial stocks weigh on JSE
January 21, 2013--The JSE remained softer on Monday at noon, with industrial shares pulling the all-share index lower after the poorly received trading statement from luxury group, Richemont (CFR).
At 12:33‚ the All Share [JSE:J203] index was 0.74% lower at 39 870.37 points‚ with the Top 40 - (Tradeable) [JSE:J200] index shedding 0.81% to 35 433.17‚ while industrials gave up 1.16%.
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Source: FIN24
Miners lead stocks higher
January 18, 2013--Stocks ended the week with modest gains on Friday with miners adding the most points to the key index after an upbeat growth data in China, the world's biggest commodity consumer.
But retailers restricted the upside momentum with clothing chain Mr Price falling for the ninth consecutive session on growing concerns that the sector's valuation is not justified by its earnings or outlook.
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Source: FIN24
Rand weakens on farmworker strikes
January 18, 2013--The rand weakened against the dollar in early trade on Friday, undermined by negative sentiment from persistent labour unrest.
Thousands of farm workers in the country's fruit growing belt took to the street on Thursday despite calls by unions to freeze the labour action for a week.
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Source: FIN24
JSE flat, miners weigh on labour woes
January 17, 2013--The JSE opened flat on Thursday morning, with retailers making gains, while all the mining indices were in the red due to investor concerns that the shaft closure announcement by Amplats and subsequent job losses could lead to further pressure on the industry.
Amplats miners went on strike after the restructuring news‚ but returned to work on Wednesday night‚ the National Union of Mineworkers (NUM) said on Thursday
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Source: FIN24
Rand strengthens on stronger euro
January 17, 2013--The rand marked time during midday trade on Thursday, after strengthening slightly off Wednesday's weaker levels.
Tony van Dyk‚ a currency dealer at the Iquad Group‚ said a couple of factors influenced the move‚ “Amplats miners have gone back to work and the euro has recovered against the dollar. On the back of those two things we’ve seen the rand recover.”
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Source: FIN24
Platinum sector weighs on JSE
January 16, 2014--The platinum sector dragged the JSE down on Wednesday as foreign investors feared that the shaft closures and consequent job losses announced by Amplats would lead to continued stained industrial relations in the mining sector.
At 17:00‚ the All Share [JSE:J203] index was down 0.08% to 39 879.99‚ with the platinum index dropping by 3.70%‚ while industrials were up 0.42%.
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Source: FIN24
