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Rand rangebound, awaits fresh impetus
March 10, 2014--The rand weakened against the dollar, but remained within its recent tight range ahead of data releases
later this week that could help give it direction.
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Source: FIN24
NSE to expand product offerings, index up 0.56%
March 10, 2014--Product offerings on the The Nigerian Stock Exchange (NSE) is set to increase, with plan to list Vetiva Griffin 30 Exchange Traded Fund this month.
Mr. Haruna Jalo-Waziri, NSE Executive Director in charge of Business Development, in a statement by the NSE said The Vetiva Griffin 30 Exchange Traded Fund (VG 30 ETF) is an open--ended fund that will be listed on the Exchange.
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Source: Daily Independent
JSE ends flat, Sanlam climbs
March 7, 2014--South African stocks ended a see-saw session virtually unchanged on Friday, pulling back from a record high set earlier in the day as investors digested the widely watched US jobs data.
But Sanlam, which posted a 39% jump in annual earnings this week, surged after several brokerages, including Barclays Capital, gave upbeat comments about its prospects.
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Source: FIN24
IMF Executive Board Concludes 2014 Article IV Consultation with Nigeria
March 7, 2014-On February 21, 2014, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Nigeria.
Real GDP is projected to grow at 6.4 percent in 2013 owing to continued strong performance in the non-oil sector. Inflation declined to 7.9 percent at year end, supported by lower food price, fiscal consolidation, and a tight monetary policy stance.
The external current account surplus fell to 3.1 percent of GDP from 7.8 percent at end-2012, but reserves remained at a comfortable 5.6 months of next year's imports, despite uncertainties about the timing of the tapering of unconventional monetary policies.
The non-oil primary deficit of the consolidated government is projected to narrow from expenditure restraint, but a shortfall in oil revenues resulted in a drawdown of the Excess Crude Account (ECA), a key fiscal buffer. Despite significant job creation, unemployment and poverty are high and social indicators lag those of peers. Continued weaknesses in labor markets, access to electricity, cost of doing business, and small and medium enterprises’ access to finance have prevented a transition to a more robust and inclusive growth path.
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Source: IMF
Rand falls after US jobs data
March 7, 2014--The rand lost ground against the dollar on Friday after stronger than expected US nonfarm payrolls data.
The rand, which reached a two--month high this week, was at R10.7250/$ at 14:52 GMT, down more than 1% from Thursday's New York close.
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Source: FIN24
Strong results encourage JSE investors
March 6, 2014-The JSE resumed its upward momentum on Thursday morning after Wednesday's profit taking. All the major indices were up, led by the gold index.
By midday the All-share index was 122,95 points or 1.26% higher at 47 638 and the Top 40-index 108,50 or 0.25% stronger at 43 061. Both indices are now close to new records.,
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Source: FIN24
Rand hits two-month highs
March 6, 2014--The rand firmed against the dollar on Thursday, taking direction from a stronger euro and shrugging off the first rolling blackouts to hit the economy in six years.
The single currency, buoyed by the European Central Bank's (ECB) decision to keep interest rates on hold, traded at its highest level against the dollar since late December.
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Source: FIN24
JSE pulls back from record high
March 5, 2014--South African stocks have ended lower, with charts suggesting the main indices have limited upside after hitting several record highs
in the past few weeks.
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Source: FIN24
Rand seen dropping to R11.02/$
March 5, 2014--The rand is likely to remain on the rack with expectations of it shedding around 3% in the next 12 months to trade at R11.02/$,
according to a poll.
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Source: FIN24
NSE to reduce transaction costs by N1.2bn
March 4, 2014--The Nigerian Stock Exchange says it has started a process that will reduce the amount investors pay for transactions on the Exchange. A statement on Tuesday by the Head, Public Relations, NSE, Mr. Dante Martins, explained the NSE would reduce the cost of its trade alert by about N1.24bn.
This, it stated, would be done through the scrapping of the 0.06 per cent charge on every trade on the Exchange and the introduction of an enhanced notification system.
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Source: Punch
