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Sub-Sahara on cusp of major economic boom
December 13, 2013--Sub-Saharan Africa could be on the threshold of becoming a major global economy, according to one of the world's most respected economic authorities on the region.
Professor John Sutton, speaking at the Africa Growth Forum on Friday, said that several leading economies in sub-Saharan Africa would become middle-income countries if they sustain their rapid growth rates of the past decade.
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Source: FIN24
JSE slides, gold shares down
December 12, 2013--South African stocks suffered their biggest daily drop in almost six months on Thursday, led by gold firms like AngloGold Ashanti as global equities fell on speculation the US Federal Reserve may start trimming stimulus next week.
This week's US budget pact eased some of the fiscal drag on its economy and improved the chances the Fed will scale back its bond-buying operations at the 17 December to 18 December meeting.
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Source: FIN24
Rand flat ahead of inflation data
December 11, 2013--The rand was largely flat in early Wednesday trade with little scope for significant shifts, although inflation and retails sales data could move the currency if they surprise the market.
The rand traded at R10.3600/$ by 06:25 GMT, just 0.05% softer than Tuesday's close.
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Source: FIN24
SA stocks snap four-day rally
December 10, 2013--South African stocks snapped a four-day rally on Tuesda, falling into the red with investors taking profits in stocks such as up-market retailer Woolworths, which have helped lead the recent surge.
"If you look at how Woolworths has performed the last couple of days, my gut feel is that it is profit taking with some guys taking some cash off the table", said Mohammed Nalla, head of strategic research at Nedbank Capital.
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Source: FIN24
Rand firms ahead of mining, manufacturing data
December 10, 2013--The rand firmed against the dollar on Tuesday and could gain further momentum if mining and manufacturing data comes out stronger than expected.
The rand was at 10.3700 to the dollar at 06:32 GMT, up 0.2% from Monday's New York close.
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Source: FIN24
Rand slightly softer
December 9, 2013--The rand was slightly weaker against the dollar on Monday ahead of a data-heavy week but is expected to trade rangebound until the US Federal Reserve's next policy meeting next week.
The rand was at R10.3530/$ at 15:39 GMT, down 0.3% from Friday's New York close.
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Source: FIN24
Small gains for SA stocks
December 9, 2013--South African stocks eked out a fourth straight session of gains on Monday, lead by retailers such as Spar Group and Woolworths, which analysts say are now presenting value after underperforming the wider market this year.
Food retailers especially are seen getting a boost as consumers' restraint eases over the approaching Christmas period, though the national mood has been subdued by the death of the country's first black president Nelson Mandela.
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Source: FIN24
No fear of 'Mandela crash' for SA economy
December 7, 2013--Economists slapped down speculation that former president Nelson Mandela's death could prompt an economic and financial slump in South Africa, but warned the gains he inspired remain fragile.
Analysts pointed to a strong showing by the Johannesburg Stock Exchange on Friday and the rand despite news of his death, dismissing doomsayers who predicted the 95-year-old's demise would spark a crisis.
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Source: FIN24
JSE unfazed by Mandela's death
December 6, 2013--South African stocks rose for the third straight day on Friday, largely unfazed by the death of Nelson Mandela.
Mandela, a symbol of racial reconciliation and political compromise, died at 95 late on Thursday from a recurring lung illness, worrying some that simmering social tensions may threaten Africa's largest economy.
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Source: FIN24
Rand recoups losses, ends firmer
December 6, 2013--South Africa's rand ended the week firmer on Friday, bouncing back from oversold levels that saw the currency fall to a 4-1/2 year low after upbeat US jobs data.
Trading in South Africa paused for five minutes of silence observed for the passing of revered former president Nelson Mandela.
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Source: FIN24
