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World Economic Forum on Africa Closes with Call for Action
The question is no longer "if" Africa will grow, but "how" it will grow
Building on recent growth ideally means investing in human capital and economic diversification
May 10, 2013--Calling for investment to consolidate and make more inclusive recent African growth, leaders from across the continent gathered to close the 2013 World Economic Forum on Africa.
"We’ve had a couple of days of very exciting conversations about what is happening on the continent," said Eric Kacou, Co-Founder, Entrepreneurial Solutions Partners (ESPartners), USA, a Young Global Leader and Member of the Global Agenda Council on Fostering Entrepreneurship. "I think in Africa we are in the middle of a metamorphosis,” he said. “People are just starting to recognize there is potential."
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Source: World Economic Forum (WEF)
Regional Economic Outlook: Sub-Saharan Africa Building Momentum in a Multi-Speed World
May 10, 2013--Growth remained strong in the region in 2012, with regional GDP rates increasing in most countries (excluding Nigeria and South Africa). Projections point to a moderate, broad-based acceleration in growth to around 5½ percent in 2013-14, reflecting a gradually strengthening global economy and robust domestic demand.
Investment in export-oriented sectors remains an important economic driver, and an agriculture rebound in drought-affected areas will also help growth. Uncertainties in the global economy are the main risk to the region’s outlook, but plausible adverse shocks would likely not have a large effect on the region’s overall performance.
view the Regional Economic Outlook: Sub-Saharan Africa Building Momentum in a Multi-Speed World
Source: IMF
Global Board of Trade launches Contract for Difference
May 9, 2013--The Global Board of Trade (GBOT), the first international multi-asset bourse from Mauritius, has successfully launched Contracts for Difference (CFDs).
Contract for Difference (CFD) means a standardised derivative traded on GBOT, where a buyer and a seller agree to exchange the difference in value of a particular underlying between the time when the Contract is opened and when it is closed.
The launch of CFDs on GBOT Tuesday, May 7, 2013 in Mauritius, makes it the first exchange in Africa and second in the world to introduce CFDs.
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Source: Ghana Business News
Gold shares lead JSE rally
May 9, 2013--The JSE powered to a multi-week high on Thursday, more than offsetting last month's wobble in the benchmark index, amid a generally positive global market backdrop.
At 12:29‚ the JSE All Share [JSE:J203] index was up 0.35% 40 597.31‚ lifted by bargain hunting in gold stocks‚ with the index up 2.03%. The top 40 blue chip index garnered 0.37%.
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Source: FIN24
Bonds firm despite bad switch auction
May 9, 2013--The South African bond market was firm in midday trade on Thursday despite a disappointing switch auction earlier.
The National Treasury offered to switch up to R5bn R201 bonds for R186 bonds on a cash for cash basis‚ but received bids worth only R1.12bn and actually switched only R620m.
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Source: FIN24
Stronger gold, platinum prices buoy JSE
May 8, 2013--The JSE closed significantly stronger on Wednesday on higher gold and platinum prices, while gains in large-cap industrials pushed the all share index to its highest level in more than six weeks.
“This morning we took direction from the Chinese trade data which came out stronger than expected which lent significant impetus to the resource sector‚” said Mohammed Nalla‚ head of strategic research for global markets at Nedbank Capital.
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Source: FIN24
Rand on back foot, bonds weaker
May 8, 2013--The rand edged lower against the dollar on Wednesday as investors continued to price in the possibility of an interest rate cut this year.
The rand was at R9.0340/$ at 08:31, down slightly from its close in New York on Tuesday.
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Source: FIN24
Boom Time for African Bonds
May 8, 2013--"Risk premia across the world are getting repriced," says Larry Seruma, chief investment officer of Nile Capital Management, which invests in Africa.
"You have too much money searching for yield, and as safe assets become scarce in the developed world the money has ultimately started to flow to Africa."
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Source: Moneywatchafrica.com
Foreign Investors Appetite for Nigerian Bonds Grows
May 7, 2013--Nigeria and some other African countries are expected to sell debt instruments at about $7 billion this year, higher than the combined amount sold in the past five years.
With the International Monetary Fund (IMF) forecasting growth in sub-Saharan Africa to outpace all regions except emerging Asia this year, Nigeria, Kenya and six other countries in the continent have either sold or are planning to offer record amounts of bonds overseas.
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Source: This Day Live
JSE flat on absence of data
May 7, 2013--The JSE's three-day rally paused on Tuesday amid a lack of fresh catalysts, while the selloff in African Bank Investments shares extended into its third straight session.
At 12:26‚ the JSE All Share [JSE:J203] index was flat (0.08%) at 39 860.74 points‚ while the Top 40 - (Tradeable) [JSE:J200] blue-chip index edged up 0.11%. Banks and platinum stocks lifted 0.70% and 0.51% respectively.
The local bourse has gained 2.88% this month.
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Source: FIN24
