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Nigeria: Stock Market-Domestic Investors Increase Stakes to 41 Percent
January 11, 2013--Local investors on the floor of the Nigerian Stock Exchange have increased the stake to 41 per cent leaving the remaining 59 per cent in the hands of foreign investors.
The latest report monitored by LEADERSHIP showed that the domestic investors previously held 30 per cent of investment in the stock market but between January and December 2012, it was increased to 41 per cent, a development which has been described by market watchers as a good omen for the growth of the market.
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Source: AllAfrica.com
Platinums, Draghi pare JSE losses
January 10, 2013--The JSE closed softer on Thursday, off its intraday record high, with platinums providing a boost on the higher price of the metal due to positive global market sentiment.
“Platinums had a great day today after European Central Bank head Mario Draghi said that there will be an increase in European growth in the latter part of this year and the ECB left rates unchanged‚ which is good for global market sentiment‚” said Andrew Flavell trader at Consilium Securities.
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Source: FIN24
Bonds soften on weaker rand
January 10, 2013--The SA bond market softened on Thursday afternoon, taking a breather after a three-day rally on particularly strong foreign interest in the long-end of the yield curve.
The weaker rand/US dollar exchange rate is also responsible for a pullback in the SA fixed income market‚ said Sarel Pretorius‚ a trader at Thebe Stockbroking.
At 15:27 the benchmark R186 was trading at 7.140% from Wednesday’s close of 7.100%. The R157 was trading at 5.325% from 5.290% at its previous close and the R207 was bid at 6.180% and offered at 6.150% from its previous close of 6.145%.
The rand weakened to R8.6453 to the greenback in from R8.5999 previously.
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Source: FIN24
Fitch cuts SA's ratings
January 10, 2013--Fitch Ratings on Thursday cut South Africa's sovereign credit rating to BBB from BBB-plus, citing rising social and political tensions and the inability of the government to implement effective reforms.
The decision by Fitch comes in the wake of similar moves by rival agencies Moody's Investors Service and Standard & Poor's last year.
"Economic growth performance and prospects have deteriorated, affecting the public finances and exacerbating social and political tensions," Fitch said in a statement.
Fitch has a stable outlook on the credit
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Source: FIN24
JSE follows world stocks higher
January 9, 2013--The JSE edged up in early trade on Wednesday, taking its lead from world markets, after a positive start to the US fourth-quarter corporate earnings season last night.
At 9:34‚ the All Share [JSE:J203] index was up 0.17% at 40 222.14 points‚ with the Top 40 - (Tradeable) [JSE:J200] index up by the same margin at 35 691.76.
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Source: FIN24
Rand softer on weaker euro
January 9, 2013--The rand tracked the euro a fraction weaker at noon on Wednesday in a very quiet market as a number of participants are still on holiday.
“We are trading in a tight range with a number of people still away on leave. The market is waiting to hear if farm strikes will start again in earnest‚ which would be bad for the rand. If the strike is sorted out‚ it will be good for the rand” said Mark Kalkwarf‚ currency dealer at the Iquad Group.
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Source: FIN24
JSE flat, lacks fresh impetus
January 8, 2013--The South African share market hovered in flat territory on Tuesday in the absence of fresh impetus, while Anglo American (AGL) shares rallied to six-month highs after the blue-chip resources company announced the appointment of Mark Cutifani as its new chief executive.
At 12:31‚ the All Share [JSE:J203] index was flat (0.03%) at 40 173.46 points‚ with the Top 40 - (Tradeable) [JSE:J200] index also flat at 35 642.39. Gold stocks shed 1.76% for a 3.35% loss this month on negative investor sentiment after Harmony Gold Mining suspended production at its Kusasalethu mine due to labour unrest.
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Source: FIN24
Rand weakens on thin trade, eyes MPC
January 8, 2013-- The rand weakened against the US dollar before noon on Tuesday as traders eye the Reserve Bank's monetary policy committee (MPC) meeting later this month for direction.
“Since the beginning of the year the rand has been trading within a very wide range‚ but volumes are extremely thin. Traders are eyeing the MPC meeting later this month‚” said Ockert van Niekerk‚ head of trading at PSG.
At 11:35‚ the rand was bid at R8.5788/$ from its previous close of R8.5648 on Monday.
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Source: FIN24
JSE snaps new year rally
January 7, 2013--The JSE ended slightly in the red on Monday for the first time in the new year, as investors booked profits following last week's rally.
At 17:00‚ the All Share [JSE:J203] index was 0.28% softer at 40 162.56 points‚ with the Top 40 - (Tradeable) [JSE:J200] index dipping 0.38% to 35 641.67.
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Source: FIN24
Nigerian banking stocks soar
January 7, 2013--The index of Nigeria's Top-10 banks closed up 4.7% on Monday, a significant gain for a sector which analysts expect to drive a stock market rally again this year.
Nigerian stocks rose to a 32-month high last Monday, ending 2012 up 34% in the index's best performance over the last five years, led by growth in consumer goods and banking.
The banking index gained 24% last year, but it trailed the consumer goods sector which rose 42%.
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Source: FIN24
