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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
Bonds firmer on US Treasuries rally
January 7, 2013--The South African bond market was firmer in quiet midday trade on Monday‚ on a rally in US Treasuries following last week's sell-off.
A local trader said on Monday: “We are firmer on the back of the bounce in US Treasuries‚ but volumes remain thin.”
At 12:02, the benchmark R186 was trading at 7.300% from Friday’s close of 7.365% and Thursday’s close of 7.295%.
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Source: FIN24
JSE down on continued consolidation
January 4, 2013--The JSE weakened at noon on Friday as it continued to consolidate after hitting record highs on Wednesday and Thursday.
“The markets are still experiencing some post-Christmas trade. We started the year on a high and we have hit a record high in both of the sessions so far this year‚” said Ockert van Niekerk‚ head of trading at PSG.
At 12:02pm‚ the All Share [JSE:J203] index was 0.12% lower at 40‚196.49 points as gold miners lost 2.45% in value.
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Source: FIN24
Bonds softer on weaker rand
January 4, 2013--The South African bond market was softer in quiet midday trade on Friday on a weaker rand.
Traders said volumes were thin as the market waited for the December US non-farm payroll data due at 3.30pm local time.
“We followed the rand weaker‚ but trading is subdued as we wait for the US jobs data‚” a local bond trader said.
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Source: FIN24
Rand weakens on softer euro
January 4, 2013--The rand tracked the euro weaker against the US dollar before noon on Friday as thin trading volumes continued to weigh.
“We are seeing some dollar strength today as continued importer action weakens the local currency‚” said Ockert van Niekerk‚ head of trading at PSG.
At 11:21am‚ the rand was bid at R8.6439 to the US dollar from its previous close of R8.5878 on Thursday. The local currency was bid at R11.2349 to the euro from its previous close of R11.1809 and at R13.8756 against sterling from R13.7981 before.
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Source: FIN24
Nigeria May Join Global Economic Powers in 2030 -U.S.
January 3, 2013--Nigeria could join a handful of countries including China that would be pivotal in shaping the world's economy by the year 2030 according to a report by the super secret United States National Intelligence Council, NIC.
The NIC report just released, projects an idea of what the world would look like in the future.
The report which is an articulation of expertise opinion from the US intelligence community released last December, however, admits that it may not be exact.
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Source: Allafrica.com
JSE continues rally on US data
January 3, 2013--The JSE continued its strong start to 2013 with another record close on Thursday.
After some profit-taking earlier in the day‚ the JSE moved higher in the afternoon after the US ADP employment data showed strong private sector jobs growth in December. The official non-farm payrolls data is due on Friday.
“We are ending higher on the back of the US data. The gain is not as big as on Wednesday‚ but it does give us positive momentum‚” a local equity trader said.
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Source: FIN24
Bonds weaker on softer rand
January 3, 2013--The South African bond market was weaker in quiet midday trade on Thursday on a softer rand.
“The softer rand prompted some profit-taking‚ but otherwise there is little to move the market‚” a local bond trader said.
At 11:42 the benchmark R186 was trading at 7.250% from a previous close of 7.230%. The R157 was trading at 5.340% from 5.315% previously and the R207 was bid at 6.305% and offered at 6.275% from its previous close of 6.255%.
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Source: FIN24
JSE tops 40 000
January 2, 2013--The JSE All-share index, the broadest measure of Johannesburg stock performance, topped 40 000 for the first time in its more than 17-year history on Wednesday, propelled by the US fiscal deal that sparked a global equity rally.
The All-share surged 2.07% to finish at 40 061.75, its highest finish since the index was launched in mid-1995.
The benchmark Top-40 also booked a record close, jumping 2.4% to 35 630.85.
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Source: FIN24
Rand flat after US averts fiscal cliff
January 2, 2013--The rand was flat just before noon on Wednesday after the initial euphoria of the US averting the fiscal cliff waned.
“In the short-term we have seen the rand strengthen on the back of the fiscal cliff news. Investors are taking this opportunity to increase their appetite for equities‚” Vunani Private Clients global market analyst Kuziva Muganiwa said.
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Source: FIN24
