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Rise of pension giants set to transform investment in Africa
November 29, 2012--New giants are arising in African investments-the domestic pension funds. In Nigeria the National Pensions Commission (PenCom) estimated registered pensions to be worth US$14bn in June 2011, with asset values up by 8% in three months; Namibia's Government Institutions Pension Fund alone is worth some $6bn;
South Africa’s pension funds grew at a compound annual growth rate of 14.3% in US dollar terms over 10 years to December 2010, including over 28% in 2010 and Tanzania’s pension industry was audited at $2.1bn for 2010, and growing by 25% a year.
The number of pensioners is set to soar, according to United Nations figures, as the number of people over 60 years in Africa will rise from 55m in 2010 to 213m by 2050, compared to 236m Europeans over 60 years old by 2050. Current pension funds cover only 5%-10% of Africans ranging from 3% in Niger but it used to be 80% in North African countries such as Egypt, Libya and Tunisia. Pensions are not available at all in some countries.
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Source: African Capital Markets
JSE up a fraction, gold miners weigh
November 27, 2012-- The JSE was a fraction higher on Tuesday in line with world markets with gold miners the worst performers on the bourse after the sector had a good run on Monday.
At 17:00‚ the All Share [JSE:J203] index was up 0.10% to 37 805.80 points‚ with the gold index giving back 1.41%.
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Source: FIN24
Rand shrugs off weak GDP figure
November 27, 2012--The rand was a little stronger at noon on Monday after shrugging off the weak local GDP figure as a soft number was expected.
“The rand strengthened ever so slightly but is trading in narrow ranges. The weak GDP figures did not affect the market as a weak figure was expected. It looks as though the December holiday has hit the currency market already‚ with lacklustre trade prevailing in a narrow range‚” a currency trader said.
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Source: FIN24
Strikes dent SA growth, slows to 1.2%
November 27, 2012--South Africa's economic growth slowed to 1.2% in the third quarter of 2012 on a seasonally adjusted and annualised basis, compared with a revised 3.4% rise in the second quarter, data showed on Tuesday.
On an unadjusted year-on-year basis, economic growth was at 2.3% in the third quarter from a revised 3.1% in the second quarter.
A Reuters poll of 15 economists expected growth to have slowed to 1.5% in the third quarter because of strikes in the mining sector.
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Source: FIN24
Strong demand for Tanzania T-Bills
November 27, 2012--Yields are rising on Tanzania's 364-day Treasury bills, although demand continues strong, according to the auction results posted on the website of the central Bank of Tanzania and to local news reports citing a market report from Barclays Bank.
The average yield-to-maturity was 13.43% (up from 13.18% at the previous auction) on the 364-days bills, 12.86% on the 182-days paper, 11.76% on 91-days and 7.25% on 35 days.
The total amount sought in the 21 November auction was TZS135 billion ($84.2 million) but this was oversubscribed and a total of TZS199bn was offered (48% over-subscribed), so the Government settled on taking TZS168bn. The biggest demand was for the one-year paper, with TZS87.7bn bid against TZS45bn offered with the Government taking TZS71bn. The 91-day was undersubscribed with TZS23bn bid against TZS40bn offered.
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Source: African Capital News
JSE tracks global markets weaker
November 26, 2012--The JSE closed in the red on Monday, taking its cue from lower global markets and awaiting a decision from eurozone finance ministers with regard to the next aid disbursement for Greece.
At 17:00‚ the All Share [JSE:J203] index was down 0.26% to 37 766.24 points after rallying nearly 3% last week.
Gold counters provided some upside gaining 1.05% on a stronger bullion price and banks shed some value in sympathy with off-shore banks coming off.
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Source: FIN24
JSE tracks global markets weaker
November 26, 2012--The JSE closed in the red on Monday, taking its cue from lower global markets and awaiting a decision from eurozone finance ministers with regard to the next aid disbursement for Greece.
At 17:00‚ the All Share [JSE:J203] index was down 0.26% to 37 766.24 points after rallying nearly 3% last week.
Gold counters provided some upside gaining 1.05% on a stronger bullion price and banks shed some value in sympathy with off-shore banks coming off.
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Source: FIN24
Rand hovers close to R9/$
November 26, 2012--The rand is expected to trade within a narrow range this week but could tip above the R9.00/$-level if Greece's lenders fail to agree on a bailout package.
The rand was at R8.8891/$ at 08:53 on Monday, barely changed from Friday's close.
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Source: FIN24
JSE closes flat, banks weigh
November 23, 2012--The JSE pared some earlier gains to close flat on Friday due to some profit taking after the bourse reached an all-time high on Thursday.
“It has been a relatively quiet trading day with a bit of strength in industrials due to SABMiller continuing to move up after a strong run yesterday after releasing their interim results‚” said Guy Algeo‚ director at Imara SP Reid.
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Source: FIN24
Rand firms in quiet market
November 23, 2012--The rand gained further ground against leading currencies in late trade on Friday, breaking below R8.90/$, tracking a firmer euro/dollar.
At 15:56‚ the rand was bid at R8.8946/$ from Thursday’s close of R8.9335. The local currency was bid at R11.4928/€ from its previous close of R11.4878 and at R14.1720 against sterling from R14.2272 before. The euro was bid at $1.2928‚ from Thursday’s close of $1.2873.
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Source: FIN24
