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Retail Investors May Be Restricted to Mutual Funds
December 12, 2012--Retail investors may be prohibited from investing directly in the Nigerian equities market if the recommendation of the Committee for the Resuscitation of the Capital Market set up by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, is adopted.
Currently, retail investors with as low as N5, 000 can approach a stockbroker and purchase shares on the floor of the Nigerian Stock Exchange (NSE).
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Source: All Africa.com
Resources lead JSE to another high
December 11, 2012--The JSE closed the Tuesday session at an all-time high, in line with positive global sentiment and a 1.15% rise in the resources index.
At 17:00‚ the All Share [JSE:J203] index was up 0.47% at 38 535.97 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.49% to 34 240.74 points.
Gold shares led the downside giving up 1.01%‚ while financials added 0.76%.
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Source: FIN24
Rand weakens, eyes inflation data
December 11, 2012--The rand weakened on Tuesday afternoon as traders eyed local inflation data for direction.
“We saw some local data (retail sales) which was worse than expected but it had no or very little impact on local markets. We are looking forward to tomorrow’s inflation data‚” said Viv Govender‚ a market analyst from Vunani Capital.
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Source: FIN24
JSE cuts losses to close in the black
December 10, 2012--The SA share market shrugged off earlier losses to close just a few points off its record high on Monday, led by gold and platinum shares.
At 17:00‚ the All Share [JSE:J203] index was up 0.42% to 38 357.07 points‚ with the Top 40 - (Tradeable) [JSE:J200] index recovering 0.49% to 34 074.58. Gold and platinum counters rose 2.67% and 2.54% apiece.
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Source: FIN24
Bond markets firm despite soft rand
December 10, 2012--The long end of the South African bond market was firmer in quiet midday trade on Monday despite a softer rand.
“The long end is firm as that is where foreigners look to pick up stock‚ but otherwise the market is steady despite the weaker rand‚” a local bond trader said.
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Source: FIN24
JSE rallies late on US jobs data
December 7, 2012--The JSE rallied in late Friday afternoon trade, paring some earlier losses after US job growth in November was better than expected and the unemployment rate declined.
This led to more upbeat global sentiment and risk-on trade.
The US added 146 000 jobs last month‚ the Labour Department reported‚ up from a downwardly revised 138 000 in October. Economists polled by Dow Jones Newswires had forecast a median 80 000 new payrolls in November. The unemployment rate dropped to 7.7% from 7.9%‚ compared with economists' predictions for it to remain unchanged.
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Source: FIN24
Rand strengthens on US fiscal hopes
December 7, 2012--The rand strengthened on Friday afternoon after renewed hopes that the biggest economy in the world will avert the fiscal cliff.
“The rand strength is down to the possibility of the US fiscal cliff being avoided. This has been factored into the market. The rand and dollar are strengthening at the same time. Normally its not like this. The US avoiding the fiscal cliff brings back positive sentiment and the market’s risk appetite into play‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.
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Source: FIN24
JSE ends up, but off intraday high
December 6, 2012--The JSE all share index and the top 40 index pared some gains after hitting intraday all-time highs on Thursday, due to stability around the US fiscal cliff issue.
Risk-on trade saw money flowing through to emerging markets with investors looking for attractive yields.
Platinums led the gains on the JSE after being under pressure for the last few months due to strikes‚ while gold counters weighed as a result of a weaker gold price and stronger rand.
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Source: FIN24
Bonds firm after Sarb data
December 6, 2012--The South African bond market was firm in quiet midday trade on Thursday after the release of the South African Reserve Bank's (Sarb) Quarterly Bulletin at 10:00, which showed that the current account deficit remained at 6.4% of GDP in the third quarter rather than deteriorating further.
“The current account data was better than expected‚ but the market is worried about this quarter’s deficit given the record foreign trade deficit in October‚” a local bond trader said.
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Source: FIN24
Rand strengthens on current account data
December 6, 2012--The rand strengthened before noon on Thursday after better-than-expected data relieved pressure on the local currency.
“The current strength of the rand is mainly due to the current account not widening. Before it was released it was weaker‚ but the news made the rand less vulnerable to offshore markets‚” said Kuziva Muganiwa‚ a global market analyst from Vunani Private Clients.
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Source: FIN24
