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Nigeria's SEC pushes for privatization listings, stockbroker consolidation and NSE demutualization
November 5, 2012--Nigeria's Securities and Exchange Commission (www.sec.gov.ng) hopes to boost liquidity on the Nigerian Stock Exchange (www.nse.com.ng) by getting previously privatized enterprises to list their shares.
Arunma Oteh, Director General of the SEC, also said that demutualization of the NSE is on track, according to a report in the local Vanguard newspaper, and the commission is still working on the framework and guideline to before the exercise starts.
Oteh said the SEC is to meet the Bureau of Public Enterprises (BPE): “The Commission will be working with the BPE to ensure that already privatized entities before now are listed on the NSE based on the agreement they had with the Bureau. For instance Eleme Petrochemical, one of the companies previously privatized, is doing well and the portion of government shares could be listed on the exchange to allow the indigenes own stake and participate in the fortune of the entity.” She said recently privatized power sector companies could boost the volume and value of transactions by listing on the NSE.
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Source: African Capital Markets
Resources weigh on world markets, JSE
November 5, 2012--The JSE closed the Monday session softer, pulled down by resources due to a stronger greenback, while financials and banks made some gains.
At 17:00 the All Share [JSE:J203] closed down 0.23% to 37 579.38 points; the Top 40 - (Tradeable) [JSE:J200] was 0.35% softer‚ resources shed 1.13%‚ while financials were a tad firmer (0.27%).
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Source: FIN24
Bonds maintain softer bias
November 5, 2012--The SA bond market exhibited a weaker bias in thin afternoon trade as market players looked to the outcome of the US presidential election on Tuesday for some direction.
At 15:48 the benchmark R186 was trading at 7.710% from its previous close of 7.670%. The R157 was trading at 5.475% from its previous close of 5.455% and the R207 was bid at 6.470% and offered at 6.445% from its previous close of 6.445%.
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Source: FIN24
SA's latest gold ETN strips out rand risk
November 5, 2012--GOLD has more than doubled in price over the last five years. In part, the surge in gold has been a function of it being a store of value in times of crisis.
More recently, gold has benefited from its reputation as insurance against inflation. If anything, the inflation stars appear to be aligning to drive the yellow metal even higher. Not only has the US committed to quantitative easing on repeat, but the largest economies all appear intent on devaluing their currencies through accommodative monetary policies.
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Source: MiningmX
JSE adds derivatives: grain specific to silos and more silver and platinum futures
November 4, 2012--South Africa's JSE Ltd (www.jse.co.za) continues to expand its commodity derivatives range. It has added silver and platinum "quanto futures" to its existing gold, copper and Brent crude quanto futures launched earlier this year.
It is also helping develop the South African grain market by allowing Safex silo receipts to complete a futures contract, so that producers and buyers can trade grain with a bid or offered premium depending on location, for instance if a buyer wants grain in a particular location.
The JSE has partnered with Rand Merchant Bank, which is the initial market maker. The commodities are referenced as part of the JSE’s existing licensing agreement with the CME Group.
Commodity gain, without currency pain According to a JSE press release on 1 Nov, a quanto future is a derivative instrument which, on the JSE, is a ZAR-denominated commodity investment product which delivers the same payoff as a pure USD-denominated commodity investment. This lets investors gain exposure to the foreign underlying commodity without being exposed to the USD-ZAR exchange rate.
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Source: African Capital Markets
JSE ends week on fresh high
November 2, 2012--The JSE All Share [JSE:J203] index, the Top 40-(Tradeable) [JSE:J200] and industrial indices closed at fresh all-time highs on Friday, with platinums gaining the most on the day, while gold miners were the laggards, amidst lower metal prices on Friday.
This was due to a stronger US dollar after better-than-expected US employment figures‚ which could lead to the US Federal Reserve slowing its monetary easing policies.
US job growth accelerated in October‚ though the unemployment rate was slightly higher
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Source: FIN24
Rand tracks euro weaker
November 2, 2012--The rand tracked the euro weaker on Friday afternoon as better-than-expected US unemployment boosted the US dollar.
At 15:46‚ the rand was bid at R8.6825/$ from Thursday’s close of R8.6349. It was bid at R11.1581 to the euro from its previous close of R11.1756 and at R13.9172 against sterling from R13.9234 before.
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Source: FIN24
Richemont drives JSE to new record
November 1, 2012--The JSE's benchmark Top-40 index hit a new record high on Thursday led by Swiss luxury goods group Richemont [JSE:CFR] which surged after a ratings upgrade.
The index rose just over 0.3% to touch 33 131.44, topping its previous high of 33 129.06 set on Wednesday.
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Source: FIN24
Rand flat, awaits US data for direction
November 1, 2012--The rand is flat on Thursday afternoon as traders wait for US unemployment data for direction.
“The rand is range bound at the moment as everybody will be looking at the US unemployment data out later today. The rand has been affected by SA’s trade deficit‚ which widened more than expected. This and the recent rise in electricity prices puts pressure on the rand and it makes a rate cut this month highly unlikely‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.
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Source: FIN24
Falling yields mark a boom in Nigeria's bond market
November 1, 2012--Nigeria's debt market continues to boom with growing volumes in the local debt market and inclusion in the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) from 1 October as Africa's second entrant
after South Africa, Yesterday (31 Oct) the Debt Management Office (DMO – www.dmo.gov.ng) was reported by local newspaper This Day as saying it had received bids totaling NGN1.7 trillion ($10.8 billion) for Government debt in the 12 months to Sept 2012 and had issued a total of NGN852bn in debt over the period.
Nigeria has been tipped by many leading research houses and banks as one of the most promising African markets for local-currency debt, after strong performance for the naira (NGN) against the US dollar ($) and strengthening bond prices and falling yields.
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Source: African Capital Markets
