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Sierra Leone’s Economy May Grow 50% in 2012 as Deficit Slows
November 25, 2011--Sierra Leone may reduce its budget deficit next year as the start of iron-ore production propels its economic growth rate to one of the fastest in the world, said Finance Minister Samura Kamara.
Growth is seen at 50 percent next year and 10 percent in 2013 and 2014, he told lawmakers in Freetown, the capital, today. Excluding iron ore, the expansion may be 6 percent each year, Kamara said.
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Source: Bloomberg Business Week
JSE firmer, resources down
November 24, 2011--South African stocks rose 0.9% on Thursday, as retailers such as Shoprite recovered from a recent sell-off, but broader gains were limited by renewed concerns about the outlook for the eurozone debt crisis.
Some shares of companies sensitive to global growth, such as miners and steelmaker ArcelorMittal South Africa, were weaker however, with traders citing concern after ratings agency Fitch downgraded Portugal’s debt rating to junk status.
“There was a downgrade in Portugal. It is not the only reason, its just the continuation of what’s currently going on there in Europe,” said Rigardt Maartens, a portfolio manager at PSG Online Securities.
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Source: FIN24
Bonds firm in midday trade
November 24, 2011-- South African bonds were up to 7 basis points firmer in midday trade on Thursday.
By 11:50, the benchmark R157 bond was trading at 6.940% from its previous close of 6.990%. The R207 was trading at 8.130% from a previous close of 8.190% and the R186 was trading at 8.650% from its close of 8.670%.
The rand was bid at 8.5052 against the dollar from its previous close of 8.5696.
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Source: FIN24
Rand firms against dollar
November 24, 2011--The rand was firmer against the dollar in late afternoon trade on Thursday as it tracked a euro that appeared to have shrugged off Fitch's downgrade of Portugal's credit rating and instead welcomed data from Germany.
"The German Business Confidence Index that was released before the Fitch downgrade helped to stabilise things in the eurozone," a local market analyst said.
"But do remember that market positions are exaggerated because of the Thanksgiving holiday in the US," he added.
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Source: FIN24
Rand sinks through R8.50/$ level
November 23, 2011--The rand tumbled to its weakest level since May 2009 against the dollar on Wednesday, with market players seeing further losses as investors dump risky assets on worries that eurozone leaders are not getting to grips with the debt crisis in that region.
The rand fell 1.7% to a session low of R8.53 against the dollar and was last trading at R8.50, from Tuesday’s New York close of R8.3880.
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Source: FIN24
JSE higher, bill keeps investors nervous
November 22, 2011-- Johannesburg stocks rose nearly 1% on Tuesday, as investors returned to resource heavyweights African Rainbow Minerals, BHP Billiton and other shares that have been battered down in a recent sharp sell off.
Stocks briefly pared some gains in late afternoon trade after South Africa’s parliament passed a state secrecy bill that critics charge could dent the country’s long-term reputation among foreign investors.
Continued concerns about the debt crisis in both the United States and Europe also helped cap gains, traders said.
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Source: FIN24
Softer rand lifts commodities
November 22, 2011--South African near-dated futures ended in positive territory on Tuesday, as a weaker rand boosted commodity stocks including Anglo American (ACL) and BHP Billiton (BHP).
The rand slid to 8.45 against the US dollar in intraday trade before recovering slightly.
Viv Govender, market commentator at Vunani Private Clients Services, said the local currency was partly affected by the World Bank's revised growth rate of South Africa.
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Source: FIN24
Sarb warns weak rand threat to inflation
November 22, 2011--South Africa’s inflation risks are skewed to the upside, with cost-push pressures and the sharp depreciation of the rand posing the primary threats to the outlook, the Reserve Bank said on Tuesday.
In its sixth-monthly monetary policy review, the central bank said downside risks stemmed from potential contagion from the eurozone debt crisis and its impact on global economic growth.
It was ready to act “appropriately” whatever the outcome, it added.
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Source: FIN24
Debt worries sink JSE, global stocks
November 21, 2011--Shares on Wall Street hit a one-month low on Monday, extending losses from across Europe as fears over out-of-control government debt on both sides of the Atlantic hit financial markets.
The S&P 500 index fell 2% dropping below 1 200 points for the first time since October.
The Dow and tech-heavy Nasdaq indices also lost about 2% each, following through on last week’s declines as a congressional “super committee” was expected to concede defeat in its bid to lower the US deficit.
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Source: FIN24
Bonds weaken on rand in thin trade
November 21, 2011--South African bonds drifted weaker in midday trade on Monday, on the back of the softer local currency.
By 11:50, the benchmark R157 bond was trading at 6.830% from its previous close of 6.780%. The R207 was trading at 8.010% from a previous close of 7.980% and the R186 was trading at 8.490% from its close of 8.440%.
The rand was bid at 8.2566 against the dollar from its previous close of 8.1853.
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Source: FIN24
