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Nigerian SE: CEO Onyema in full charge
May 1, 2011--The new management of the Nigerian Stock Exchange (NSE) has taken full charge with effect from 29 April, after interim Administrator Emmanuel Ikhazoboh, appointed in August 2010 by the Securities and Exchange Commission (SEC), bowed out on 28 April.
Chief Executive Officer of the NSE, Mr. Oscar Onyema, had taken up office on 4 April, but the SEC had asked for a one-month transitional period. Onyema had been Senior Vice President and Chief Administrative Officer at the American Stock Exchange, according to a statement.
Adeolu Bajomo, the new Executive Director, Market Operations and Technology, is set to start on 3 May, from his previous job as Head of Replatforming Programmes for Africa and Indian Ocean region for Barclays Bank plc. He is to lead operational and technology transformation of the NSE as it repositions for growth and global leadership through effective exploitation of technology and efficient business and market operations processes.
Ikhazoboh told journalists in Lagos that stakeholders should support the new management headed by Oscar Onyema who is expected to constitute a new management team. Reporting on the 8 months of his administration, equity trading grew from N5 trillion (US$32.4 million) to N8.5 trln while bond and other instruments rose substantially from N6 trln to over N10 trln. He said his task had been to restructure the market which had been in crisis so that the SEC had intervened. His administration was able to bring back credibility and investors’ confidence to the market, enhance its overall attractiveness to both local and foreign investors and to fulfil its mandate of putting a new management in place.
SEC noted that after the transition period, Ikazoboh will continue as deputy to the Interim President of the NSE on the NSE Council.
Source: African Capital Markets
JSE ends positively amid scant trade
April 29, 2011--The JSE closed in positive territory on Friday, albeit amid thin volumes on a day that saw markets in the UK and Japan closed for a public holiday.
By 17:00 local time, the JSE All Share [JSE:J203] index added 0.54%, with gold miners gaining 0.72%. Resources, however, were 0.08% down. Platinum miners added 0.90%, and banks picked up 0.82%. Industrials firmed 1.03% and financials rose 0.76%.
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Source: FIN24
Bonds stuck in a range
April 29, 2011--South African bonds remained range bound in holiday-thinned trade on Friday.
By 11:45, the benchmark R157 bond was trading at 7.620% - unchanged from its previous close - while the R207 was bid at 8.400% and offered at 8.370% from 8.400%. The R186 was bid at 8.645% and offered at 8.615% from its previous close of 8.640%.
The rand was bid at R6.5915 to the dollar from its previous close of R6.5855.
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Source: FIN24
JSE ends flat in thin trade
April 28, 2011--The JSE closed only a fraction in the red on Thursday in volatile trade amid thin volumes.
A local dealer noted that the strong rand weighed on any potential gains among resources stocks, while the local bourse recovered some of its earlier losses late in the day, tracking markets in Europe.
By 17:00 local time, the JSE All Share [JSE:J203] index lost 0.03%, led by gold miners, which were down 1.29%, and resources, which were 0.80% worse off. Platinum miners added 1.85%, but banks dropped 0.19%. Industrials firmed 0.53% and financials were 0.35% better off.
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Source: FIN24
Bonds firm on strong rand
April 28, 2011--South African bonds firmed in morning trade on Thursday on the back of a stronger rand and ahead of SA's producer price index (PPI).
SA's PPI is expected to have increased at 7.4% year on year (y/y) in March from the 6.7% y/y seen in February, a survey by I-Net Bridge has found.
By 09:15, the benchmark R157 bond was trading at 7.610% from its previous close of 7.630%, while the R207 was bid at 8.400% and offered at 8.370% from 8.415%. The R186 was bid at 8.645% and offered at 8.615% from its previous close of 8.640%.
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Source: FIN24
Rand holds firm as dollar struggles
April 28, 2011--The rand strengthened towards 4-month high against the dollar on Thursday, extending an overnight rally as the greenback slid broadly on a low interest rate outlook for the United States.
Government bonds were steady in thin trade after Wednesday's Freedom Day holiday in South Africa, with yields still in sight of last week's three-and-a-half month lows.
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Source: FIN24
Bonds remain range-bound
April 26, 2011--- South African bonds were relatively static in quiet trade on Tuesday, with little to drive the market and many players still on leave after the Easter weekend and Wednesday also being a public holiday.
There was no weekly government auction this morning.
By 16:06, the benchmark R157 bond was bid at an unchanged 7.630% and offered at 7.620%, while the R207 was bid at 8.430% and offered at 8.400% from a previous close of 8.410%. The R186 was bid at 8.655% and offered at 8.625% from its previous close of 8.640%.
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Source: FIN24
Commodities, resources weigh on JSE
April 26, 2011-- The JSE closed flat on Tuesday, strained by commodities, which weakened on the back of a stronger rand. A local trader described the day as lacklustre.
By 17:00 local time, the JSE All Share [JSE:J203] index was flat (0.03%), with gold miners down 1.50%, resources giving up 0.80% and platinum miners shedding 0.23%.
Banks were in positive territory, rising 1.73%, while financials added 0.93% and industrials rose 0.48%.
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Source: FIN24
Aussie dollar hits 29-yr high
April 25, 2011-- The Australian dollar hit a fresh 29-year high and South Korea's benchmark share index touched another record intraday high on Monday, suggesting investors were still eager to embrace risk and higher-yielding assets
Commodities pushed higher with spot gold hitting a record high of $1 517.71 an ounce and U.S. silver futures scaling a 31-year peak.
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Source: FIN24
Nigeria: Building Macroeconomic stability and delivering services for the poor
August 25, 2011--Overview
Nigeria boasts a strong and resilient economy, thanks to rapid growth in both its oil and non-oil sectors over recent years.
Yet poverty remains pervasive and the International Development Association (IDA) is working with Nigeria to address the fundamental causes of this problem, and to ensure that all its effort take into account the need to improve governance at all levels. As a result, IDA projects have seen positive results in education, health, and the delivery of clean water.
view report-Nigeria: Macroeconomic Stability and Delivering
Services for the Poor
Source: World Bank
