Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
Regional Economic Outlook: Sub-Saharan Africa
May 3, 2011--Sub-Saharan Africa's economic recovery is well under way, although among country groups there is variation in the speed of the recovery. In most of the region's low-income countries and among the seven oil exporters growth is almost back to precrisis levels.
However, in the region's middle-income countries, including South Africa, the recovery has been more gradual. This Regional Economic Outlook describes the impact of recent economic developments---sharp increases in food and fuel prices will need fiscal interventions targeting the poor, while higher oil prices will be a boon to some countries and adversely affect others. Policy adjustments are needed to move away from the supportive stance of the last few years but should be balanced against the need to alleviate the impact of rising food prices on poor households.
view report-Regional Economic Outlook: Sub-Saharan Africa
Recovery and New Risks
Source: IMF
Rand steady despite bin Laden news
May 2, 2011-- Despite a surge in the US dollar following news of the death of al-Qaida leader Osama bin Laden, the rand remained steady on Monday morning.
At 11:15 local time, the rand was bid at 6.5554 against the greenback from its previous close of 6.5602. The local currency was also steady against the euro, which also spiked along with other currencies on the news of Bin Laden's death. It was quoted at 9.7475 against the European currency from 9.7527 previously.
read more
Source: FIN24
JSE lower as China weighs
May 2, 2011-- The JSE opened slightly weaker on Tuesday as Chinese economic data weighed on market sentiments.
A trader said the death of Osama bin Laden boded well for the market in the longer term, noting that the market was awaiting US corporate earnings.
read more
Source: FIN24
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%.
read more
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.
read more
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.
read more
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%.
read more
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.
read more
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%.
read more
Source: FIN24
