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Emerging Africa Expected To See Rise in Investment
Africa's new trading partners seeking direct investment opportunities
Asset managers looking for countries that inspire investor confidence
Coherent macroeconomic policy, foreign exchange regimes vital
January 12, 2011--Having demonstrated resilience during the global financial crisis, Africa’s emerging market countries have good prospects for 2011.
Foreign direct investment, particularly from Africa’s new trading partners in Asia, is expected to strengthen and demand for African bonds is set to increase.
Such diversification of financing sources for much-needed public investment would be welcome, but would also require a coherent macroeconomic policy and foreign exchange regime to cope with capital flow surges, especially if they have historically been prone to debt problems.
More private capital ahead
Advanced-industrial-country policy measures, albeit needed to shore up their own growth prospects, have led to historically low yields and, in some cases, significant increases in public debt. These trends, coupled with strong growth prospects in many emerging markets, have led investors to look further afield.
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Source: IMF
Easing euro-zone fears boost JSE
January 11, 2011-The JSE rallied on Tuesday as newfound optimism about the European sovereign debt crisis helped bolster confidence on the local bourse. Anglo American [JSE:AGL] and BHP Billiton [JSE:BIL], among other resources, led the market higher.
Sentiments improved and uncertainty eased after Japan said it planned buy euro-zone government bonds this month, a trader said. Global equities also rose strongly after the news.
At 17:00 local time, the JSE all share index was up 1.46%, with platinum surging 3.01%, resources rising 1.72% and gold miners gaining 1.63%.
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Source: FIN24
Bonds take strain on back of rand
January 10, 2011--South African bonds were up to 11 basis points weaker in late trade on Monday, on the back of a markedly weaker rand.
By 15:30 local time the benchmark R157 bond was trading at 7.355% from its previous close of 7.240%, while the R207 was bid at 8.210% from its previous close of 8.085%. The R186 was bid at 8.350% from 8.225%.
The rand was bid at 6.8547 to the dollar from its previous close of 6.7799.
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Source: FIN24
Euro-zone debt woes weigh on JSE
January 10, 2011--The JSE sank on Monday on the back of a combination of consolidation and renewed concerns over European debt woes.
The market could be consolidating following strong runs in the past few months, a trader said, noting that domestic share such as retailers and banks had all edged lower.
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Source: FIN24
Council lauds SA's Bric invite
January 10, 2011--- SA's invitation to join the Bric group of countries (Brazil, Russia, India, China) is an affirmation of its role in the world economy and will boost trade and investment, the International Marketing Council (IMC) said on Monday.
"It can expect to boost investment and trade opportunities for the country, as it has done for the other four states comprising the informal grouping," the council said.
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Source: FIN24
Bonds a tad firmer after US jobs data
January 7, 2011--After being weak for most of Friday's session, South African bonds were slightly firmer in late trade, after worse than expected US jobs data.
By 15:45 local time the benchmark R157 bond was trading at 7.230% from its previous close of 7.240%, while the R207 was bid at 8.090% from its previous close of 8.065%. The R186 was bid at 8.240% from 8.215%.
The rand was bid at 6.8074 to the dollar from its previous close of 6.7880.
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Source: FIN24
JSE trims losses on US jobs data
January 5, 2011--The JSE ended the first week of trade in 2011 on a lower gear on Friday, but the local bourse managed to retreat from the day's worst levels after the release of a report showing a drop in the US unemployment rate.
Resources kept the broader market under pressure on softer commodity prices and a strong dollar, an equity derivatives trader said.
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Source: FIN24
Nigerian Securities And Exchange Commission Releases Report Of The Committee On Road Map To The Adoption Of International Financial Reporting Standards In Nigeria
January 6, 2011--Executive Summary
The globalization of capital markets is an irreversible process, and there
are many potential benefits to be gained from mutually recognised and
respected international accounting standards. Common standards cut
the costs of doing business across borders by reducing the need for
supplementary information.
They make information more comparable,
thereby enhancing evaluation and analysis by users of financial
statements. Users become more confident of the information they are
provided and presumably, this reduced uncertainty promotes an efficient
allocation of resources and reduces capital costs.
There are however some inherent problems with aligning with international accounting standards. This is due to the competing perspectives of different nations, together with the universal tendency to resist change. Too often cooperation comes only from compromise and sometimes to the detriment of quality. On the regulatory side, tolerating the use of different standards by foreign and domestic companies not only detracts from comparability but may also undermine domestic financial reporting. The ultimate effect of various proposals in Nigeria to ease requirements for foreign issuers could significantly erode comparability.
This report contains the Roadmap on the adoption of International Financial Reporting Standards (IFRS) (issued by the International Accounting Standards Board) as basis for the preparation of statutory financial statements in Nigeria.
view the Report of the Committee on Road Map to the Adoption of International Financial Reporting
Standards in Nigeria
Source: Nigerian Accounting Standards Board
Rand's weakening trend persists
January 6, 2011-- The rand remained softer in afternoon trade on Thursday as the currency's weakening trend persisted.
"The market is really waiting for the US non-farms payroll data for December that's out tomorrow [Friday]," a currency analyst said.
"If that number is a lot stronger than expected, then the dollar rally will persist until next week - but if not, the rand should claw its way back," he added.
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Source: FIN24
JSE rises on back of US jobs data
January 6, 2011--The JSE tracked other global markets to end in positive territory on Thursday, following better than expected jobs data in the US. Commodities continued to come under pressure, however, amid dollar strength.
At 17:00 local time, the JSE all share index was up 0.33%, with financials gaining 0.57%, and resources 0.46% higher. Banks added 0.46%, while industrials gained a small 0.09%
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Source: FIN24
