Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
Bonds weaker, mkt caught long
November 26, 2010--South African bonds were weaker in early trade on Friday. A local trader said the market was caught long after a spate of foreign selling.
By 08:46 the benchmark R157 bond was at 7.275% from 7.210% at the previous close, while the R207 was bid at 8.195% and offered at 8.165% from 8.115% at its previous close. The R186 was bid at 8.330% and offered at 8.340% after closing at 8.290%.
The rand was bid at R7.0883 to the dollar from its previous close of R7.0314.
read more
Source: FIN24
SA cautious on rand moves
November 26, 2010--South Africa will wait to see if recently unveiled measures to keep the rand competitive and stable work before deciding on further steps to slow short-term capital inflows, Finance Minister Pravin Gordhan said on Friday.
"We have said repeatedly that we would like a stable and competitive currency... The short-term capital flows that are affecting emerging markets are also affecting South Africa," Gordhan told a business forum.
read more
Source: FIN24
Africa is Open for Business, but Not for Just Any Business
November 25, 2010--– Investors focused too narrowly on the bottom line will find their access to African markets increasingly restricted, the World Bank has warned.
“Africa is open for business, but not just any business,” World Bank Vice President for the Africa Region Obiageli Ezekwesili told a summit on “Responsible Investments in Africa”, held November 17 in Brussels, Belgium.
Foreign direct investments (FDI) to the continent rose nearly nine-fold, from US$10 billion in 2000 to US$88 billion in 2008. The amount dwarfs flows to India (US$42 billion) and falls just short of flows to China (US$108 billion).
The flows are further proof that Africa is “a vital strategic interest” and “the next growth pole in a multi-polar world”, Ezekwesili said.
With the wave of investments strengthening, the challenge, Ms. Ezekwesili told the summit in the Belgian capital, is to ensure that businesses going into Africa are “committed to the ethos of responsible investments”.
She called for “collaborative partnerships” built on “shared values” that include government, the private sector and development partners and work to ensure that “Africa is not just a destination for investment and development assistance”, but the continent where partners “work together to guarantee returns for investors while promoting social good and poverty reduction”.
read more
Source: World Bank
Rand in a range amid US holiday
November 25, 2010-- The rand was range bound in midday trade on Thursday, tracking the euro amid thin trade as the US celebrates Thanksgiving.
At 11:57 local time the rand was bid at 7.0448 to the dollar from 7.0400 at the previous close. It was bid at 9.3896 to the euro from 9.4191 before and at 11.1241 against sterling from 11.1259 at its previous close.
The euro was bid at US$1.3307 from US$1.3358
read more
Source: FIN24
Bonds firmer on short-covering
November 25, 2010--South African bonds were firmer in late trade on Thursday, which traders attributed to some short-covering.
By 15:50 the benchmark R157 bond was at 7.200% from 7.200% at the previous close, while the R207 was bid at 8.000% from 8.105% at its previous close. The R186 was at 8.250% after closing at 8.300%.
The rand was bid at 7.0185 to the dollar from its previous close of 7.0400
read more
Source: FIN24
JSE keeps recovering in thin trade
November 25, 2010-- The JSE continued to post gains on Thursday, picking up where it left off on Wednesday in trading thinned by the Thanksgiving holiday in the US. At the close, close to R6bn in total value had traded on the local bourse. On average, R10bn exchanged hands.
Kevin Algeo, portfolio manager at Imara SP Reid, said the recovery in the local stocks continued, clawing back losses from the sell-off earlier this week.
The JSE all share index closed 0.60% higher, with industrials gaining 0.28%, financials rising 0.50% and banks edging up 0.22%. Resources climbed 0.98% and platinum counters picked up 1.08%, but gold stocks fell 0.28%.
read more
Source: FIN24
Rand dampens producer price inflation
November 25, 2010-- Prices at South Africa's farms, factories and mines rose by 6.4% year-on-year (y/y) in October from 6.8% in September, official data showed on Thursday.
Statistics South Africa said on a monthly basis the producer price index (PPI), which represents domestic output, fell by 0.4% compared with -4.1% in September.
read more
Source: FIN24
Bonds take strain on offshore sales
November 24, 2010--South African bonds lost steam and were up to 18 basis points weaker in late trade on Wednesday on the back of 'massive offshore selling'
By 15:55 the benchmark R157 bond was at 7.200% from 7.040% at the previous close, while the R207 was bid at 8.105% and offered at 8.075% from 7.910% at its previous close. The R186 was bid at 8.315% and offered at 8.280% after closing at 8.130%.
The rand was bid at 7.0559 to the dollar from its previous close of 7.0818.
read more
Source: FIN24
JSE closes higher in volatile trade
November 24, 2010--The JSE ended stronger on Wednesday as it regained composure in a volatile session dominated by persistent debt worries in Europe and concerns over military tension in the Korean peninsula. The market swung from gains to losses, before closing in positive territory.
“There was nervousness today after the Dow Jones [industrial average] fell around 440 points, but the market managed to regain composure,” an equity derivatives trader said.
The fact that the rally was broad based was encouraging, he said.
read more
Source: FIN24
China moves beyond resources in SA
November 24, 2010--Energy deals took centre stage during a southern African tour by China's leader-in-waiting, but the growing ties between China and Africa are quickly moving beyond the traditional sectors of energy and infrastructure.
Vice-President Xi Jinping this week wrapped up a visit to South Africa, Angola and Botswana.
Xi, who is expected to succeed Hu Jintao as head of the ruling Communist Party in 2012, witnessed the signing of deals worth millions of dollars to build a power plant and solar panel factory and to increase South African exports to China.
read more
Source: FIN24
