Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
Nigeria plans to take its bourse public
August 23, 2010--Nigeria plans to become the latest emerging market to demutualise its stock exchange amid a struggle for control of sub-Saharan Africa’s second-biggest bourse
The plans, which are at an early stage, are part of efforts to establish the Nigerian Stock Exchange among the prime destinations for frontier investors. They would see the current mutual owners – mainly its broker-dealer customers – joined by new investors, probably through a flotation.
read more
Source: FT.com
Leading indicator shows growth moderation
August 23, 2010-- The latest leading economic indicator (LEI), published by the Reserve Bank, fell between May and June this year and the annual rate of increase also came down, with economists saying this shows economic growth losing momentum in the months ahead.
The LEI came in at 128.2, a month-on-month (m/m) fall of 1.8%. This is the second consecutive monthly fall after May's 0.5% decline. Economists warn against reading too much into the m/m falls, saying the year-on-year (y/y) rate of change is a more important indicator of where economic growth is going. Y/y, the LEI increased by 16.9% - down from the 20.6% recorded in May.
read more
Source: FIN 24
Rand steady amid euro slide
August 20, 2010--The rand held its ground in afternoon play on Friday, amid a euro slide against the dollar below $1.27.
Although the rand has softened against the dollar, its activity was rather muted in comparison to other emerging currencies, and the euro against the dollar, with a trader pointing to a possible lag on the local currency.
At 15:38 local time the rand was bid at R7.3372 to the dollar from R7.3045 at the previous close. It was bid at R9.3032 to the euro from R9.3538 before and at R11.3551 against the sterling from R11.3698 at its previous close.
read more
Source: FIN24
Bonds still perky on US jobs data
August 20, 2010--South African bonds were up to eleven basis points firmer in late trade on Friday, as they continued to rally on disappointing US jobs data that has renewed concerns about the pace of global economic recovery.
Data on Thursday showed that US jobless claims unexpectedly rose to their highest level in nine months, further stoking fears about the
country's already weak labour market. The US Labour Department said on Thursday that initial unemployment claims rose by 12 000 to 500 000 in the week ended August 14.
read more
Source: FIN24
Asset shifting to bonds affects JSE
August 20, 2010-- The JSE ended lower on Friday as investors moved out of equities into bonds and as the local market fell in line with its global counterparts.
The sell-off in shares reflected the attractiveness of bond yields rather than risk-aversion, a trader said.
The JSE all share index was down 0.59%, with resources falling 0.62%, gold miners losing 0.76% and platinum stocks sliding 1.57%. Banks fell 0.66%, financial counters shed 0.59% and industrials slid 0.55%.
read more
Source: FIN24
Banks, BHP drag JSE sharply lower
August 18, 2010--The JSE was awash in red on Wednesday led by BHP Billiton, which declined 3.3% amid speculation that it may raise its offer for Potash Corporation of Saskatchewan, while banks gave up 2.45% amid outlook uncertainty.
At its close the JSE all share index had fallen 1.42%, with resources moving down 1.58% while gold miners shed 1.14%. Platinum miners declined 0.84%, banks fell 2.45%, financials were 1.65% lower and industrials lost 1.17%.
read more
Source: FIN24
Short end gives back gains on p/taking
August 13, 2010-- The short end of the bond market gave back its earlier gains in late trade on Friday as investors took some profits off the table. The rest of the curve, though, remained buoyed by the impact of foreign appetite for the higher yields on offer in the SA market.
By 15:30 the benchmark R157 bond was trading at 7.405% after closing at 7.410% on Thursday and after being at the 7.340% mark at noon, while the 10-year R207 was at 8.060% from 8.110% previously. The long-term R186 was at 8.235% from 8.270% at its previous close.
read more
Source: FIN24
Rand softens on stronger dollar
August 13, 2010--The rand had slipped back to its overnight levels against a marginally firmer greenback by the afternoon session on Friday.
A local trader noted some profited taking on euro/rand, adding however, that volumes remain thin.
At 15:32 local time the rand was bid at R7.2884 to the dollar from R7.2880 at the previous close. It was bid at R9.3218 to the euro from R9.3501 before and at R11.3363 against the sterling from R11.3507 at its previous close.
read more
Source: FIN24
JSE boosted by US, German data
August 13, 2010--The JSE ended the week in the black adding 60 points on Friday, boosted by positive consumer data out of the US and record GDP growth for Germany, Europe's largest economy.
At its close the JSE all share index added 0.22%, with platinum miners rising 0.22% and resources gaining 0.21%. Gold miners however, shed 1.19%. Banks fell 1.54%, financials were 0.72% lower, but industrials gained 0.68%.
read more
Source: FIN24
Bonds firm on US jobs data
Augsut 6, 2010--South African bonds were up to five basis points firmer in late trade on Friday, on the back of 'worse-than-expected' US jobless data, trader said.
Dow Jones Newswires said that the disappointing US jobs data has sparked fresh worry over the pace of economic recovery.
"The US economy shed more jobs than expected in July while the unemployment rate held steady at 9.5%. Nonfarm payrolls fell by 131 000 last month as the rise in private-sector employment was not enough to make up for the government jobs lost," said the US Labour Department on Friday.
read more
Source: FIN24
