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Rand rallies to pre-Gordhan ouster levels on Ramaphosa
December 27, 2017--It has taken South Africa's rand exactly nine months--and a new ruling-party leader--to claw back the losses it suffered after President Jacob Zuma unexpectedly fired finance minister Pravin Gordhan in March.
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Source: FIN24
Lagos set to overtake Johannesburg as 2nd largest African city by GDP
December 24, 2017--Lagos is set to overtake Johannesburg as Africa's second largest city by gross domestic product by 2035, according to a report by Oxford Economics.
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Source: FIN24
Guide to key Africa markets in 2018-What investors should watch for in ten markets, from Angola to Zimbabwe
December 23, 2017--For bond investors, Africa's been a happy hunting ground this year.
Its local-currency and dollar securities easily outperformed those of emerging markets overall as investors piled into a continent offering high yields and starting to recover from the commodity bust of three years ago.
But risks abound, among them policy tightening in advanced economies, local and global politics, weakening currencies and another fall in oil prices.
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Source: MoneyWeb
IMF Staff Completes 2018 Article IV Mission to Nigeria
December 22, 2017--Nigeria is exiting the recession but the economy remains vulnerable.
Welcome actions to improve the power sector and business environment under the Economic Recovery and Growth Plan.
Macroeconomic and structural reforms remain urgent to contain vulnerability and support sustainable private sector led growth.
An International Monetary Fund (IMF) staff team led by Amine Mati visited Nigeria during December 6-20, 2017 to conduct the 2018 Article IV consultation. Following the conclusion of the visit, Mr. Mati, Senior Resident Representative and Mission Chief for Nigeria at the IMF, issued the following statement:
"Overall growth is slowly picking up but recovery remains challenging. Economic activity expanded by 1.4 percent year-on-year in the third quarter of 2017-the second consecutive quarter of positive growth after five quarters of recession-driven by recovering oil production and agriculture.
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Source: IMF
JSE climbs, rand weakens
December 21, 2017--The JSE climbed higher in line with broadly stronger global markets on Thursday, while the rand weakened, closing at R12.70/$.
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Source: FIN24
JSE lower as banks ease off fresh highs
December 20, 2017--The JSE closed mixed on Wednesday, with the All Share index receding 0.24% while the blue-chip Top 40 closed flat.
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Source: FIN24
Global disaster costs soar in 2017: Swiss Re
December 20, 2017--Total economic losses from natural and man-made disasters have soared by 63% to strike an estimated $306bn in 2017, reinsurance firm Swiss Re said on Wednesday.
"The US was hardest hit, including by hurricanes Harvey, Irma and Maria, which have made 2017 the second costliest hurricane season" after 2005, the company said.
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Source: FIN24
Rand rallies over 4% as Ramaphosa takes
December 18, 2017--The rand rallied to under R12.60 to the US dollar as news broke that Cyril Ramaphosa has won the ANC leadership race at the party's 54th National Conference.
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Source: FIN24
Markets lower ahead of ANC elective conference
December 15, 2017--The local bourse closed weaker on Friday as the gains from the previous day's bounce were quickly erased.
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Source: FIN24
UPDATE: Rand soars on Ramaphosa optimism, dips under R13.10/$
December 15, 2017--The rand strengthened more than 3% to trade under R13.10 to the US dollar amid optimism that Deputy President Cyril Ramaphosa would be victorious in the race for ANC president.
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Source: FIN24
