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Economy shows some muscle-index
June 13, 2013--BankservAfrica's Economic Transaction Index (Beti) showed encouraging signs of the economy clawing back in May after three quarters of stagnation, the electronic payment transaction company said on Thursday.
While the BETI figures for May were not as strong as those for April, they still revealed growth of 2.9% year-on-year.
BankservAfrica's regulated products CEO Brad Gillis, said the negative sentiment in the South African economy "may not be completely justified".
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Source: FIN24
JSE firmer on bargain-hunting
June 12, 2013--The JSE was in positive territory on Wednesday morning as Tuesday's profit-taking gave way to bargain-hunting by investors who saw value in stocks at lower price levels.
At 9:41‚ the JSE All Share [JSE:J203] index was up 0.67% at 39‚884.95 points‚ and the blue-chip Top 40 - (Tradeeble) [JSE:J200] index up by a similar margin‚ adding 0.70%.
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Source: FIN24
JSE firmer on bargain-hunting
June 12, 2013--The JSE was in positive territory on Wednesday morning as Tuesday's profit-taking gave way to bargain-hunting by investors who saw value in stocks at lower price levels.
At 9:41‚ the JSE All Share [JSE:J203] index was up 0.67% at 39‚884.95 points‚ and the blue-chip Top 40 - (Tradeeble) [JSE:J200] index up by a similar margin‚ adding 0.70%.
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Source: FIN24
Rand reverses losses
June 11, 2013--The rand wiped out earlier losses in late afternoon trade on Tuesday, turning firmer against the dollar after local factory output beat forecasts.
The rand, which was earlier sold off to a new four-year low of R10.36, firmed 0.46% to R10.1401 by 15:51
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Source: FIN24
JSE plunges as rand extends weakness
June 11, 2013--The JSE plunged lower at midday due to a broad-based sell-off across emerging markets and in particular emerging market bonds.
“We are seeing fresh sell-off across emerging markets today spurred by a further deterioration in the rand. The currency broke through the key 10.30 level to the dollar‚ igniting the sell-off across the different sectors‚” said Francois Venter‚ an equity dealer at Investec Asset Management.
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Source: FIN24
Renminbi Set to Internationalise Further in Africa
June 10, 2013--Growing China-Africa trade ties position the renminbi to continue its internationalisation on the continent
Just over two years since its began its process of internationalisation, China's renminbi is well on its way to becoming a global currency. Trade redenomination into renminbi has taken place everywhere from Malaysia to the Middle East, although the process is still in its early stages across Africa.
But growing trade ties between China and Africa will drive a rapid uptick in the use of the renminbi on the continent, particularly in trade settlement, according to Standard Chartered.
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Source: AllAfrica.com
Climate Resilience and Low-Carbon Growth Critical for Nigeria's Economic Future
June 10, 2013--Nigeria's economy can be made more climate-resilient and less carbon-intensive without foregoing growth, argue two new World Bank reports "Toward Climate-Resilient Development in Nigeria" and "Low-Carbon Development Opportunities for Nigeria," released today.
These studies are the fruit of a two-year long collaboration between the World Bank and the Government of Nigeria to address the challenges posed by climate change to Nigeria. The reports identify specific technologies and management practices that could be applied to key economic sectors, including agriculture and land use, water resources, oil and gas, power, and transport.
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Source: World Banlk
JSE firmer, aided by rand hedge stocks
June 10, 2013--The JSE was up slightly on Monday at midday as rand hedge stocks helped lift the local bourse despite losses in banks and retail counters.
“The rand is the main factor driving movement on the JSE today and banks are the key underperformers‚” said Ryan Wibberley‚ head of equity dealing for emerging markets at Investec Asset Management.
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Source: FIN24
Rand weakens on mine strike fears
June 10, 2013--The rand extended losses against the dollar to more than 2.4% on Monday and long-dated government bond yields soared 30 basis points, on fears of more mine strikes and as the market prices in higher interest rates this year.
The rand hit a week's low of R10.2152 after ending Friday's session at R9.9700, edging closer to last month's four-year low of R10.2850. It was at R10.1750 by 13:48, down 2% from the previous close.
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Source: FIN24
Absa lists NewPlat ETF
SA investors gain direct exposure to Rand performance of platinum bullion
June 8, 2013--On April 26, 2013, The corporate and investment banking division of Absa Bank Limited (Absa), member of Barclays, listed the first fully backed physical platinum Exchange Traded Fund (ETF) on the Johannesburg Stock Exchange (JSE).
An investment in Absa’s NewPlat ETF issued by NewGold Issuer Limited, issuer of the largest ETF in the South African market, will provide investors with the opportunity to obtain exposure to the Rand performance of platinum bullion.
"As a South African first, the NewPlat ETF demonstrates Absa’s innovation and leadership in brining world class financial products to local investors at competitive rates,” says Vladimir Nedeljkovic, Head of Investments at Absa’s Corporate and Investment Banking division.
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Source: Absa Bank Limited (Absa)
