Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
Rand gains over 1.3% against dollar
June 3, 2013--South Africa's rand gained more than 1.3% against the dollar on Monday, reversing some of last week's sharp losses which saw it breach the 10.00/dollar level for the first time in four years, leaving it at what some in the market said were oversold levels.
The rand touched a session high of R9.9205, compared with Friday's close at R10.0550.
view more
Source: FIN24
Bonds snap five-day losing run
June 3, 2013--The SA bond market was firmer on Monday, ending a five-day losing run, as the rand strengthened below the R10/$ level.
“We were due for a bounce after last week’s selloff. The rand is giving us some impetus‚ although it is too early to tell if this is a trend‚” the Johannesburg-based trader said.
view more
Source: FIN24
JSE reverses course to eke out gain
May 31, 2013--The JSE reversed course in late trade on Friday to eke out a small overall gain as buyers looked to pick up stocks at more affordable levels.
The rand dropped to a fresh four-year low of R10.28 against the dollar on Friday morning‚ underpinning rand hedge dual-listed counters‚ which buoyed the bourse.
view more
Source: FIN24
Rand shows some muscle
May 31, 2013--The rand regained some lost ground in late trade on Friday after sliding to 10.28/$ earlier in the session.
But dealers see further weakness in the domestic currency in the short term after worse-than-expected South African trade balance data.
view more
Source: FIN24
Rally in miners pushes JSE firmer
May 30, 2013--The JSE closed higher on Thursday as a rally in gold counters and a weaker rand buoyed the bourse.
The rand dropped below R10/$ due to a sell-off in global commodity currencies‚ which underpinned local rand hedge counters‚ pushing the JSE up.
view more
Source: FIN24
Gold stocks rally as rand tanks
May 30, 2013--Gold stocks rallied on Thursday, with Harmony Gold Mining [JSE:HAR] soaring nearly 20%, on the combination of a firmer gold price and rand weakness.
The domestic currency breached the R10/$ for the first time since March 2009 while the gold spot was 1.66% to $1 414.06oz.
view more
Source: FIN24
JSE down as platinums weigh
May 29, 2013--The JSE was in the red in early trade on Wednesday, pulling back after a rally on Tuesday afternoon as a weak rand lifted rand hedge stocks.
At 9:27‚ the JSE All Share [JSE:J203] index was 0.83% softer at 41 622.41 points‚ with the blue-chip Top 40 - (Tradeable) [JSE:J200] index giving back 0.89%.
view more
Source: FIN24
Rand weaker as foreigners sell bonds
May 29, 2013--The rand continued to lose ground against the dollar on Wednesday as foreigners sold local bonds in response to Tuesday's worse than expected gross domestic product (GDP) figures.
“We’re seeing a combination of things pressuring the rand today. The big thing was the GDP numbers yesterday which were a shocker and turned the market significantly because they will have a big effect on our trade balance. It might also force Gill Marcus’s hand and press her into a rate cut‚” said Tony van Dyk‚ a currency dealer at the Iquad Group.
view more
Source: FIN24
IMF Country report-Nigeria: Financial Sector Stability Assessment
May 28, 2013--May 28, 2013--EXECUTIVE SUMMARY
1. The Nigerian economy has experienced domestic and external shocks in recent
years, which resulted in the 2009 banking crisis. However, the economy has continued to grow rapidly, achieving over 7 percent growth each year since 2009. The performance of
financial institutions has begun to improve, though some of the emergency anti-crisis measures continue to be in place.
The success in maintaining financial stability after the crisis, and in the face of major external threats, reflects the decisive and broad-based
policy response by the government and the Central Bank of Nigeria (CBN).
2. Following the crisis, the authorities took a comprehensive set of remedial measures. Substantial liquidity was injected; a blanket guarantee for depositors, as well as for interbank and foreign credit lines of banks, was provided; the Asset Management Company of Nigeria (AMCON) was established to purchase banks' nonperforming loans (NPLs) in exchange for zero coupon bonds and inject funds to bring capital to zero; regulations and supervision were strengthened and corporate governance enhanced; and the universal banking model was abandoned and banks instructed to establish holding companies or divest their nonbank activities.
view the IMF Country report-Nigeria: Financial Sector Stability Assessment
Source: IMF
Nigeria: Publication of Financial Sector Assessment Program Documentation
Detailed Assessment of Implementation of IOSCO Objectives and Principles of Securities Regulation
May 28, 2013--May 28, 2013--I. SUMMARY
1. The regulatory framework for securities markets in Nigeria has improved markedly since the 2002 FSAP, and particularly in the last five years.
Since the adoption of the Investments and Securities Act 2007 (ISA) and the first set of rules and regulations of
the Nigerian Securities and Exchange Commission (SEC), the regulatory framework has been further strengthened and expanded. It now covers more products and market participants, and has addressed the need to improve the quality and timeliness of disclosures
and manage the risks inherent in the management of client assets in collective investment schemes.
