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Nigeria’s Securities and Exchange Commission (SEC) to set up Investor Protection Fund
October 25, 2011--The Securities and Exchange Commission Nigeria is considering setting up an Investor Protection Trust Fund. This comes after news that no-one has ever claimed from a reported N500 million (US$3.2 million) fund for investor protection at the Nigerian Stock Exchange set up after a 1996 white paper on capital market reform.
Each stock-broking firm initially paid N1 million to the NSE fund as a contribution and all stock-broking firms have contributed. The fund has grown over more than 14 years to over N500 million in a fixed deposit at a bank, which in turn is backed by Fidelity Guarantee Bond. The fund is to compensate investors whose monies are trapped in cases of insolvency, bankruptcy or negligence of a stock-broking firm. An investor is entitled to a maximum claim of N14 million, depending on the amount deposited or sales proceeds unpaid at the time of the demise of the stock-broking company. NSE Head, Corporate Communications, Wole Tokede, was recently quoted in local newspaper The Daily Independent as admitting the existence of the fund, but he said there has never been a withdrawal from the NSE fund, possibly because of lack of knowledge among investors.
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Source: African Capital Markets
JSE flat as euro worries weigh
October 25, 2011--The JSE stayed largely flat on Tuesday, after news that European Union finance ministers cancelled a meeting increased concern about the euro zone debt crisis and soured sentiment late in the session.
Gold miners such as Harmony Gold surged, helped by a rise in the price of the precious metal. Traders said Johannesburg stocks remained resilient, helped by a bullish outlook for technicals.
“We just lost steam on that euro zone meeting being cancelled ... But there’s quite a bit of resilience,” said Mitchell Gannaway, a trader at Thebe Stockbroking.
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Source: FIN24
Forex reserves won't be used to help rand
October 25, 2011--The rand is expected to stabilise at stronger levels than seen at present and the government is not thinking about using reserves to manipulate its value, Treasury director general Lungisa Fuzile said on Tuesday.
Finance Minister Pravin Gordhan said last month the Treasury would consider using reserves in an extreme crisis, but did not spell out how this would be done or to what end.
“The reserves are our kind of insurance against sudden stops or reversals in capital flows, not a means of trying to manipulate the currency,” Fuzile told reporters at a three-year budget briefing at parliament.
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Source: FIN24
Bonds a smidgen firmer after auction
October 25, 2011--South African bonds were slightly firmer in midday trade on Tuesday, after the weekly government bond auction.
The National Treasury received bids totalling R2.61bn for R1bn worth of R203 bonds at a clearing yield of 7.470% and bids totalling R2.10bn for R1.1bn worth of R207 bonds at a clearing yield of 7.990%.
Markets are on tenterhooks ahead of the medium-term budget policy statement due at 14:00.
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Source: FIN24
JSE upbeat on Europe, China news
October 24, 2011--The JSE continued its positive trend at noon on Monday as news out of the Europe and China lifted markets higher.
A local trader said that current movements on global stocks were based on reaction to the weekend's meeting by leaders in Europe on finding a solution to the Greek debt. The trader added however that a lot was riding on the leaders' follow-up meeting on Wednesday, where a more concrete solution was expected.
By 12:07 local time, the JSE All Share [JSE:J203] index added 0.65% with resources pocketing 1.32%. Gold miners gathered 0.92%, and banks improved 0.85%. Platinum miners were 0.51% higher, financials gained 0.45%, and industrials lifted 0.18%.
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Source: FIN24
Rand surges, SA stocks get EU fillip
October 24, 2011--The rand turned firmer against the dollar in a volatile session on Monday, gaining more than 2.2% to a week’s high in what some traders said was a retracement from oversold levels last week.
The rand was last at R7.87/$, up 2.14% after earlier touching R7.8598/$, its strongest level since October 17.
South African stocks closed at their highest level in nearly three months as demand for resources firms rose with hope that European Union leaders will agree on a solution to their region’s debt woes later this week.
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Source: FIN24
JSE up ahead of Europe meeting
October 21, 2011-- The JSE ended the week firmly in positive territory ahead of the weekend's meeting by European leaders to further discuss their debt woes.
A local trader said that besides "some short-covering", the weekend's meeting was boosting market sentiment as they "must be expecting something positive to come out of the meeting."
By 17:00 local time, the JSE All Share [JSE:J203] index added 1.99% to 31,449 points. Resources lifted 2.53%, platinum miners added 2.15%, and industrials gained 1.74%. Financials improved 1.56%, as banks rose 1.40%, and gold lifted 0.65%.
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Source: FIN24
Bonds remain weak as rand weighs
October 21, 2011-- South African bonds remained weak in midday trade on Friday, as an under pressure rand weighed on the market.
"We're seeing a bit of squaring-off activity too," a trader noted.
By 11:50, the benchmark R157 bond was trading at 6.740% from its previous close of 6.665%. The R207 was trading at 8.020% from a previous close of 7.945% and the R186 was bid at 8.440% and offered at 8.435% from its close of 8.350%.
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Source: FIN24
Rand slips on eurozone worries
October 21, 2011--The rand was over half a percent weaker against the dollar just before noon on Friday, as markets awaited the outcome of a summit to be held this weekend to try to find a solution to the eurozone's debt problems.
"We're waiting to see what will happen at this EU meeting," a local currency trader said.
"Everyone is saying that liquidity is worse than usual at the moment," he added.
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Source: FIN24
Eurozone jitters rock JSE, world stocks
October 20, 2011--South African stocks ended lower on Thursday, in line with global equities on resurgent worries about the eurozone debt crisis, with Mondi topping the decliners’ list after a broker downgrade.
Credit Suisse cut Mondi’s rating to “underperform” from “neutral”, citing a worsening demand outlook for the global paper industry.
In reaction, shares in the paper maker skidded 4.9% to R57.55, its biggest daily percentage decline in nearly a month.
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Source: FIN24
