Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
Bonds buoyed by strong rand
December 1, 2010-- South African bonds were up to 8 basis points firmer in midday trade on Wednesday on the back of a firm rand.
By 11:55 the benchmark R157 bond was at 7.380% from its previous close of 7.460%, while the R207 was bid at 8.240% and offered at 8.210% from 8.310% at its previous close. The R186 was bid at 8.395% and offered at 8.365% after closing at 8.430%.
The rand was bid at 7.0297 to the dollar from its previous close of 7.0928.
read more
Source: FIN 24
JSE bounces back
December 1, 2010--The JSE rebounded in the morning trade on Wednesday following a sell-off over the past few sessions, but investors remain cautious on lingering fears of contagion from the European debt crisis.
Local mining counters rallied amid bargain hunting and recovery in commodity prices, a trader said.
By 09:22 local time the JSE all share index was up 0.87%, with platinum miners rising 1.21%, resources gaining 1.21% and gold miners picking up 1.55%. Financials added 0.62%, banks were up 0.82%, and industrials gained 0.66%.
read more
Source: FIN24
Bonds follow rand firmer
December 1, 2010--- South African bonds were firmer in quiet early trade on Wednesday on the back of a firmer local currency.
By 08:55 the benchmark R157 bond was at 7.704% from its previous close of 7.460%, while the R207 was bid at 8.260% and offered at 8.230% from 8.310% at its previous close. The R186 was bid at 8.380% and offered at 8.350% after closing at 8.430%.
The rand was bid at 7.0769 to the dollar from its previous close of 7.0928.
read more
Source: FIN24
World Bank Climate Change Strategy for Africa Calls for Adaptation, Mitigation and Additional Financing
November 30, 2010--The African continent has warmed about half a degree over the last century and the average annual temperature is likely to rise an average of 1.5-4°C by 2099, according to the most recent estimates from the International Panel on Climate Change (IPCC).
Africa is becoming the most exposed region in the world to the impacts of climate change. In Sub-Saharan Africa extreme weather will cause dry areas to become drier and wet areas wetter; agriculture yields will suffer from crop failures; and diseases will spread to new altitudes. By 2030 it is expected that 90 million more people in Africa will be exposed to malaria, already the biggest killer in Sub-Saharan Africa.
According to Idah Pswarayi-Riddihough, the World Bank’s lead environmental and natural resources specialist for Africa, the environmental effects of climate change will have a direct impact on the economic development of many African countries. In 2000 alone, flooding in Mozambique cost the country an estimated $550 million and lowered the national GDP by 1.5 percent. In agriculture, as much as nine to 20 percent of Sub-Saharan Africa’s arable land will become much less suitable for farming by 2080. Overall, even a 2°C warming above pre-industrial temperatures could result in permanent reductions in annual per capita consumption of four to five percent for Africa.
read more
Source: World Bank
Bonds firmer on auction
November 30, 2010--South African bonds were up to 8 basis points firmer in late trade on Tuesday after a better than expected government bond auction earlier in the day.
The National Treasury received bids totalling R6.40bn for R1.3bn worth of R204s at a clearing yield of 8.320% and bids totalling R2.53bn for R800m worth of R213 bonds at a clearing yield of 8.580%.
read more
Source: FIN24
Contagion fears weigh on JSE
November 30, 2010--The JSE fell sharply on Tuesday, as fears of contagion from the European sovereign debt crisis continued, precipitating a sell-off on Wall Street in early trading as investors shied away from riskier assets. The strong dollar kept commodity prices on the back foot, indicating risk-aversion.
The selling has been broad-based, led by banking counters, which tumbled over 2%, an equity derivatives dealer said.
At 17:00, the JSE all share index was 1.46% weaker, with platinum counters shedding 1.40%, resources falling 1.26% and gold stocks declining 1.02%. Banks slumped 2.08%, financials lost 1.76% and industrials were down 1.53%.
read more
Source: FIN24
Rand is cruising for a bruising
November 29, 2010-- A six-month uptrend by the South African rand against the dollar may be ending, technical analysis suggests, with the rand showing signs of medium-term weakness against the dollar.
The dollar/rand, now at 7.16, broke above its downtrend line from May and its 50-day moving average against the dollar, now at 6.95, two weeks ago. Resistance on that average had been tested and held three times since July.
read more
Source: FIN24
Bonds weaker on rand
November 29, 2010- South African bonds were up to 10 basis points weaker in late trade on Monday on the back of a weaker rand.
By 15:55 the benchmark R157 bond was at 7.705% from 7.420% at the previous close, while the R207 was bid at 8.380% and offered at 8.360% from 8.310% at its previous close. The R186 was bid at 8.460% and offered at 8.495% after closing at 8.445%.
read more
Source: FIN24
JSE wavers amid euro zone worries
November 29, 2010--The JSE headed south late on Monday, reversing the day's earlier gains as global equities tanked on lingering concerns over the European debt crisis. Only the gold index was stronger, indicating heightened risk-aversion.
"There are concerns that Portugal and possibly Spain might also need aid," Warren Saevitzon, portfolio manager at Imara SP Reid, said.
read more
Source: FIN24
Rand under fire, markets battle
November 26, 2010-- The rand fell as much as 1.9% against the dollar on Friday, testing two-and-a-half month lows as risk aversion fed by debt woes in Europe hit riskier emerging market assets in general.
Government bonds sold off in tandem, with yields hitting multi-month highs across the curve, while stocks broke two days of gains, led lower by miners on faltering commodity prices.
The rand weakened to a session low of 7.1740 against the greenback, its softest level since mid September according to Reuters data. By 17:46 the currency was at 7.12/dollar, down 1.21% from Thursday's close at 7.0350.
read more
Source: FIN24
