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ninemsn – The corporations watchdog has extended a ban on covered short selling in the local equities market by at least another month because market conditions continue to be difficult.
But a group representing hedge funds, which are high volume users of the short selling trading technique, has condemned the move, saying it could lead to job losses.
The Australian Securities and Investments Commission (ASIC) imposed the ban on September 21, as financial markets were racked by volatility and regulators began to look for ways to reduce wild swing in certain shares and the wider market.
ASIC chairman Tony D’Aloisio said on Tuesday that various actions and packages adopted by the Australian and other world governments to address the global financial crisis were yet to work through the system.
Reuters – Nigeria’s buoyant real economy and strong domestic liquidity will limit the damage caused by hedge funds and portfolio investors pulling money out of the country as the global financial crisis bites, analysts say.
The sheer size of Nigeria’s economy means it has been the main beneficiary outside South Africa of a rush to invest in Africa in recent years. Hedge funds and private equity firms from Asia, the United States and Europe have all put money into its equities and bond markets.
That means that, on paper, sub-Saharan Africa’s second biggest economy is one of the most vulnerable on the continent as institutional investors around the world struggle with tightening credit lines and become more risk-averse.
"We have certainly moved away from the situation where everyone was scrambling to get something in Nigeria, where everyone needed exposure to Nigeria," said Razia Khan, head of Africa research at Standard Chartered in London.
Reuters – Nigeria’s buoyant real economy and strong domestic liquidity will limit the damage caused by hedge funds and portfolio investors pulling money out of the country as the global financial crisis bites, analysts say.
The sheer size of Nigeria’s economy means it has been the main beneficiary outside South Africa of a rush to invest in Africa in recent years. Hedge funds and private equity firms from Asia, the United States and Europe have all put money into its equities and bond markets.
That means that, on paper, sub-Saharan Africa’s second biggest economy is one of the most vulnerable on the continent as institutional investors around the world struggle with tightening credit lines and become more risk-averse.
"We have certainly moved away from the situation where everyone was scrambling to get something in Nigeria, where everyone needed exposure to Nigeria," said Razia Khan, head of Africa research at Standard Chartered in London.
