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JSE slips, platinum producers down
January 31, 2014--South African stocks fell for a third session in a row on Friday as platinum producers such as Impala Platinum and Anglo American Platinum skidded lower, with no end in sight to a strike at their operations.
Shares of world No 1 platinum producer Anglo Platinum fell 3.75% to R442.71, coming off an almost 12-month high on Thursday, while Implats declined 3.8% to R115.44.
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Source: FIN24
Rand begins to recover
January 31, 2014--The rand was slightly weaker against the dollar on Friday, but showed signs of steadying after a volatile week in which it hit a new five-year low.
The rand was at R11.2600/$ at 14:49 GMT, down 0.5% from Thursday's New York close, though it firmed slightly earlier in the session after data showed South Africa recorded a wider R2.78bn trade surplus in December from R770m the previous month.
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Source: FIN24
JSE hit as sell-off continues
January 30, 2014--South African stocks fell 0.7% on Thursday, with investors dumping banks and retailers after a further cut in US monetary stimulus helped support the sell-off in emerging market assets.
Shares in Exxaro Resources fell 2.3% to R152.19 after the coal producer warned full-year profit was likely to have fallen more than 20%.
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Source: FIN24
Rand claws back ground
January 30, 2014--The rand clawed back ground against the dollar on Thursday after earlier skidding to fresh multi-year lows.
This followed a day after a domestic rate hike that the market said fell short of monetary tightening in other emerging economies.
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Source: FIN24
JSE slips, telecoms hit on fee cut
January 29, 2014--South African stocks edged lower on Wednesday as investors hit mobile operators MTN and Vodacom after the communications regulator said it would cut some fees they can charge their rivals.
Sentiment was also bruised after the central bank hiked its benchmark rate by half a percentage point, increasing concern that cash-strapped consumers would come under further pressure.
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Source: FIN24
Rand back on the rack
January 29, 2014--The rand came under pressure on Wednesday on expectations that the Federal Reserve will press on with stimulus cuts.
The rand reeled more than 3% to a five-year low of R11.3800/$ after the South Africa Reserve Bank announced it was raising its benchmark repo rate by 50 basis points to 5.50%. The currency was still down 2.2% by 14:16 GMT.
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Source: FIN24
Report: Investors Prefer Nigeria to Other African Countries
January 28, 2014--Investors in Africa have continued to choose Nigeria over most countries in the continent as the preferred investment destination because of the country's strong fundamentals.
In a report titled "Sub-saharan Africa in 2014-Erosion of Buffers Raises Risks," Renaissance Capital (RenCap), a research and investment advisory firm listed a Current Account (CA) surplus and smaller budget deficit as some of the factors attracting investors to Nigeria.
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Source: AllAfrica.com
Rand steady as investors ease sell-off
January 28, 2014--The rand stabilised against the dollar on Tuesday a day after sliding to a five-year low, as a sell-off of emerging market assets eased.
The rand, which weakened to R11.2550/$ on Monday, traded at R11.0500/$ at 15:40 GMT, little changed from Monday's New York close.
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Source: FIN24
SA stocks retreat
January 27, 2014--South African shares fell for the second session in a row on Monday, tracking other emerging market assets lower as expectations grew that the US will trim its stimulus programme this week.
Eqstra topped the decliners' list after the mining equipment leasing firm warned first-half profit likely fell as much as 29%. Its stock plunged 9.2% to R7.40, the biggest one-day decline in more than 12 months.
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Source: FIN24
Rand tumbles to a five-year low
January 27, 2014--The rand touched fresh multi-year lows against the dollar on Monday, one of the hardest-hit currencies in a major emerging market sell-off by investors wary of risky assets.
A strike at the world's biggest three platinum producers also intensified concerns about the economy, which has struggled to post strong growth since exiting a recession in 2009.
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Source:FIN24
