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Rand strengthens, all eyes on budget
October 24, 2012--The rand strengthened slightly in the afternoon on Wednesday as traders eye the medium-term budget policy statement (MTBPS) on Thursday.
“All the local currency traders are keeping an eye on tomorrow’s MTBPS. The higher than expected inflation data caused the rand to weaken when it came out‚ but it seemed to have clawed itself back‚” said Lynden Reabow‚ an FX sales trader from PSG Prime.
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Source: FIN24
Platinums, resources drag JSE lower
October 23, 2012--The JSE was softer at noon on Tuesday amid quiet trade, with the market waiting for fresh news to give it direction.
The platinum price was significantly lower dragging the platinum sector down‚ while gold miners managed to provide some upside to the local market.
At 12:28pm‚ the JSE All Share [JSE:J203] index was down 0.39%‚ at 36‚822.80 points‚ with platinums down 2.60%‚ while gold miners were 0.65% stronger.
European markets were mostly trading lower with London’s FTSE 100 seen 0.74% softer at 12:31pm local time.
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Source: FIN24
Rand falls against dollar, bonds stable
October 23, 2012--The rand was slightly weaker against the dollar on Tuesday as the market remained tentative ahead of a slew of local data this week, including the medium-term budget statement.
The rand was at R8.6765 to the dollar at 06:43 GMT, 0.5% below Monday’s New York close.
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Source: FIN24
Banks, gold miners help JSE firmer
October 22, 2012-- The JSE closed higher on Monday with banks and gold miners leading the upside, after the former had a soft previous week, and gold mining companies taking a firmer stance on striking workers;
all indices‚ barring resources (-0.03%) closed in the black.
Traders were also eyeing the medium-term budget policy statement (MTBPS) on Thursday for further direction. The release of the Reserve Bank’s leading indicator and consumer and producer inflation figures are also due this week. Investors are also watching developments in the eurozone after the Spanish president got a vote of confidence in regional elections‚ which could lead the way for Spain to ask for a bailout‚ which would lift investors sentiment both worldwide and locally.
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Source: FIN24
JSE tracks global markets lower
October 19, 2012--The JSE closed weaker on Friday in line with global markets, due disappointment after Spain did not ask for a second bailout, as the market had expected, at the EU summit on Friday.
European leaders did however agree to have a new supervisor for eurozone banks up and running next year‚ which may eventually lead to the eurozone’s bailout fund being able to pump money directly into banks.
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Source: FIN24
Rand flat, strikes seen capping gains
October 19, 2012--The rand was largely flat for most of Friday's Johannesburg trade and worries over strikes in the mining sector are seen capping any significant gains.
The rand was at R8.6401/$ at 15:51 GMT, barely moved from Thursday's close at R8.6520/$.
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Source: FIN24
JSE snaps three-day winning streak
October 18, 2012--The JSE slipped on Thursday, ending a three-day winning run, which lifted the all-share and top-40 indices to record highs.
At 5pm‚ the JSE All Share [JSE:J203] index was 0.60% weaker at 37 051.95 and the Top 40 - (Tradeable) [JSE:J200] index shed 0.65% to 32 820.97.
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Source: FIN24
Investec launches dollar Gold ETN to South African investors
South African investors wanting to cut out the currency volatility from their gold exposure can now do so with one product.
October 18, 2012--Investec has launched a gold exchange traded note (ETN) to exploit what it sees as a gap in the market for investors who want gold dollar price exposure but not necessarily paired with the Rand/dollar exchange rate fluctuations.
The pure gold play ETN will track the percentage move in the dollar gold price to a Rand investment at a tenth of the price. An example of this would be if the gold price was $1740 per ounce then the ETN would trade at R174 and if the gold price moved to $1780 then the ETN would increase to around R178.
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Source: MineWeb
Miners push JSE to fresh peak
October 17, 2012--The resources sector pushed the JSE all-share index to a fresh record high above the 37 000 level on Wednesday, boosted mainly by buoyant world markets.
At 5pm‚ the JSE All Share [JSE:J203] ended 0.81% higher at 37 274.68‚ with the Top 40 - (Tradeable) [JSE:J200] index nudging up 0.82% to 33 037.18. The resource index gained 1.93% and platinum counters rose 2.85%.
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Source: FIN24
Rand weakens on further downgrades
October 17, 2012--The rand weakened close to noon on Wednesday after more downgrades from ratings agency Standard & Poor's on local companies.
“The rand is down due to S&P downgrading Sasol and Eskom this morning. A downgrade means it will be more expensive for the two companies to borrow money‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.
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Source: FIN24
