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African Countries May Harm Own Economies by Seeking Short-term Gains from Mining Industry
October 16, 2012--Randgold Resources chief executive Mark Bristow today warned African governments that they risked damage to their economies by trying to squeeze quick returns from the mining companies in their countries.
Randgold has gold mines in Mali and Côte d'Ivoire and is currently developing the giant Kibali gold project in the Democratic Republic of Congo.
Speaking at the DRC's Mining and Energy Indaba, Bristow said current moves in a number of African countries to amend mining codes on terms less favourable to the mining companies were dangerously short-sighted as they did not take into account the increased risk this might present to the long-term sustainability of the resources industry and its ability to contribute to job creation and economic development.
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Source: MineWeb
Global markets push JSE to new high
October 16, 2012--The JSE set a fresh all-time closing record on Tuesday, extending gains on the All Share [JSE:J203] index to 18.80% from a year ago, amid a broad-based rally.
At 17:00‚ the JSE all-share had lifted 0.97% to 36 974.24 points‚ while the Top 40 - (Tradeable) [JSE:J200] index gained 0.95% to 32 767.23 points‚ another fresh high. The platinum index led the rally with a 2.48% gain.
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Source: FIN24
Bonds firm on stronger rand
October 16, 2012--The South African bond market was firmer in afternoon trade on Tuesday on a stronger rand.
"Trading has been thin‚ but the tone is firmer on the back of a stronger rand‚ which was boosted by the euro‚" a local bond trader said.
At 3:50 pm‚ the benchmark R157 bond was trading at 5.385% from 5.420% at Monday’s close and 5.360% at Friday’s close. The R207 was bid at 6.560% and offered at 6.530% from its previous close of 6.585%‚ and the R186 was trading at 7.710% from 7.790% at its previous close.
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Source: FIN24
Industrials lift JSE at close
October 15, 2012--The JSE ended firmer on Monday, lifted mostly by industrial shares, which benefited from rand weakness.
At 5pm‚ the JSE All Share [JSE:J203] index was up 0.49% to 36 620.28 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.56% to 32 457.76 points‚ a fresh closing record.
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Source: FIN24
Bonds may lose steam soon
October 15, 2012--South African government bonds could soon lose some steam after a strong run propelled by portfolio flows from foreign accounts undeterred by strikes that have raised questions about the wisdom of investing in the country.
Investors are increasingly uneasy over often violent protests that have killed more than 50 people, including 34 striking miners shot dead by police in August.
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Source: FIN24
JSE pares losses, tracks Dow
October 12, 2012--The SA share market pared losses in late trade on Friday, tracking a positive open on Wall Street, which was inspired by a set of upbeat US economic data.
At 17:00‚ the JSE all-share index ended 0.16% lower at 36 440.05 points‚ with the top-40 index slipping 0.24% at 32 276.07.
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Source: FIN24
S&P cuts SA's foreign currency rating
October 12, 2012--International rating agency Standard & Poor's on Friday lowered the long-term foreign currency sovereign credit rating on South Africa to 'BBB' from 'BBB+' and the long-term local currency rating to 'A-' from 'A'.
S&P also lowered the short-term local currency rating to 'A-2' from 'A-1' and affirmed the short-term foreign currency rating at 'A-2'. The outlook remains negative.
The ratings agency said its downgrade follows ongoing labour unrest in South Africa.
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Source: FIN24
Zim sees 8.9% growth in 2013
October 12, 2012--Zimbabwe's economy is projected to grow 8.9% next year if the political environment remains stable and the government lives within its expenditure targets, the finance ministry said on Friday in a pre-budget statement.
Uncertainty over the date and conduct of elections due within the next year is casting a shadow over the economy given Zimbabwe’s recent history of violent and disputed polls.
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Source: FIN24
JSE extends gains on US data
October 11, 2012--The SA equity market rallied in late trade on Thursday, buoyed by better than expected US economic data.
At 5pm‚ the JSE All Share [JSE:J203] index ended 0.97% firmer at 36 498.44 points‚ with gold stocks lifting 1.20%‚ the banking index gaining 1.06% and industrials climbing 1.04%.
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Source: FIN24
Rand unmoved by strike news
October 11, 2012--The rand was firmer at noon on Thursday with no real reaction yet to the latest news that striking SA gold miners had rejected the latest wage offer by employees.
At 11:59am‚ the rand was bid at R8.7129 to the dollar from Wednesday’s close of 8.7328‚ Tuesday’s close of R8.74513‚ Monday’s worst level of R8.9945 and Monday’s close of R8.8855.
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Source: FIN24
