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JSE off best level ahead of US data
August 11, 2011--The JSE came back slightly from morning highs, but remained in positive territory by midday on Thursday. A trader said there was mild nervousness ahead of US initial jobless data set to be released at 14:00.
By 12:05 local time, the JSE All Share [JSE:J203] index had added 0.35%, resources were up 0.65%, platinum miners added 0.33%, and gold miners gained 0.60%.
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Source: FIN24
Bonds weaker in late trade
August 11, 2011--After recent strong gains, South African bonds were up to 13 basis points weaker in late trade on Thursday, on the back of some profit taking.
By 15:50, the benchmark R157 bond was trading 6.990% from 6.900% at its previous close. The R207 was bid at 7.980% and offered at 7.950% from 7.845% and the R186 was trading at 8.330% from 8.200%.
The rand was bid at 7.2659 against the dollar from its previous close of 7.2752.
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Source: FIN24
Vulnerable rand pares back losses
August 11, 2011--- South African stocks added more than 3% on Thursday, the biggest daily percentage increase in 15 months, boosted by sentiment generated by better-than-expected US labour market data.
The rand recouped earlier losses against the dollar, largely tracking a firmer euro, but remained vulnerable to market volatility linked to global financial worries which have cast a pall on the outlook for the domestic economy.
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Source: FIN24
SA ready to act if global crisis strikes
August 11, 2011--South Africa sees a 60% chance against a global double-dip recession, and is ready to take action to buffer the local economy through managing debt, the budget deficit and providing stimulus, Finance Minister Pravin Gordhan said on Thursday.
South African markets have been battered this week in a wave of global risk aversion due to debt worries in the United States and Europe and some analysts see a possible recession that would also hit SA.
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Source: FIN24
JSE cut gains, as Dow weighs
August 10, 2011--After a firmer start, the JSE shares pared gains in the afternoon session but still managed to end in positive territory on Wednesday.
The weaker US stocks weighed on sentiment amid reports that one of the major banks in France was having financial difficulties, according to one dealer.
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Source: FIN24
Rand battered in global turmoil
August 10, 2011-- The rand weakened more than 2.3% against the dollar on Wednesday, ranking among the worst performers in a basket of emerging market currencies as global uncertainty kept investors jittery about high risk assets.
Government bonds rallied during Johannesburg afternoon trade - although they later retreated - as market players priced in a slight chance of an interest rate cut due to a bleak outlook for domestic growth, which is heavily reliant on global demand.
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Source: FIN24
SA ups foreign exchange reserves
August 10, 2011--South Africa has accumulated a substantial scale of foreign exchange reserves and is concerned by the rising commodity prices and the European debt crisis, the South African Reserve Bank said on Wednesday.
The bank, briefing parliament on its economic report, also said higher export prices and a favourable trade trend have helped narrow the country’s current account deficit to about 3% of gross domestic product.
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Source: FIN24
South Africa’s Financial Markets Bill open for comment, due 2012
August 10, 2011--South Africa’s Government has released the Financial Markets Bill for public comment, with comments due by 5 September. The new law would replace the Securities Services Act (No 36 of 2004) which took effect on 1 February 2005.
South Africa is committed to a global regulatory reform agenda after the global financial crisis, according to a Government press release.
This means a stronger regulatory framework, more effective supervision, improved crisis resolution, and enhanced accountability through international assessments and peer reviews for the financial sector, including financial markets.
The Financial Markets Bill includes:
Strengthening the self-regulatory organisation model of supervision (which has proven efficient and effective in delivering on the objectives of securities regulation)
Aligning financial markets regulation with international best practice
Giving effect to recommendations made by the 2008 World Bank and International Monetary Fund Financial Sector Assessment Programme
Implementing South Africa’s commitment to the UNIDROIT Convention to improve investor protection in cross-border transactions
Ensuring alignment between legislation that governs financial markets and the wider legislative framework, including the new Companies Act and the Consumer Protection Act
The 2004 Act governs the regulation of securities services including securities exchanges, central securities depositories, clearing houses, and their respective members. It consolidated the South African regulatory framework for capital markets and aligned the regulation and supervision of South African financial markets with the prevailing international developments and regulatory standards.
After consultation the Bill will be tabled in Parliament and is expected to be implemented in 2012. The Bill and accompanying documents are available on the National Treasury and Financial Services Board websites. Draft subordinate regulation to be issued in terms of the Bill will also shortly be released for public comment. An FSB policy document is available.
view the REVIEWING THE REGULATION OF FINANCIAL MARKETS IN SOUTH AFRICA
Source: African Capital Markets
JSE sets new trading record – 230,797 trades on 10 August
August 10, 2011--South Africa’s Johannesburg Stock Exchange (www.jse.co.za) says that a record number of trades were executed on the exchange today (10 August). The JSE is the biggest securities market in Africa and its new trading record is 230,797 trades, valued at more than R29 billion ($4 bn).
The JSE FTSE All Share index rose 267 points to close at 28,658. The volume of shares traded was 531.5 million shares), according to a press release.
Head of Equities Trade, Leanne Parsons, said: “The JSE’s equity market moved sharply today, after yesterday’s holiday and following big moves on world markets. Our new record, of 230,797 trades, marks a 12% increase on our previous record of 205,784 transactions. That is a significant jump.”
Source: African Capital Markets
Rand, emerging markets under fire
August 9, 2011--Emerging assets tumbled on Tuesday to their weakest in over a year as China's higher-than-expected inflation reading intensified a global sell-off fuelled by the weekend's unprecedented US credit rating downgrade.
Risk premiums for Turkey and Hungary spiked higher in tandem with sharp currency losses while Russia's rouble fell over 3 percent as investors braced for a drop in oil demand.
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Source: FIN24
