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CPI and Fed put JSE on back foot
June 22, 2011-- The JSE ended lower on Wednesday as investors waited anxiously for the US Federal Reserve meeting, which gets underway later today. Only gold counters shone in the trading session, while European stocks generally were firmer.
Weighing negatively on the local market sentiments were persistent concerns about the debt crisis in Greece and SA's disappointing inflation data, said Dimitri Mitropapas, a stock broker at PSG Konsult.
By 17:00 local time, the JSE All Share [JSE:J203] index was down 0.58%, with resources falling 0.33% and platinum miners dropping 1.64%. Industrials also lost 0.74%, financials eased 0.83% and banks were 1.24% lower. Elsewhere, gold miners firmed 1.13%.
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Source: FIN24
Soft rand and CPI data weigh on bonds
June 22, 2011-South African bonds remained in weaker territory during late trade on Wednesday. A local trader said the softer rand and "surprising" CPI figure had continued to weigh on the market.
Statistics SA said the increase in SA's consumer price index (CPI), which is used by the SA Reserve Bank for its inflation target, was 4.6% year on year (y/y) in May from 4.2% y/y in April,. CPI was 0.5% month on month (m/m) from 0.3% in April.
The CPI was expected to have ticked up to 4.3% y/y, according to a survey of leading economists by I-Net Bridge. Forecasts among the eight economists ranged from 4.3% to 4.5%.
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Source: FIN24
Rand holds firm against dollar
June 22, 2011--The rand touched near two-week highs against the dollar on Wednesday ahead of data likely to show an uptick in inflation, keeping alive the changes of interest rates rising by year-end.
Government bonds extended the previous day's gains as relatively higher yields gave local debt the edge over bonds in developed economies.
By 06:39 GMT the rand was at R6.7025 to the dollar, up 0.15% from Tuesday's R6.7125 close.
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Source: FIN24
JSE ends flat despite Greek crisis
June 22, 2011-- The JSE reversed much of the session's losses and ended virtually flat on Monday, despite persistent uncertainty over the Greek debt crisis. Wall Street rose slightly at the opening bell, helping local stocks.
There hadn't been fresh bad news from Europe, giving the market some breathing space, said Kevin Algeo, portfolio manager at Imara SP Reid.
By 17:00 local time, the JSE All Share [JSE:J203] index was down a slight 0.14%, with resources dropping 0.60%.
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Source: FIN24
Bonds perky on rand and auction
June 21, 2011-- South African bonds were up to six basis points firmer in late afternoon trade on Tuesday, which a local trader said was on the back of a strong auction and the firmer local currency.
Earlier, at its weekly auction, the National Treasury received bids totalling R2.49bn for one billion rand worth of R204 bonds and R3.17bn for R1.1bn worth of R208 bonds.
By 15:50, the benchmark R157 bond was trading at 7.445% from its previous close of 7.510%. The R207 was bid at 8.330% and offered at 8.300% from 8.390%, and the R186 was trading at 8.525% from 8.590%.
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Source: FIN24
Greek optimism buoys JSE
June 21, 2011--The JSE rallied on Tuesday as confidence returned on the back of expectations that a resolution to the Greek debt crisis was likely, lifting stock markets around the world.
Resources counters led the market rebound, with investors seeking bargains, including the likes of Anglo American [JSE:AGL] and BHP Billiton [JSE:BIL], a local trader said.
By 17:00 local time, the JSE All Share [JSE:J203] index was up 1.12%, with resources firming 2.17%, gold miners gaining 0.22 and platinum miners rising 0.86%. Industrials also added 0.42%, while financials added 0.76% and banks were 0.79% higher.
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Source: AME Info
Bonds stay soft but off worst levels
June 20, 2011--South African bonds were mostly soft but off the session's worst levels in late trade on Monday, after a slight firming of the rand. The benchmark R157 was slightly firmer.
By 15:50, the benchmark R157 bond was trading at 7.540% from its previous close of 7.550%. The R207 was bid at 8.415% and offered at 8.390% from 8.390%, and the R186 was trading at 8.620% from 8.600%.
The rand was bid at 6.7744 against the dollar from its previous close of 6.7450.
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Source: FIN24
JSE slumps as it plays catch-up
June 17, 2011--The JSE posted steeper losses on Friday, defying global bourses as local investors caught up with their international counterparts. Mining stocks dropped particularly hard in reaction to lower commodity prices.
The JSE was closed for the public holiday on Thursday, when shares fell around the world, and the domestic market was accounting for that, said Kevin Algeo, portfolio manager at Imara SP Reid.
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Source: FIN24
Rand regains poise against dollar
June 17, 2011--The rand regained some of its poise against the dollar on Friday after the previous day's losses in a risk averse market, although selling pressure should persist into the weekend.
Traders expected volumes to be thin as some Johannesburg players opted to take Friday off for an extended weekend after South African markets were closed for the Youth Day national holiday on Thursday.
Government bonds recovered after Thursday's losses, with yields subsequently pulling back from three-week highs. The yield on the benchmark 2015 bond R157 traded 1.5 basis points lower at 7.565% while that for the 2026 R186 fell three basis points to 8.61%.
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Source: FIN24
Bonds remain firm in late trade
June 17, 2011--SA bonds remained firm in late trade on Friday, which a trader said was on the back of the strong rand and a bit of short covering.
Short covering activity is positive for prices as it means short sellers had to purchase securities to close out short sales.
By 15:50, the benchmark R157 bond was trading at 7.530% from its previous close of 7.570%. The R207 was bid at 8.390% and offered at 8.370% from 8.395%, and the R186 was trading at 8.590% from 8.610%.
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Source: FIN24
