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Japan hits SA markets, US pares losses
March 15, 2011--The rand registered its biggest daily fall in two years against the dollar on Tuesday, with more losses seen, as fears of a radiation disaster in Japan prompted a flight from risk.
But Wall Street managed to recover some of its steep losses on Tuesday, following a disastrous day on most world markets.
Johannesburg stocks tumbled more than 2%, booking their biggest two-day fall since August, as fears about the crisis in the world's third-largest economy sent investors scrambling for safe-haven US and German bonds.
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Source: FIN24
Giant growth foreseen for African stock exchanges over 10 years
LIVE FROM SECURITIES AFRICA CONFERENCE (BNY Mellon, London)
March 14, 2011--African exchanges could grow dramatically in both market capitalization and turnover, following the explosive trends already charted by the Indian and Chinese markets.
This was the view of Sunil Benimadhu, President of the African Stock Exchanges Association (ASEA – www.africansea.org), speaking at an African investment conference organized by stockbroker Securities Africa (www.securitiesafrica.com) in London today (14 March).
According to his projections, by 2020 leading African exchanges including Nigeria, Egypt, Kenya, Botswana and Mauritius could see giant growth. He says that based on an assumption of economic growth (GDP) of 5% a year and if African markets continue to follow trends seen elsewhere in terms of their share their economies (GDP) then both turnover (the value of shares traded) and market capitalization (the value of the shares listed on the exchange for trading) could increase many times during the coming decade.
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Source: African Capital Markets
Bonds remain firm on strong rand
March 14, 2011--South African bonds retained their firmer bias in late trade on Monday on the back of a strong rand.
By 15:45, the benchmark R157 bond was trading at 7.840% from its previous close of 7.870% while the R207 was bid at 8.770% from its previous close of 8.780%. The R186 was trading at 8.980 from a close of 8.985%.
The rand was bid at 6.8847 to the dollar from its previous close of 6.9005.
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Source: FIN24
Earthquake in Japan keeps JSE shaky
March 14, 2010--The JSE closed sharply down on Monday as investors digested the potential impact of the Japanese earthquake, tsunami and subsequent aftershocks.
Platinum stocks were worse hit because car manufacturers in Japan have stopped production, reducing the demand for the white metal, Kevin Algeo, portfolio manager at Imara SP Reid, said.
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Source: FIN24
Bonds remain better bid in quiet trade
April 11, 2011--South African bonds remained better bid in quiet late trade. The R157s were flat, while the R207s were a few points firmer.
By 3.50pm, the benchmark R157 bond was trading flat at 7.870% from its previous close, while the R207 was trading at 8.770% from its previous close of 8.800%. The R186 was trading at 9.000% from a close of 8.985%.
The rand was bid at R6.9364/$ from its previous close of R6.9142/$.
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Source: FIN24
JSE firms, investors scoop bargains
March 11, 2011--The JSE recovered on Friday as beaten down stocks enticed investors to search for bargains, brushing aside an earthquake in Japan, political turmoil in the Middle East and north Africa, and concerns over downbeat economic news.
At the close, the JSE all-share index had risen 0.89%, with resources stocks gaining 1.02%, platinum miners edging up 1.99% and gold counters firming 1.83%. Banks were up 0.95%, financials picked up 0.40% and industrials advanced 0.99%.
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Source: FIN24
Bonds weaker in midday trade
March 10, 2011--South African bonds were weaker in midday trade on Thursday. A local trader said the market had "too much" paper
By 11:50, the benchmark R157 bond was trading at 7.865% from its previous close of 7.855%, while the R207 was bid at 8.805% from its previous close of 8.755%. The R186 was trading at 8.960% from 8.965%.
The rand was bid at 6.8900 to the dollar from its previous close of 6.8406.
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Source: FIN24
Risk aversion extends JSE losses
March 10, 2011-- The JSE extended losses in midday trade on Thursday, with platinum and resources stocks leading the downside amid risk aversion.
China's surprising trade deficit, the Spanish government debt downgrade and ongoing political tension in Libya weighed on investor sentiment, said Mpho Mojalefa, dealer with BJM Private Client Services.
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Source: FIN24
Resources, risk aversion weigh on JSE
March 9, 2011-- The JSE ended in the red on Wednesday as a result of some risk aversion and recent pressure on resource counters.
At the close, the JSE all-share index was down 0.02%, with resource stocks sliding 0.79%, platinum miners edging up 0.42% and gold counters adding 0.96%. Banks were up 0.01%, while financials gained 0.03% and industrials added 0.72%.
The rand was bid at 6.86 to the dollar from 6.91 at the JSE's close on Tuesday
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Source: FIN24
Longer-dated bonds firm in quiet trade
March 8, 2011--- South African longer-dated bonds were firmer in quiet late trade on Tuesday, which a trader attributed to good demand in the longer area of the curve.
By 15:50, the benchmark R157 bond was trading at 7.935% from its previous close of 7.910%, while the R207 was trading at 8.790% from its previous close of 8.780%. The R186 was trading at 8.975% from 9.000%.
The rand was bid at 6.9141 to the dollar from its previous close of 6.8730.
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Source: FIN24
