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Bonds weaker; market caught long
November 22, 2010--South African bonds were slightly weaker in midday play on Monday. A local trader said that the market was caught long after some offshore selling on Friday.
By 11:30 the benchmark R157 bond was bid at 7.020% from 7.010% at the previous close, while the R207 was bid at 7.890% and offered at 7.860% from 7.850% at its previous close. The R186 was bid at 8.050% and offered at 8.030% after closing at 8.040%.
The rand was bid at 6.9741 to the dollar from its previous close of 6.9837.
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Source: FIN 24
JSE little changed amid Irish doubts
November 22, 2010-- The JSE ended almost flat on Monday, failing to hold on to earlier strong gains amid scepticism over the anticipated bailout of Ireland. It is unclear what the size of the financial aid will be.
The market is nervous as investors speculate about the bailout on Ireland, Kevin Algeo, portfolio manager at Imara SP Reid, said.
The JSE all share index eked out a 0.02 gain, with gold stocks adding 0.15%. Resources slid 0.08% and platinum counters lost 0.78%.
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Source: FIN24
African leaders call for action plan
November 22, 2010--African political and business leaders have called for the breaking down of trade barriers and a Pan-African stock exchange to create "engines of investment" as the continent enters what could be the most "buoyant" period in its economic history.
The call was made in an action plan developed at the Mo Ibrahim Foundation's annual discussion forum in Port-Louis, Mauritius, according to a speech prepared for delivery on Monday.
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Source: FIN24
Bond market firm, but quiet
November 19, 2010--The bond market firmed on Friday, sitting between 1.5 to 5 basis points stronger in late trade, but has dropped back from its best levels in what has been a relatively quiet day.
By 15:30 the benchmark R157 bond was at 7.020% from its previous close of 7.015%, while the R207 was bid at 7.865% from 7.860% at its previous close. The R186 was bid at 8.055% after closing at 8.095%.
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Source: FIN24
Rand softer on weaker euro
November 18, 2010-- The South African rand briefly headed back above 7.00 against the greenback in afternoon trade on Friday tracking a softer euro after the People's Bank of China raised its reserve requirements for Chinese banks resulting in investors moving away from risky currencies
The local currency however, moved back below 7.00 against the dollar, again in line with a stronger euro, after Fed Chairman Ben Bernanke defended the Federal Reserve's easing policies.
At 15:41 local time the rand was bid at 6.9759/$ from 6.9633/$ at the previous close. It was bid at 9.5649 to the euro from 9.5085 before and at 11.681 against sterling from 11.1682 at its previous close.
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Source: FIN24
JSE down as China rates hike weighs
November 19, 2010-- The JSE slid on Friday, in line with global stocks after China hiked interest rates to cool down its runaway economy and keep inflation in check.
Local mining counters in particular came under pressure in anticipation of less demand for commodities due to the monetary tightening in China, an equity derivatives dealer said.
At 17:00 the JSE all share index fell 0.55%, with gold stocks declining 0.80% and resources sliding 0.79%. Platinum counters finished flat. Banks lost 1.05%, financials shed 0.54%, and industrials edged down 0.33%.
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Source: FIN24
Africa to notch up higher growth
November 19, 2010--Africa as a whole is likely to see gross domestic product (GDP) growth of 6% next year, while the figure for sub-Saharan Africa should be 6.5%, African Development Bank (AfDB) president Donald Kaberuka said on Thursday.
"I think next year Africa will be growing at 6%. In sub-Saharan Africa it will be 6.5%," he told Reuters in an interview. "Africa is coming out of the (global financial) crisis stronger; it's developing a strong relationship with emerging markets."
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Source: FIN24
Bonds in thin trade ahead of MPC
November 18, 2010-- South African bonds firmed in midday trade on Thursday in line with a a stronger rand, however a local dealer noted thin trade ahead of an expected decision on interest rates by Reserve Bank Governor Gill Mracus later today.
By 12:02 the benchmark R157 bond was bid at 7.100% from 7.130% at the previous close, while the R207 was bid at 7.975% and offered at 7.925% from 7.975% at its previous close. The R186 was bid at 8.190% and offered at 8.160% after closing at 8.185%.
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Source: FIN24
Rand firmer, tracks euro
November 18, 2010-- The South African rand maintained its firmer tone in afternoon trade on Thursday, tracking the euro as investors awaited clarity on the potential Irish bailout package.
The SARB Monetary Policy Committee on Thursday cut the repo rate by 50 basis points to 5.5% following its two-day meeting.
This is the lowest reading in almost 30 years and results in a real interest rate of around 1%.
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Source: FIN24
GM listing, Irish news lift JSE
November 18, 2010-- The JSE closed firmer on Thursday in line with global equities, which rose as fears over the Irish debt woes abated.
The US vehicle manufacturer General Motors' initial public offering also contributed to the positive mood, lifting the US and European stocks over 1%, an equity derivatives trader said.
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Source: FIN24
