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Kganyago: Rand rise poses risks
October 15, 2010-- The sharp appreciation of South Africa's rand poses a risk to the country's competitiveness, a Treasury official said on Friday.
"We cannot rely on the foreign exhange rate as a panacea for our competitiveness," said National Treasury director general Lesetja Kganyago, adding it was difficult to fight and withstand the global forces that have pushed the currency stronger.
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Source: FIN24
Don't use maize for biofuels
October 15, 2010--South Africa should not review its biofuels policy to include maize as this would fuel food prices hikes, an industry body on biofuels said on Friday.
The government unveiled blending ratios for biofuels three years ago but said maize, the country's staple food, could not be used in the production of biofuels in order to ensure food security and keep a lid on high prices.
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Source: FIN24
Bonds firm on rand, rate cut hopes
October 14, 2010--South African bonds remained on the front foot by noon on Thursday on the back of a strong rand and on increased expectations of a further rate cut.
By 11:45 the benchmark R157 bond was at 7.080% from its close of 7.145% on Wednesday, while the R207 was at 7.810% from 7.855% at its previous close. The R186 was at 7.990% after closing at 7.995%.
The rand was bid at 6.7461 to the dollar from its previous close of 6.8185
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Source: FIN24
Profit taking hits JSE after strong run
October 14, 2010--- The JSE ended slightly lower on Thursday, succumbing to profit taking as investors took a breather after recent strong gains.
Recent gains were propelled mainly by the weak dollar and high commodity prices.
The JSE all share index, however, stayed comfortably above the key 30 000 level.
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Source: FIN24
Pace of SA's recovery slow: Reserve Bank
October 14, 2010-SA's economic growth has remained below potential while the growth outlook remains subdued, the South African Reserve Bank (Sarb) said in its October Monetary Policy Review released on Thursday.
Various economic data and indicators were showing that the South African economy was recovering at a slower pace, the Bank said.
It highlighted recent movements in its leading economic indicator which it says points to a continuation of the recovery in economic activity, although at a more moderate pace.
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Source: FIN24
Bonds firm on hope of rate cut
October 13, 2010--– South African bonds were up to 9 basis points firmer in late trade on Wednesday, on the back of Federal Open Market Committee (FOMC) minutes that have backed expectations for further Fed quantitative easing - lifting risk appetite for higher yielding emerging market assets.
A local trader said that this, coupled with retail sales figures that came in below market expectations have ignited hopes of a rate cut.
By 15:56 the benchmark R157 bond was at 7.150% from its close of 7.240% on Tuesday, while the R207 was bid at 7.850% and offered at 7.845% from 7.930% at its previous close. The R186 was bid at 7.990% and offered at 7.980% after closing at 8.025%.
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Source: FIN24
Commodities helps the JSE extend gains
October 13, 2010--The JSE racked up more than 320 points by midday on Wednesday, trading above 30 000 points amid further signs that the US Federal Reserve will implement quantitative easing measures soon.
This news put the dollar under further pressure, spurring global equity markets and lifted commodity stocks in particular.
By noon local time the JSE all share index was 1.09% firmer, with platinum miners 1.32% higher and resources gained 1.57%. Gold stocks declined 0.45%.
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Source: FIN24
Rand tracks softer euro
October 12, 2010--The rand was a tad softer in early trade on Tuesday, tracking a weaker euro amid a firmer dollar.
At 09:06 local time the rand was bid at R6.8813 to the dollar from R6.8470 at the previous close. It was bid at R9.5405 to the euro from R9.5282 before and at R10.9362 against sterling from R10.8917 at its previous close.
The euro was bid at $1.340 from $1.3878 overnight.
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Source: FIN24
Bonds stay firm after auction
October 12, 2010-- South African bonds were firmer in late trade on Tuesday on the back of a relatively well-bid auction.
By 15:41 the benchmark R157 bond was at 7.240% from its close of 7.260% on Monday, while the R207 was bid at 7.950% and offered at 7.920% from 7.960% at its previous close. The R186 was bid at 8.020% and offered at 8.015% after closing at 8.030%.
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Source: FIN24
JSE up marginally on softer dollar
October 12, 2010--The JSE closed marginally higher after a slight dollar weakness led to a mild pick up in local stocks, a local trader said.
By 17:00 local time the JSE all share index was up 0.11%, with industrials 0.80% firmer and gold miners 0.70% higher. Banks added 0.21% while financials gained 0.09%. Platinum miners were down 1.28% with shedding 0.63%
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Source: FIN24
