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Longer dated bonds firmer
October 21, 2010--South African longer dated bonds were slightly firmer in quiet midday trade on Thursday, on the back of demand for duration stock.
By 11:34 the benchmark R157 bond was unchanged at 7.160%, from its close on Wednesday, while the R207 was bid at 7.940% and offered at 7.905% from 7.950% at its previous close. The R186 was bid at 8.050% and offered at 8.015% after closing at 8.050%.
The rand was bid at 6.8653 to the dollar from its previous close of 6.9325.
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Source: FIN24
Bonds steady as foreigners hold off
October 21, 2010- South African bonds were steady by the late afternoon on Thursday as tentative global risk appetite curbed demand for higher yielding emerging market assets.
By 16:04 the benchmark R157 bond was at 7.185%, from its close on Wednesday of 7.160%, while the R207 was at 7.940% from 7.950% at its previous close. The R186 was bid at 8.085% after closing at 8.050%.
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Source: FIN24
JSE rallies on Anglo, Vale news
October 21, 2010-- The JSE rallied on Thursday, as investors cheered news that Brazilian miner Vale had expressed interest in Anglo America's (AGL) Copebras, the fertilizer company. Anglo's share gained over 2%, igniting general interest in resources counters.
By 17:00 local time the JSE all share index was 1.19% firmer, with resources climbing 1.36% and platinum miners gaining 0.84%. But gold stocks bucked the trend, falling 0.53%. Financials advanced 0.42%, banks were 0.69% higher and industrials edged up 1.40%.
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Source: FIN24
Bonds mostly softer in quiet trade
October 20. 2010--South African bonds were mostly softer in quiet trade late Wednesday with little being offered by way of direction.
By 15:50 the benchmark R157 bond was at 7.165% from its close of 7.150% on Tuesday, while the R207 was bid at 7.910% from 7.950% at its previous close. The R186 was at 8.050% after closing at 8.040%.
The rand was bid at 6.9504 to the dollar from its previous close of 6.9435.
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Source: FIN24
JSE ends modestly higher on US stocks
October 20, 2010--The JSE ended slightly firmer on Wednesday on the back of positive sentiments fuelled by Wall Street, which rose following upbeat third-quarter earnings
Resources counters led the upward momentum thanks to the softer dollar, which lifted commodity prices and other risky assets, an equity derivatives trader said.
By 17:00 local time the JSE all share index was 0.26% firmer, with gold stocks gaining 0.52% and resources climbing 1.18%. But platinum miners fell 0.04%. Financials lost 0.22%, banks were 0.32% lower and industrials edged down 0.37%.
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Source: FIN24
Poor auction, rand weighs market down
October 19, 2010-- South African bonds felt some heat in the afternoon session on Tuesday as a poor auction and weak rand set the tone for selling bias.
A senior dealer said the weak rand had added to the selling "to some extent", but it was mainly the poor auction result that sparked the selling in an overbought market.
By 16:26 the benchmark R157 bond was at 7.150% from its close of 7.070% on Monday, while the R207 was at 7.935% from 7.810% at its previous close.
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Source: FIN24
SA moots Cape-to-Cairo trade deal
October 19, 2010--African countries need to boost regional trade and investment to keep pace with growth in other emerging economies that have large consumer bases, such as India and China, Trade and Industry Minister Rob Davies said on Monday.
Davies, in Cairo for a high-level, bilateral state visit to the continent's second biggest economy, said Egypt and South Africa were trying to seal a Cape-to-Cairo free trade agreement that could help reduce dependence on flagging European economies.
"The fact of the matter is we don't as single countries begin to touch the sizes of the domestic market of China and India, but as a grouping from Cape-to-Cairo we do start to hit that league," Davies said.
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Source: FIN24
Softer rand boosts maize futures
October 18, 2010--South African white maize futures ended a tad higher on Monday, boosted by the softer rand.
A local dealer noted that some market participants were clearing their positions ahead of the Crop Estimate Committee (CEC) report on summer and winter crops on Thursday.
The October maize contract gained five rand to R1 290 per ton, the December contract picked up two rand to R1 322 and the March 2011 white maize contract picked up three rand to R1 353.
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Source: FIN24
JSE makes modest gains on dollar
October 18, 2010--The JSE closed marginally firmer on Monday, recouping earlier losses as a weakening dollar saw equities climb.
In the morning session, the greenback strengthened on speculation that the US Federal Reserve may not inject enough stimulus to support the fragile economy, driving stocks lower worldwide.
By 17:00 local time the JSE all share index was 0.37% stronger, with financials adding 0.18 and industrials gaining 0.75%. Banks finished flat on the day.
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Source: FIN 24
Firms must be prepared for new laws
October 18, 2010--While the SA Institute of Professional Accountants (Saipa) welcomes government's decision to postpone the new Consumer Protection Act and the Companies Act until April 2011, it warned businesses to make sure they are prepared for the new legislation.
Ettiene Retief, professional accountant and chairperson of Saipa's National Tax Technical Sub-Committee said the department of trade and industry (dti) had indicated it was busy finalising regulations that would give effect to both Acts, and the postponement would allow time for more consultation with stakeholders before implementation.
"This is important because there is no way companies can prepare themselves for implementation unless they know exactly what the regulations for these Acts will require," Retief said.
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Source: FIN24
