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Euro strength adds to steady rand
May 28, 2010- The rand was steady in afternoon trade on Friday, holding up against the dollar,
aided by a stronger euro.
At 15:24 the rand was bid at R7.5981 to the dollar from R7.5780 at its previous close. It was bid at R9.3999 to the euro from its previous close of R9.3691 and was at R11.0592 against sterling from R11.0379.
The euro was bid at $1.2362 from $1.2345previously.
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Source: FIN24
Zimbabwe grows for first time in 11 years
May 26, 2010--Zimbabwe has recorded its first year of economic growth for more than a decade, a report from the International Monetary Fund said.
Gross domestic product rose 4 per cent last year, the first expansion in 11 years, while prices rose 6.5 per cent. In previous years, by contrast, inflation was measured in millions of per cent and the country’s economy regularly shrank 5-10 per cent.
But the IMF gave a generally downbeat assessment of the state of the country’s economy, urging the coalition government led by Robert Mugabe, the president, to adopt reforms or risk long-term stagnation
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Source: FT.com
Platinum May Spike in June on World Cup, ETF Securities Says
May 25, 2010--Platinum prices may “spike” next month as the soccer World Cup in South Africa potentially disrupts power supplies to mines, said ETF Securities Ltd.
Mines in South Africa, the world’s biggest producer of platinum, were stopped for about five days in 2008 because of blackouts by state-owned utility Eskom Holdings Ltd., which generates and distributes about 95 percent of the country’s power. The World Cup runs from June 11 to July 11, with most of the matches played next month.
“With the World Cup being held during the South African winter, the use of electricity is likely to exceed the previous winter peak,” said Shamim Mansoor, head of ETF Securities’ precious metals sales. “To ensure there is an uninterrupted supply of electricity during the FIFA World Cup, load shedding is likely to be enforced again, and therefore there is a risk we will see another price spike.”
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Source: Bloomberg
Volatile rand softer amid risk aversion
May 21, 2010--The rand remained on the back foot in afternoon trade on Friday amid risk aversion and in line with the emerging market currencies including the Canadian dollar and Brazilian real, a local trader said.
At 15.40 the rand was bid at 7.9726 to the dollar from 7.9358 at its previous close. It was bid at 9.9978 to the euro from its previous close of 9.9164 and was at 11.4600 against the sterling from 11.3855.
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The euro was bid at $1.2539 from $1.2482 previously.
Source: FIN 24
JSE flat in directionless trade
May 21, 2010--The JSE was flat in directionless trade amid mixed global markets on Friday, ahead of a meeting in Brussels by European finance ministers to discuss the euro-zone debt crisis.
The German parliament is also expected to vote on its contribution to the European Union-International Monetary Fund rescue package.
By 12:01 the JSE all share index was up 0.35%, with resources 1.17% firmer. Gold miners declined 1.34%, and platinum miners were 0.19% softer. Banks gained 0.81%, financials 0.33% stronger, but industrials declined 0.44%.
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Source: FIN24
Bonds tad firmer despite weak rand
May 21, 2010--Despite a weak rand, bonds remained marginally firmer in late trade on Friday.
The rand hit a fresh six-month worst level against the dollar on Thursday, having broken through the R8 barrier.
By 15:40 the short-term government R154 bond was bid at 6.975% and offered at 6.955% after closing at 6.990% on Thursday and the medium-term R157 was at 8.215% from 8.240% at its previous close. The long-term R186 was bid at 9.070% and offered at 9.030% from 9.110% previously.
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Source: FIN24
SA ups global competitiveness
May 19, 2010--South Africa has seen its economic competitiveness rise for the second year running, but labour issues are still perceived as an obstacle.
According to a survey from the World Competitiveness Yearbook, published by the Swiss-based Institute of Management Development (IMD), South Africa has increased its ranking to 44th this year, following its 2009 and 2008 rankings of 53rd and 48th respectively.
The survey highlights that South Africa, like other emerging markets, benefited from inflows of foreign capital
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Source: FIN24
Rand fends off euro
May 14, 2010--The rand held up well in midday trade on Friday as the euro dipped under $1.25 against the greenback amid increasing concerns in the euro zone.
At 11.37 the rand was bid at R7.5088 to the dollar from R7.4792 at its previous close. It was bid at R9.3680 to the euro from its previous close of R9.3807 and was at R10.8976 against the sterling from R10.9607.
Source: FIN24
JSE ships 700 points on fears
May 14, 2010--The JSE ended firmly in the red on Friday in line with global sentiment as concern over the debt burden of eurozone countries deepened.
At its close, the JSE all share index was 2.49% lower, with resources 3.54% worse off. Platinum miners declined 5.04% and Gold miners wavered 1.76%.
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Source: FIN24
Bonds a tad softer in late trade
May 14, 2010-- After a strong start, South African bonds reversed direction and were around three basis points softer in late trade on Friday, due mainly to a weaker rand.
By 16:00 the short-term government R154 bond was bid at 6.705% and offered at 6.685% after closing at 6.675% on Thursday and the medium-term R157 was at 7.950% from 7.920% at its previous close. The long-term R186 was bid at 8.800% and offered at 8.785% from 8.770% previously.
The rand was bid at 7.5398 to the dollar from 7.4792 at its previous close.
A local trader earlier attributed the strong start for bonds to the firmer rand and receding risk aversion. However, the rand has come under pressure as the euro once again ran into trouble, and bonds have followed suit.
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Source: FIN24
