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JSE wounded by Wall Street freefall
May 7, 2010-- The JSE shipped just under 1 000 points, or 3.6% on Friday tracking a freefall on Wall Street with a trader citing possible panic in the markets due to a lack of any substantial new initiatives to address the eurozone sovereign debt crisis.
The local bourse has dropped more than 100 points over the past four days.
At its close the JSE all share index was off 3.63%, with resources 2.67% softer, and platinum miners 3.3% weaker. Gold miners added 0.71%. Banks were off 5.85%, financials shed 4.86% and industrials were 3.96% lower.
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Source: FIN24
Rand trades in ranges, tracks euro
May 7, 2010--The rand was barely changed in afternoon trade on Friday from its midday levels.
A local trader said the local currency had recovered 'quite well' after a morning scare on news of Wall Street's drop on Thursday.
At 15:50 the rand was bid at R7.6952 to the dollar from R7.7442 at its previous close. It was bid at R9.7614 to the euro from its previous close of R9.7923 and was at R11.3290 against the sterling from R11.5210.
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Source: FIN24
Economic woes hurt bonds
May 7, 2010--Bonds have lost up to 18 basis points as investors shied away from riskier assets in the wake of ongoing global economic jitters.
Factors weighing on global markets include the continuing Greek crisis and the uncertainty over the outcome of the UK general election which has resulted in a hung parliament.
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Source: FIN24
New trading record set on the JSE
May 6, 2010--The JSE recorded the highest number of trades ever traded in the exchange's 123-year history today.
One hundred and eighty four thousand three hundred and thirty six trades (184,336) trades valued at more than R20bn were executed on the exchange.
"Some of this trade can be attributed to increased global uncertainty, and therefore increased market volatility," says Leanne Parsons, Head of Equities Trading at the JSE.
The record comes on the back of the JSE's introduction of a new billing model on 1 March 2010. The new billing system was implemented to recognise both low value and high volume traders.
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Source: FT.com
Resources lead JSE into the red
April 30, 2010-The JSE ended in negative territory on Friday led by jittery resource stocks ahead of the Henry Tax Review, which is due for release on Sunday in Australia.
The review could propose additional taxes for mining companies.
The JSE all share index was down 0.28%, with resources off 1.03%. Platinum miners however were up 1.13% and gold miners firmed 1.15%.
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Source: FIN24
Rand firm on Greece news
April 30, 2010--The rand remained on the front foot on Friday afternoon amid a stronger euro on news of an imminent rescue package for Greece.
The local currency was attracting good bids at 7.31-32 against the dollar, a local forex trader said.
At 15.35 the rand was bid at 7.3318 to the dollar from 7.3573 at ts previous close. It was bid at 9.7759 to the euro from its previous close of 9.7667 and was at 11.2167 against the sterling from 11.2975.
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Source: FIN24
Bonds follow rand firmer
April 30, 2010--Bonds retained their firmer tone on Friday, in line with the stronger rand and as some degree of calm returned to international markets.
By noon the short-term government R154 bond was bid at 6.550% and offered at 6.570% after closing at 6.565% on Thursday, and the medium-term R157 was at 7.770% from 7.800% at its previous close. The long-term R186 was bid at 8.735% and offered at 8.710% from 8.750% previously.
The rand was bid at R7.3131 to the dollar from R7.3573 at its previous close.
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Source: FIN24
JSE tracks global sentiment lower
April 23, 2010--The JSE ended in the red on Thursday amid negative sentiment in the US, while Greece's fiscal concerns also returned to haunt markets.
The JSE all share index closed down 0.40%, with platinum miners 2.44% lower and resources 0.36% softer. Gold miners added 0.29%. Banks were 0.44% softer, financials also shed 0.44% and the industrial index moved down 0.43%.
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Source: FIN24
Rand in tight range, eyes New York
April 23, 2010--The South African rand was in a tight range of 7.45-7.50 against the dollar on Friday afternoon, having earlier tracked a stronger euro away from 7.50.
At 15.35 the rand was bid at 7.4784 to the dollar from 7.4458 at its previous close. It was bid at 9.9131 to the euro from its previous close of 9.8911 and was at 11.4311 against the sterling from 11.4484.
The euro was bid at $1.3271 from $1.3268 previously.
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Source: FIN24
Rate cuts comments hurt bonds
April 23, 2010--Bond yields weakened by between 6.5 and 18 basis points on Thursday after South African Reserve Bank governor Gill Marcus said that the scope for a further easing in rates was limited.
A sharply weaker rand and some profit-taking also added to the weakness.
By 16:05 the short-term government R154 bond was bid at 6.655% and offered at 6.635% after closing at 6.455% on Wednesday, and the medium-term R157 was at 7.795% from 7.700% at its previous close. The long-term R186 was bid at 8.750% and offered at 8.725% from 8.660% previously.
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Source: FIN24
