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Rand holds on to gains ahead of budget
February 26, 2014--The rand has been marginally firmer against the dollar, building on four days of gains and expectations of a solid budget from Finance Minister Pravin Gordhan.
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Source: FIN24
Statistics South Africa- Fourth quarter GDP up by 3, 8 per cent
February 25, 2014--The seasonally adjusted real gross domestic product (GDP) at market prices for the fourth quarter of 2013 increased at an annualised rate of 3,8 per cent. The main contributors to this increase in economic activity were the manufacturing industry (1,8 percentage points) and the mining and quarrying industry (0,8 of a percentage point).
The manufacturing industry's contribution of 1,8 percentage points was based on growth of 12,3 per cent, due to higher production in food and beverages; petroleum, chemical products, rubber and plastic products; and motor vehicles, parts and accessories and other transport equipment.
view the Gross domestic product-Fourth quarter 2013 report
Source: Statistics South Africa
JSE extends losses
February 25, 2014--South African shares extended losses on Tuesday, falling just over 1% as a firmer rand currency put pressure on resource companies such as Anglo American.
Shoprite dropped nearly 2% after posting the slowest first-half profit growth in eight years as customers of Africa's biggest retailer grapple with high debt, job losses and inflation.
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Source: FIN24
Rand weakens ahead of GDP data
February 25, 2014--The rand weakened against the dollar early on Tuesday, pulling back from a 5-week high hit overnight as political tensions in emerging markets such as Ukraine and Turkey remained and depressed risk appetite.
The rand managed gains to 10.75/dollar in the previous session, boosted by expectations of upbeat GDP data, a market-positive budget and as dealers unwound long-dollar positions.
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Source: FIN24
Mining shares drag JSE down
February 24, 2014--South African stocks ended slightly lower on Monday, weighed down by mining shares as worries about an economic slowdown in China pointed to reduced demand for industrial metals.
China is the biggest consumer of industrial metals such as copper, whose price fell to its lowest in more than two weeks.
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Source: FIN24
Rand recovers as market unwinds
February 24, 2014--The rand rallied to its strongest level in nearly a week against the dollar on Monday as market players unwound long dollar positions accumulated during the recent bout of global risk aversion.
Government bonds were also firmer, and yields retreated as the market expects Finance Minister Pravin Gordhan on Februaury 26 to keep a firm grip on public spending when he unveils the 2014 budget on Wednesday.
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Source: FIN24
JSE books record close, Aspen up
February 21, 2014--South African stocks capped the week with another record close on Friday, with drugs company Aspen Pharmacare rising after it flagged an increase in first-half earnings, while a weaker rand helped underpin mining shares.
Mining companies and other exporters have benefited from the rand's fall to a five-year low in recent weeks, a trend that some analysts see continuing.
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Source: FIN24
Rand firmer against the dollar
February 21, 2014--The rand turned firmer against the dollar in afternoon trade on Friday as global risk aversion eased, giving respite to emerging markets that took the rand towards R10.90/% resistance.
The rand strengthened to R10.9275/$ at 15:03 GMT, compared to a R10.9950/$ close in New York on Thursday.
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Source: FIN22
JSE dips, telecoms take a knock
February 20, 2014--South African stocks fell on Thursday, breaking a three-day winning streak as shares of telecoms giant MTN Group declined after the industry regulator said it would halve mobile interconnection rates sooner than previously planned.
MTN, Africa's largest mobile operator, is appealing the decision by the telecoms authority and analysts say it has a decent case but its shares still fell 1.34% to R198.
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Source: FIN24
Weak rand fuels rate hike expectations
January 20, 2014--Short-dated South Africa bonds fell to their lowest in a month on Thursday as weakness in the rand drove traders to price in an increased chance of further rate hikes this year.
The rand fell to a week low against the dollar during an emerging market sell-off exacerbated by investor views that the US Federal Reserve would press on with its planned tapering programme.
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Source: FIN 24
