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Rand weakens on negative sentiment
November 14, 2012--The rand weakened before noon on Wednesday as international traders fear the spread of ongoing unrest in SA into other sectors of the economy.
“The local currency is experiencing negative sentiment due to continued unrest‚ which is threatening to spread into other sectors of the country. This is creating uncertainty amongst foreign investors as it shows the country is not in a good place‚ economically‚ at the moment‚” Vunani Capital global markets analyst Kuziva Muganiwa said.
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Source: FIN24
JSE closes down on weaker US data
November 14, 22012--The JSE closed the Wednesday session lower with resurgent European risk and US fiscal concerns weighing on the bourse and world markets.
Banks and financials were the only indices closing in the black after a positive re-rating of FirstRand and Rand Merchant Bank that caused these counters to add value and push the banking index higher.
“Platinums were up in the morning‚ but turned around at midday after retail sales in the US came in lower than expected‚ which led to a risk-off rally and the rand weakened to R8.87 from R8.78 on Tuesday to the greenback due to this risk-off environment‚” Martin Strauss‚ equity dealer at PSG Konsult in Pretoria said.
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Source: FIN24
Industrials continue to boost JSE
November 13, 2012--The JSE pared gains in late trade on Monday, but still closed in positive territory with industrials leading the way for most of the day.
This was due to strong performances from counters such as Richemont and Vodacom‚ while platinums gave back 1.79% due to continued labour woes in the industry.
At 17:00‚ the JSE All Share [JSE:J203] index closed 0.32% higher at 37 463‚20 points‚ with the Top 40 - (Tradeable) [JSE:J200] index adding 0.37% to 33 244.66 points. The industrial index closed 0.87% higher‚ while gold shares gave back 0.48%.
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Source: FIN24
Platinum market swings into deficit
November 13, 2012--Supply outages in South Africa are set to push the platinum market into deficit this year as shipments from SA fell by the equivalent of more than a month's demand, refiner Johnson Matthey said on Tuesday.
The platinum market is expected to swing into a 400 000 ounce deficit this year from a 430 000 ounce surplus in 2011, largely due to a 605 000-ounce drop in sales from South Africa, which accounts for seven out of 10 ounces of world supply.
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Source: FIN24
Bonds mixed in quiet trade
November 12, 2012--The SA bond market was mixed across the yield curve in muted Monday afternoon trade.
At 15.55 the benchmark R186 was trading at 7.590% from Friday’s close of 7.600%. The R157 was trading at 5.475% from its previous close of 5.450%.
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Source: FIN24
SA launches first ever Green Bond
November 9, 2012--South Africa's first ever institutional Green Bond has been launched. The R5bn bond will be used to fund the growth of green and energy efficient industries.
Issued by the Industrial Development Corporation (IDC) of South Africa‚ Nedbank‚ in line with its ongoing commitment to sustainability‚ is the lead arranger and manager of the Green Bond.
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Source: FIN24
Softer world markets drag down JSE
November 9, 2012--The JSE closed in negative territory on Friday albeit off its intra-day lows, as the bourse followed world markets lower amid lingering fiscal cliff-tax increases and spending cuts-concerns and worries about how the US Congress will tackle this problem.
At 17:00‚ the JSE All Share [JSE:J203] index was down 0.66% to 37 344.40 points‚ with the top-40 index losing 0.85%. The gold sector was the only index showing some upside‚ adding 1.04% on the day‚ while the platinum sector was the worst performer‚ dropping 3.06%.
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Source: FIN24
Bonds firmer despite rand weakness
November 9, 2012--The SA bond market maintained a positive bias in late trade, with the longer end of the yield curve attracting the most interest despite the softer rand.
At 15:44 the benchmark R186 was trading at 7.580% from Thursday’s close of 7.625%. The R157 was trading at 5.445% from its previous close of 5.460% and the R207 was bid at 6.435% and offered at 6.410%‚ from its previous close of 6.440%.
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Source: FIN24
Rand softer due to dollar strength
November 9, 2012--The rand pared gains in late trade on Friday due to some dollar strength coming through due to continued eurozone debt concerns.
“The rand is softer due to some dollar strength. We have seen the local currency a lot weaker on other days‚” said a local trader.
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Source: FIN24
Nigeria makes credit ratings debut
November 8, 2012--Nigeria, Kenya and Zambia, three of Africa's most dynamic economies, received their first sovereign ratings from the Moody's agency on Wednesday, handily beating Greece in the creditworthiness stakes.
Predicting African governments would increasingly turn to markets to fund public programmes, Moody's gave Nigeria the highest rating of the trio, at Ba3, just under investment grade.
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Source: FIN24
