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SA's latest gold ETN strips out rand risk
November 5, 2012--GOLD has more than doubled in price over the last five years. In part, the surge in gold has been a function of it being a store of value in times of crisis.
More recently, gold has benefited from its reputation as insurance against inflation. If anything, the inflation stars appear to be aligning to drive the yellow metal even higher. Not only has the US committed to quantitative easing on repeat, but the largest economies all appear intent on devaluing their currencies through accommodative monetary policies.
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Source: MiningmX
JSE adds derivatives: grain specific to silos and more silver and platinum futures
November 4, 2012--South Africa's JSE Ltd (www.jse.co.za) continues to expand its commodity derivatives range. It has added silver and platinum "quanto futures" to its existing gold, copper and Brent crude quanto futures launched earlier this year.
It is also helping develop the South African grain market by allowing Safex silo receipts to complete a futures contract, so that producers and buyers can trade grain with a bid or offered premium depending on location, for instance if a buyer wants grain in a particular location.
The JSE has partnered with Rand Merchant Bank, which is the initial market maker. The commodities are referenced as part of the JSE’s existing licensing agreement with the CME Group.
Commodity gain, without currency pain According to a JSE press release on 1 Nov, a quanto future is a derivative instrument which, on the JSE, is a ZAR-denominated commodity investment product which delivers the same payoff as a pure USD-denominated commodity investment. This lets investors gain exposure to the foreign underlying commodity without being exposed to the USD-ZAR exchange rate.
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Source: African Capital Markets
JSE ends week on fresh high
November 2, 2012--The JSE All Share [JSE:J203] index, the Top 40-(Tradeable) [JSE:J200] and industrial indices closed at fresh all-time highs on Friday, with platinums gaining the most on the day, while gold miners were the laggards, amidst lower metal prices on Friday.
This was due to a stronger US dollar after better-than-expected US employment figures‚ which could lead to the US Federal Reserve slowing its monetary easing policies.
US job growth accelerated in October‚ though the unemployment rate was slightly higher
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Source: FIN24
Rand tracks euro weaker
November 2, 2012--The rand tracked the euro weaker on Friday afternoon as better-than-expected US unemployment boosted the US dollar.
At 15:46‚ the rand was bid at R8.6825/$ from Thursday’s close of R8.6349. It was bid at R11.1581 to the euro from its previous close of R11.1756 and at R13.9172 against sterling from R13.9234 before.
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Source: FIN24
Richemont drives JSE to new record
November 1, 2012--The JSE's benchmark Top-40 index hit a new record high on Thursday led by Swiss luxury goods group Richemont [JSE:CFR] which surged after a ratings upgrade.
The index rose just over 0.3% to touch 33 131.44, topping its previous high of 33 129.06 set on Wednesday.
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Source: FIN24
Rand flat, awaits US data for direction
November 1, 2012--The rand is flat on Thursday afternoon as traders wait for US unemployment data for direction.
“The rand is range bound at the moment as everybody will be looking at the US unemployment data out later today. The rand has been affected by SA’s trade deficit‚ which widened more than expected. This and the recent rise in electricity prices puts pressure on the rand and it makes a rate cut this month highly unlikely‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.
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Source: FIN24
Falling yields mark a boom in Nigeria's bond market
November 1, 2012--Nigeria's debt market continues to boom with growing volumes in the local debt market and inclusion in the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) from 1 October as Africa's second entrant
after South Africa, Yesterday (31 Oct) the Debt Management Office (DMO – www.dmo.gov.ng) was reported by local newspaper This Day as saying it had received bids totaling NGN1.7 trillion ($10.8 billion) for Government debt in the 12 months to Sept 2012 and had issued a total of NGN852bn in debt over the period.
Nigeria has been tipped by many leading research houses and banks as one of the most promising African markets for local-currency debt, after strong performance for the naira (NGN) against the US dollar ($) and strengthening bond prices and falling yields.
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Source: African Capital Markets
Resources, gold shares prop up JSE
October 31, 2012--The JSE remained marginally firmer at noon, on course to end the month on a positive note, having chalked up more than 4% growth on the All Share [JSE:J203] and Top 40-(Tradeable) [JSE:J200] indices respectively.
At 12:42pm‚ the JSE all share index was up 0.19% at 37‚215.77 points‚ with the top 40 index edging up 0.18% to 33‚061.76. Gold counters lifted 0.85%
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Source: FIN24
Rand flat in quiet trade
October 31, 2012--The rand was flat in the late morning on Wednesday as traders awaited the latest South African trade data, due at 14:00, for direction.
“The rand is not doing anything at the moment; it is very quiet. Traders will be looking at the Reserve Bank’s September trade data for direction‚” said Tony van Dyk‚ a currency dealer from the Iquad Group.
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Source: FIN24
JSE turns positive in subdued trade
October 30, 2012--The JSE turned positive at noon, rebounding from the negative start to the session, amid some buying interests in some constituent sectors.
The value and volumes traded however remained below average due to the closure of US markets for a second day.
At 12:26‚ the JSE All Share [JSE:J203] index was up 0.18% to 37 060.47‚ with the Top 40 - (Tradeable) [JSE:J200] index nudging up 0.11% to 32 912.59. Banking and financial shares gained 0.61% and 0.34%‚ respectively.
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Source: FIN24
