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JSE ends positive, gold miners dim
October 10, 2012--South African shares turned positive for the first time this week but Gold Fields and other bullion mining firms took a beating from a recovery in the local currency.
Absa, the South African bank majority owned by Barclays, fell 2.8% to R134.60. A black investment group said it had sold a 3.4% stake in the bank.
The Top 40 - (Tradeable) [JSE:J200] index gained 0.21% 32 008.14 and the All Share [JSE:J203] went up by a similar margin to 36 147.62.
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Source: FIN24
Rand slightly firmer
October 10, 2012--The rand remained relatively firm at noon, pulling further away from its three-and-a-half year weakest point against the US dollar reached on Monday due to labour strife.
At 11:45am‚ the rand was bid at R8.7116 to the dollar from Tuesday’s close of R8.74513‚ Monday’s worst level of R8.9945 and Monday’s close of R8.8855.
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Source: FIN24
JSE extends losses as rand turns course
October 9, 2012--South African stocks extended losses on Tuesday as a slightly firmer local currency helped reverse the gains made by so-called rand hedges like British American Tobacco.
South African Breweries, to which many investors also fled in the previous session as the rand weakened, unwound over 3% to R374.33.
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Source: FIN24
Rand tumbles to near R9/dollar
October 9, 2012--The rand fell more than 1.9% against the dollar on Monday to another three-and-a-half year low as strikes that have hit output in the mining sector continued to hurt sentiment.
The rand fell to R8.97 to the dollar, its weakest level since April 2009, according to Reuters data, compared to Friday’s close at R8.79.
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Source: FIN24
JSE down on financials, resources
October 8, 2012--The JSE was lower in Monday morning trade after touching fresh intraday highs on Friday, with the financials and resources weighing on the bourse.
At 9:20am the JSE All Share [JSE:J203] index was 0.82% softer at 36‚286 points‚ while the Top 40 - (Tradeable) [JSE:J200] index had shed 0.91% to 32‚067 points.
Financials were down more than 1% and resources dropped 1%.
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Source: FIN24
JSE edges closer to fresh peak
October 5, 2012--The JSE stock market edged closer to a fresh peak at noon, powered by the resources sector, which benefited from rand weakness.
The local unit slid to its lowest point in more than three years against the US dollar amid continued labour unrest in SA.
At 12:44pm‚ the JSE All Share [JSE:203] index was up 0.89% at 36‚591.84 points‚ while the Top 40 - (Tradeable) [JSE:J200] index was up 1.10% at 32‚358.02 points after earlier rallying to a fresh record level.
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Source: FIN24
Rand hammered to 3-1/2 year lows
October 5, 2012--South Africa's rand extended losses against the dollar to 2.6% on Friday,
plumbing a 3-1/2 year low as investors dumped local assets on worries about the impact of illegal strikes sweeping Africa's biggest economy.
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Source: FIN24
Financials, resources boost JSE
October 4, 2012--The JSE stock market ended in positive territory on Thursday, boosted by the relief bounce in the resources sector, and financial shares.
Better-than-expected US labour data added to the upbeat market mood.
At 5pm‚ the JSE All Share [JSE:J203] index ended 0.41% higher at 36 268.96 points‚ with financials lifting 0.57%‚ resources recovering 0.40% but the platinum index easing 0.86%.
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Source: FIN24
Strikes dent rand
October 4, 2012--The rand sank this week to within sight of three-year lows against the dollar as a wave of strikes spread beyond the mining sector, threatening the biggest industrial crisis since the end of apartheid.
After two months of violent labour unrest in the platinum and gold mines, Japanese car giant Toyota said on Thursday its Durban plant had fallen victim to the wildcat strikes that are shaking Africa's biggest economy only three months before an ANC leadership election.
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Source: FIN24
Despite Global Slowdown, African Economies Growing Strongly-New Oil, Gas, and Mineral Wealth an Opportunity for Inclusive Development
October 4, 2012--Sub-Saharan Africa is expected to grow at 4.8 percent in 2012, broadly unchanged from the 4.9 percent growth rate in 2011 and largely on track despite setbacks in the global economy, according to the World Bank's new Africa's Pulse, a twice-yearly analysis of the issues shaping Africa's economic prospects.
Excluding South Africa, the continent’s largest economy, growth in Sub-Saharan Africa is forecast to rise to 6 percent. African exports rebounded notably in the first quarter of 2012, growing at an annual pace of 32 percent, up from the -11 percent pace recorded in the last quarter of 2011.
African countries have not been immune to the recent bout of market volatility stemming from the Euro Area crisis, as well as the growth slowdown that is occurring in some of the largest developing economies, in particular China, which remains an important market for Africa’s mineral exporters.
view the Africa’s Pulse analysis
Source: World Bank
