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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
Stocks dip on growth worries, rand falls
October 3, 2012--Emerging stocks dipped on Wednesday and the commodity-focused rand hit four-week lows after weak Chinese and Australian data raised global growth concerns.
China's official services PMI slowed to 53.7% in September from 56.3 in August, highlighting the economy's seventh straight quarter of slowdown, while Australia posted weak export data. Chinese markets were closed for holidays.
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Source: FIN24
Bonds firm on foreign buying
October 3, 2012--The South African bond market was firm in afternoon trade on Wednesday despite a weaker rand as some foreign demand kicked in.
"Although the rand has moved above R8.40 per dollar‚ we have seen some foreign demand for inflation-linkers [where principal sums are indexed to inflation and hence are designed to cancel the capital-eroding effects of inflation]‚ which do not normally attract foreign interest. This may mean that investors are looking for safe havens in emerging markets given the poor prospects for the eurozone ‚” a local bond trader said.
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Source: FIN24
FTSE and Nairobi Securities Exchange Launch Groundbreaking Kenyan Government Bond Index
October 3, 2012--FTSE Group ("FTSE"), the award winning global index provider, and the Nairobi Securities Exchange (NSE) today announced the launch of the FTSE NSE Kenyan Shilling Government Bond Index,
the world’s first independently calculated benchmark index tracking the principal Kenyan government bond market.
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Source: FTSE
SA stocks end flat as miners lose ground
October 2, 2012--South African stocks ended flat on Tuesday, as sharp losses in strike-hit mining companies such as Anglo Platinum offset big gains by Mr Price and other retailers.
Retailers, among the top performer on the benchmark index so far this year, gained between 2% to 3%, powered by optimism about African expansion and as investors bet interest rates are likely to stay low, bolstering consumer spending.
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Source: FIN24
Rand recovers on Marcus' comments
October 2, 2012--The rand strengthened in the afternoon on Tuesday as traders react to Reserve Bank governor Gill Marcus' comments about the South African economy.
"The rand remains under pressure; it lost ground against the US dollar but is currently off of its weaker levels.
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Source: FIN24
Bonds firm after SARB comments
October 2, 2012--The South African bond market firmed in afternoon trade on Tuesday after South African Reserve Bank (Sarb) governor Gill Marcus said policy makers should "adjust the policy stance".
“The speculation that the Sarb will follow the lead of the Reserve Bank of Australia in cutting rates has gained momentum after the governor’s comments‚” a local bond trader said.
At 15:52‚ the benchmark R157 bond was trading at 5.340% from 5.440% at Monday’s close and 5.370% at Friday’s close. The R207 was bid at 6.415% and offered at 6.385% from its previous close of 6.505%‚ and the R186 was trading at 7.490% from 7.555% at its previous close.
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Source: FIN24
Resources lead JSE higher
October 1, 2012-- The JSE all share index made good gains on Monday, with resources and industrial counters helping the index advance, kicking off the fourth quarter on a good note.
The JSE all-share index [JSE:203] closed up 1.43% at 36 269.27 points‚ with the resources index [JSE:210] souring 2.77% and industrials [JSE:211] 1.06% firmer.
The gold price reached its highest level since November last year on Monday‚ after the president of the Federal Reserve Bank of Chicago said the central bank's bond-buying programme would likely continue through next year.
