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Rand weakens on trade deficit
September 28, 2012--The rand weakened in late afternoon on Friday after SA's trade deficit widened more than expected in August to R12.2bn.
At 15:23 local time‚ the rand was bid at R8.2827 to the dollar from R8.2192 at Thursday’s close. It was bid at R10.7044 to the euro from its previous close of R10.6139 and at R13.4101 against sterling from R13.3425 before.
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Source: FIN24
Bonds a tad softer in nervous trade
September 28, 2012--The South African bond market was slightly softer in nervous midday trade on Friday after the inflation linked bond (ILB) auction at 11am and ahead of the inclusion of SA government bonds in the World Government Bond Index (WGBI) at 5pm.
“Traders are nervous so we are seeing good two-way volumes. The I2038 saw good demand at the auction‚ but the Moody’s downgrade has dampened sentiment‚” a local bond trader said.
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Source: FIN24
JSE remains positive at close
September 27, 2012--The JSE share market closed higher on Thursday led by a rebound in mining counters after a bit of a bloodbath on Wednesday.
The recovery could be due to speculation of further monetary stimulus by Chinese authorities to bolster their economy‚ which would be good for world markets.
At 17:00 local time‚ the JSE all-share index was up 0.57% at 35 616.60 points‚ with resources recovering 1.53% and the gold mining index regaining 1.19%.
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Source: FIN24
Rand strengthens in late trade
September 27, 2012--The rand strengthened in the late afternoon as traders eye the potential effect of SA's inclusion in the World Government Bond Index (WGBI).
“The rand is firmer due to some positive sentiment at the moment due to SA’s inclusion in the World Government Bond Index‚” said Tony van Dyk‚ a currency dealer from the Iquad Group.
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Source: FIN24
Moody's downgrades SA
September 27, 2012-- Moody's downgraded South Africa's credit rating by one notch on Thursday, citing concerns about the government's ability to tackle economic problems as well as political jostling with the ruling ANC.
The drop to a Baa1 rating will likely spell higher borrowing costs for Africa's largest economy, reports AFP.
The main driver of the downgrade “is Moody’s lowered assessment of institutional strength to 'moderate' from 'high', an important factor in the rating agency’s judgment of a sovereign’s economic resiliency,” the rating agency said in a statement.
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Source: FIN24
Securities Africa Financial is new name for Nigerian SE stockbroker
September 26, 2012--Pan-African stockbroker and financial services firm Securities Africa (www.securitiesafrica.com) has acquired a Nigerian stockbroker, Skye Stockbrokers Limited, in June and this week it announced that it has successfully changed its name to Securities Africa Financial Limited.
The company has appointed Mr. Afolabi Folayan as Managing Director.
The stockbroker was previously owned by Skye Bank Plc and it was sold to Securities Africa Limited and local shareholders in compliance with a 2011 regulation by the Central Bank of Nigeria on universal banking. Securities Africa Financial Limited is a licensed member of The Nigerian Stock Exchange and regulated by the Securities & Exchange Commission of Nigeria. It has been busy with rebranding the company. Securities Africa Limited is an award-winning Pan-African financial services firm with offices throughout Africa, Asia, Europe and the Americas.
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Source: African Capital Markets
JSE stays weaker on mining stocks
September 25, 2012--General mining shares led a mild pullback on the JSE all-share index at noon on Tuesday, as SA equities played catch up with leading world markets following the public holiday in SA on Monday.
At 12:42 local time the JSE all-share index was down 0.42% at 36 055.52 points‚ with resources shedding 1.70% but banks lifting 0.88%.
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Source: FIN24
JSE closes lower,miners weigh
September 24, 2012--The JSE share market closed lower on Friday afternoon with platinum leading the downside followed by gold miners and resources amid quiet trade ahead of the long weekend, with Monday being a public holiday in SA.
At 17.00 local time‚ the JSE all-share index was down 0.42% at 36 206.33 points‚ with platinum miners shedding 1.47% and gold miners down 1.34%‚ whilst banks added 1.27%.
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Source: FIN24
Rand stays firmer in quiet trade
September 21, 2012--The rand exhibited a firmer bias in late trade on Friday ahead of the long weekend.
Monday is a public holiday in SA.
At 16:07 local time‚ the rand was bid at R8.2513 to the dollar from R8.30 at Thursday’s close. It was bid at R10.7192 to the euro from its previous close of R10.7681 and at R13.4215 against sterling from R13.4598 before.
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Source: FIN24
JSE flat but gold miners leap
September 19, 2012--The JSE share market closed flat (0.05%) on Wednesday off the intra-day all-time high, with gold miners leading the upside and platinum in the red.
“Gold miners were higher on the back of a higher gold price and further monetary stimulus out of Japan‚ while platinum started higher due to the end of the strike at Lonmin‚ but then drifted lower again‚” said Kevin Algeo‚ portfolio manager at Imara SP Reid.
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Source: FIN24
