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Rand steadies after losses, bonds gain
March 23, 2012--The rand was on track for its biggest weekly loss since mid-December on Friday as the local market scales back expectations of higher domestic rates this year.
Government bonds strengthened further, pushing yields lower, after consumer inflation came in less than expected this week, suggesting the Reserve Bank will have leeway to keep rates at their lowest level in 30 years for longer.
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Source: FIN24
West African Economic and Monetary Union (WAEMU): Staff Report on Common Policies for Member Countries
March 22, 2012--KEY ISSUES
The region faced a number of challenges in 2011, with the intensification of
the political crisis in Côte d’Ivoire and a large increase in global food and fuel prices early in the year, and a severe drought affecting the Sahel later on. As a result, regional
growth decreased sharply in 2011 and inflation spiked in early 2011.
Near-term outlook and risks. Growth is expected to rebound in 2012 with the
postcrisis recovery in Côte d’Ivoire. Risks to growth, however, are to the downside. The main risk is that the external environment weakens further, particularly in the euro area
if the debt crisis is not resolved quickly. With the euro area remaining the region’s largest trading partner, this could affect the region through trade, remittances, terms of
trade, foreign direct investment, and possibly aid.
Maintaining macroeconomic stability. Fiscal policies for 2012 strike an appropriate balance between addressing infrastructure needs and maintaining debt sustainability.
Monetary policy has been appropriate. A materialization of downside risks could require a monetary policy relaxation for the union and differentiated fiscal responses across member countries. The drought in the Sahel may also require a more active fiscal policy in the affected countries.
JSE ends in red on resources rout, Shoprite
March 22, 2012--South African stocks ended in the red for a third straight session on Thursday as concerns about Chinese growth hit miners and retailer Shoprite slid after it announced it would issue new shares and convertible bonds.
The blue-chip Top 40 - (Tradeable) [JSE:J200] index fell 1.09% to 29 697.66, extending Tuesday’s losses. The market was closed on Wednesday for a public holiday.
The Top-40’s break below the key 30 000 level where it has been getting strong support is a negative signal which could herald further decline. The broader All Share [JSE:J203] index ended down almost one percent at 33 550.89.
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Source: FIN24
SA bonds rally but rand weakens sharply
March 22, 2012--South Africa's government bonds rallied on Thursday after domestic inflation surprised the market to the downside, backing the case that the Reserve Bank might not have to increase interest rates after all this year.
The rand extended losses against the dollar, however, and was also weaker versus the euro, partly on dented prospects for higher rates and also in tandem with weaker commodity currencies elsewhere as worries about the global economy resurfaced.
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Source: FIN24
JSE ends in the red on China growth jitters
March 20, 2012--South African shares wilted on Tuesday on renewed concerns about China's growth outlook, with resource stocks-including Anglo American- leading the wider market down.
The blue-chip Top 40 - (Tradeable) [JSE:J200] index fell 1.21% to 30 026.43. The broader All Share [JSE:J203] index ended down about 1% at 33 878.56.
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Source: FIN24
Rand falls over 1%, bonds sold off
March 20, 2012--South Africa's rand fell more than one percent against the dollar on Tuesday, breaking a 3-day advance and ending as the weakest performer in a basket of 20 emerging market currencies as the greenback rallied and concern about Chinese growth hit commodity currencies.
Government bond prices fell sharply, pushing yields to their highest levels since mid-December as the market saw it as highly likely the Reserve Bank would resume monetary tightening by yearend.
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Source: FIN24
SA stocks flat as banks sink
March 19, 2012--South African stocks ended flat on Monday, as banking stocks like Absa followed European peers down on renewed Greek jitters, while Anglo American Platinum (Amplats) jumped after Deutsche Bank said it stood to "unlock significant value."
The blue-chip Top 40 - (Tradeable) [JSE:J200] index was barely changed, edging down 0.01% to 30 395.53. The broader All Share [JSE:J203] index ended down 0.02% at 34 214.07.
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Source: FIN24
Bonds very quiet, shrug off data
March 19, 2012--Bonds remained extremely quiet at midday on Monday, shrugging off the release of current account data contained in the Reserve Bank's latest quarterly bulletin.
This is a four-day trading week for SA, with markets closed on Wednesday for the Human Rights Day holiday.
At noon, the benchmark R157 bond was bid at 6.850% and offered at 6.830% from its previous close of 6.825%. The R207 was bid at 7.930% and offered at 7.900% from a previous close of 7.900% and the R186 was bid at 8.435% and offered at 8.405% from its close of 8.400%.
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Source: FIN24
SA deficit narrows in Q4
March 19, 2012--South Africa's current account deficit narrowed to 3.6% of gross domestic product (GDP) in the fourth quarter of 2011 from a revised 4.1% in the third quarter, helped by lower dividend payments to non-residents.
However, in its March Quarterly Bulletin, released on Monday, the Reserve Bank said the current account shortfall for the whole of 2011 widened to 3.3% of GDP from 2.8 % in 2010, largely due to a sharp deterioration during the second quarter.
