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Rand firmer after US data
March 16, 2012--The rand was firmer against the dollar in late afternoon trade on Friday after the release of lower-than-expected US February CPI data that was viewed as positive for risk currencies.
"It's been a lacklustre and quiet session so far and the week has been the same," a local currency trader said.
"I'm a bit sceptical about the response to the US CPI data because of the price of gold.
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Source: FIN24
JSE retreats from two-day gains
March 15, 2012--South African stocks edged down on Thursday, as shares of Assore and other commodities firms were hit by concerns of overheated valuations, while Investec slumped after it said it expected lower full-year earnings.
Shares of media and e-commerce firm Naspers jumped for a second day, hitting a record high, after Chinese internet giant Tencent Holdings Ltd, in which Naspers holds a 30% stake, posted a rise in fourth-quarter net profit.
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Source: FIN24
Bonds weak despite firm rand
March 15, 2012--South African bonds remained weak, despite a firmer rand, in midday trade on Thursday.
"We are still licking our wounds after Wednesday's foreign sell-off. It just shows how linked-in we are with the rest of the world, as our weak retail sales should normally have been bond-positive," a domestic bond trader said.
At 11:55, the benchmark R157 bond was trading at 6.860% from its close of 6.830%. The R207 was bid at 7.930% and offered at 7.900% from a previous close of 7.920% and the R186 was trading at 8.440% unchanged from its previous close.
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Source: FIN24
JSE up for second day on US outlook
March 14, 2012--South African stocks rose for a second straight day on Wednesday as a slightly brighter outlook for the US economy from the US Federal Reserve boosted shares of resource firms like Lonmin and Kumba Iron Ore.
Shares of Naspers closed 2.83% higher at R418.50 ahead of a futures close-out and after China’s Tencent - of which the South African media and e-commerce
firm owns some 30% - posted a jump in fourth-quarter profit.
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Source: FIN24
Rand slides after retail sales data
March 14, 2012--The rand slid against the dollar in late afternoon trade on Wednesday after worse than expected local retail sales data as well as strong support for the greenback against the euro following remarks made yesterday by the Federal Open Market Committee (FOMC).
"The weaker euro and the bad retail sales data are the culprits when it comes to the rand," Anton Grobbelaar, managing director of Peritus Forex Solutions, said.
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Source: FIN24
Rand slides after retail sales data
March 14, 2012--The rand slid against the dollar in late afternoon trade on Wednesday after worse than expected local retail sales data as well as strong support for the greenback against the euro following remarks made yesterday by the Federal Open Market Committee (FOMC).
"The weaker euro and the bad retail sales data are the culprits when it comes to the rand," Anton Grobbelaar, managing director of Peritus Forex Solutions, said.
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Source: FIN24
South African gold production continues to plunge
March 13, 2012--Once the world's biggest gold producer by a huge margin, South Africa's gold production is continuing to dive with an 11.3% fall year on year in January, following an 8.2% drop in December.
South Africa, only a couple of decades ago the world's largest producer of gold by a huge margin, but recently overtaken by China, Australia and the U.S., and in danger of being overtaken by Russia, has seen the decline continuing according to Statistics SA.
The state statistical body's report on South Africa's mine production in January this year sees an overall decline year on year for all metals and minerals of 2.5%, but in the gold sector the decline was a massive 11.3%, more than even that in December when gold output fell by 8.2%
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Source: Mineweb
Platinum gives SA stocks a boost
March 13, 2012--South African stocks bounced back on Tuesday led by resource stocks such as Lonmin and African Rainbow Minerals as platinum rallied for a fifth day in a row and following encouraging confidence data from Germany.
German analyst and investor sentiment jumped in March to its highest level since June 2010, confirming hopes that Europe’s largest economy has recovered from a weak patch.
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Source: FIN24
Bonds remain strong after auction
March 13, 2012-- South African bonds retained their firm stance in midday play on Tuesday, after a well-bid government auction.
At its weekly auction, the National Treasury received bids totalling R1.88bn rand for R700m worth of R203 bonds at a clearing yield of 7.190%, and bids totalling R2.04bn rand for R700m worth of R208 bonds at a clearing yield of 7.780% and bids totalling R2.42bn for R700m worth of R209 bonds at a clearing yield of 8.700%.
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Source: FIN24
Cape wind optimal for electricity
March 13, 2012--The Cape region of South Africa is a potential hot-spot for wind farms as the country explores alternatives to coal-based energy, the energy department said on Tuesday.
Deputy Minister for Energy, Barbara Thompson said: "Wind is one of many resources our country is endowed with... It's our quest to ensure energy security for this country."
The Western Cape and parts of the Northern and Eastern Cape, had ideal wind speeds of 4m/s or more, according to the just-launched verified numerical wind atlas.
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Source: News24
