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South Africa-Economy grows 3.2%
February 28, 2012--South Africa's economy expanded to a growth rate of 3.2% in the fourth quarter of 2011, Statistics SA said on Tuesday.
This was up from a revised 1.7% in the previous quarter, said Gerhardt Bouwer, executive manager national accounts at Statistics SA in Pretoria.
The largest contributors to growth were the trade industries: wholesale, retail and motor, catering and accommodation.
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Source: FIN24
JSE ends weaker, led by banks
February 27, 2012--The JSE finished the session weaker on Monday, pulled down by profit taking among banking shares following their strong run last week.
On the macroeconomic level, inflationary effects of elevated oil prices sent global stock markets, including the local bourse, into negative territory, said Nick Kunze, head of dealing at BJM Private Clients Services.
At 17:00, the JSE All Share [JSE:J203] index was down 1.14% to 33 871.32 points, with banking stocks coming off 2.12%, platinums shedding 1.92% and resources losing 1.76%.
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Source: FIN24
Rand ends softer as risk appetite fades
February 27, 2012--The rand remained softer against the dollar in late afternoon trade on Monday as it tracked a euro that had been hit by concern over obstacles to Greece's bailout programme.
"Considering all of this, the rand hasn't done too badly today in a relatively lacklustre session," a local currency trader said.
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Source: FIN24
SA growth seen quickening
February 27, 2012--South Africa's economic growth is likely to have accelerated in the fourth quarter of last year, driven mainly by higher consumer demand boosted by lower interest rates, a Reuters poll showed on Monday.
Higher wages, the addition of new jobs and a slashing of interest rates by a cumulative 650 basis points have boosted demand in Africa's largest economy, although economic recovery remains hesitant after a recession in 2009.
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Source: Reuters
Num to mull nationalisation report
February 27, 2012--The National Union of Mineworkers (Num) will examine the consequences of the proposals in the ANC's nationalisation report, general secretary Frans Baleni said on Monday.
The National Union of Mineworkers (Num) will examine the consequence..
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Souce: FIN24
Bonds receive boost from strong rand
February 24, 2012--Having enjoyed a brief respite during the morning session after what has been a particularly busy week, South African bonds gathered some momentum in midday trade on Friday on the back of a strong rand.
At 11.45, the benchmark R157 bond was trading at 6.630%, from its previous close of 6.665%. The R207 was bid at 7.770% and offered at 7.740% from a previous close of 7.780% and the R186 was bid at 8.250% and offered at 8.245% from its close of 8.290%.
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Source: FIN24
JSE ends in black
February 24, 2012--Banks posted an over 2% gain on Friday afternoon, helping the JSE to close in positive territory on Friday.
At 17:00, the JSE All Share [JSE:J203] index had added 0.45% to 34 260.76 points, with banks garnering 2.38%, financials lifted 1.39%, and platinum miners jumped 0.91%. Industrials edged up 0.36%.
Gold miners shed 0.49%, while resources were flat (-0.01).
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Source: FIN24
Rand firmer as euro hits highs
February 24, 2012--The rand remained firmer against the dollar in late afternoon trade on Friday as it tracked a euro that had earlier hit multi-month highs against the greenback and other major currencies.
"Risk is on ahead of the European Central Bank's refinancing operation next week," a local rand trader said.
At 15:49 local time, the rand was bid at R7.5985 to the dollar from its previous close of R7.6552.
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Source: FIN24
Stocks up as Steinhoff surges
February 23, 2012--South African stocks rose 0.38% on Thursday as shares of Africa's largest furniture retailer Steinhoff surged after it said it expects sharply higher H1 earnings and plans to list its European unit.
Shares of FirstRand, South Africa's second-largest bank, shot up 3.3% after it said it expects an increase in first-half earnings, further lifting sentiment about corporate earnings in Africa’s largest economy.
"Steinhoffs had a significant impact on trade," said Investec head of stockbroking in Johannesburg Bernhard Grobler.
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Source: FIN24
Rand gains but bonds extend losses
February 23, 2012-South Africa's rand gained against the dollar on Thursday, taking its cue from a euro that hit multi-week highs on German data that eased concerns about growth in the euro zone.
Government bonds extended losses, still smarting from supply worries as the market was unconvinced that government’s narrower budget deficit targets in Wednesday’s budget were realistic.
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Source: FIN24
