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Rand retreats after hitting high
January 18, 2012--South African government bonds firmed on Wednesday, bringing yields down across the curve as the market trimmed its rate increase expectations after softer-than-expected data.
Inflation came in lower than expected at 6.1% year-on-year in December. Purchasing managers' index (PMI) data indicated the manufacturing sector was still sluggish, while retail sales data suggested consumer spending was not growing as fast as previously anticipated.
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Source: FIN24
JSE rises, eyes record high
January 16, 2012--South African stocks gained on Monday, with the All Share [JSE:J203] index hitting a record close as investors shrugged off a ratings outlook downgrade last week and focused on buying back oversold shares such as MTN .
The All Share closed 0.84% higher at 33 205.01, a mere 130 points from an all-time high of 33 334.55 hit 11 months ago. The blue-chip Top 40 - (Tradeable) [JSE:J200] added over 1% to 29 639.19.
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Source: FIN24
Rand recovers from rating hit
January 16, 2012--The rand firmed against the dollar on Monday as exporters took the chance to sell dollars after a sharp fall for the local currency in the previous session due to ratings agency Fitch’s downgrade of its outlook for the country.
The rand was trading at 8.0880 against the dollar at 15:15 GMT, 0.46% firmer than Friday’s New York close of 8.1250. It hit a one-week low of 8.2249 on Friday after Fitch’s statement.
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Source: FIN24
Rand tumbles as Fitch revises SA outlook
January 13, 2012--The rand lost 1.5% against the US dollar in late trade on Friday, falling quickly after Fitch ratings agency revised the country’s outlook to negative from stable.
The rand dropped to R8.1680/$ just after the outlook announcement, which came a few minutes after reports emerged in Europe to suggest some eurozone countries might be downgraded later in the session - hitting risk appetite.
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Source: FIN24
JSE slips on Fitch downgrade
January 13, 2011--South African stocks retreated on Friday after the Fitch rating agency cut the country’s outlook to negative from stable, while weaker global markets also dampened sentiment.
Fitch said it downgraded the outlook for the economy because it had seen limited progress on several long-standing structural issues, including unemployment, that have caused the country’s economic performance to fall behind its peers.
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Source: FIN24
Fitch downgrades SA outlook
January 13, 2012--Fitch cut South Africa’s rating outlook to negative from stable on Friday, saying it had seen limited progress on several long-standing structural issues that have over time caused the country’s economic performance to fall behind its peers.
The rand fell 1.5% against the dollar after the move, while South Africa’s 5-year credit default swaps rose 10 basis points.
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Source: FIN24
Banks lead SA stocks higher
Janaury 12, 2012--South African banks such as fourth-largest lender Nedbank followed their European counterparts to close higher after a successful Spanish bond auction generated market optimism and buoyed stocks on Thursday.
Spain raised €10bn earlier on Thursday, twice as much as planned at lower yields. Italy also fared well, paying less than half what it did a month ago to sell one-year bills.
“A good bond auction like that is the main reason for our market picking up initially,” said Byron Lotter, a portfolio manager at Vestact Asset Management.
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Source: FIN24
Factory data helps rand to 5-week high
January 12, 2012--The rand rallied to a five-week high against the dollar on Thursday, breaking through resistance levels as manufacturing data signalled improved economic growth.
Rising risk appetite globally, underpinned by solid Spanish and Italian bond auctions, also supported the rand.
The unit gained 0.4% after the better-than-expected manufacturing data, raising hopes that economic growth in the last quarter of 2011 might have improved from 1.4% quarter-on-quarter growth in the third quarter
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Source: FIN24
SA stocks snap three-day winning streak
January 11, 2012--South African stocks pulled back from a four-week high on Wednesday and ended a three-day winning streak on renewed worries about eurozone debt crisis, but the benchmark index remained within range of its lifetime high.
The benchmark JSE Top 40 - (Tradeable) [JSE:J200] blue-chip index was down 0.7% at 29 276.38, not far from its 30 197.81 record high hit almost a year ago. The broader All Share [JSE:J203] index gave up 0.58% to 32 827.05.
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Source: FIN24
Miners lead JSE to 4-week closing high
January 10, 2012--South African stocks rose for a third straight trading day on Tuesday, pushing the benchmark index to its highest closing level in a month as a rebound in metal prices bolstered miners.
The benchmark JSE Top 40 - (Tradeable) [JSE:J200] blue chip index was up 0.85% to 29 481.51 for its highest closing level since December 7. The broader All Share [JSE:J203] index improved 0.75% to 33 020.16.
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Source: FIN24
