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Bonds mixed in quiet trade
November 18, 2011--South African bonds were mixed in quiet midday trade on Friday. The R207s were a smidgen weaker while the R186s remained firmer on the rand.
By 11:50, the benchmark R157 bond was bid at 6.810%, unchanged from its previous close. The R207 was bid at 8.010% and offered at 8.015% from a previous close of 8.005% and the R186 was trading at 8.480% from its close of 8.470%.
The rand was bid at 8.1801 against the dollar from its previous close of 8.2074.
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Source: FIN24
Disappointing results dampen JSE
November 17, 2011--Disappointing figures from South African firms such as Impala Platinum and investment bank Investec put a dampener on stock prices, dragging the blue-chip top-40 index nearly 1% lower on Thursday.
Implats the world’s second-largest producer of the precious metal, reported a 12% drop in gross platinum production in the first quarter, mostly because of operational issues at third parties, while Investec posted a 2 percent decline in first-half earnings.
The Top 40 - (Tradeable) [JSE:J200] index closed 0.86% lower at 29 057.13 while the broader All Share [JSE:J200] was 0.72% weaker at 32 438.05.
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Source: FIN24
Rand lacks direction, tracking euro
November 17, 2011--The rand was relatively stable in midday trade on Thursday, lacking any clear direction from a listless euro.
At 11:26 local time, the rand was bid at 8.1502, to the dollar from its previous close of 8.1885 and barely off its morning levels. It was bid at 10.9932 to the euro from 11.0045 before, and at 12.8322 against sterling from 12.8567 previously.
The euro was at $1.3489 from $1.3437 previously.
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Source: FIN24
JSE ends flat, rand weakens
November 16, 2011--South African stocks ended flat on Wednesday with the weak rand supporting exporters and platinum miners such as Northam, which investors were starting to view as oversold.
Investors will be watching U.S. jobless claim figures that are due out on Thursday, and any news out or Europe for direction, said Ferdi Heyneke, portfolio manager at Afrifocus Securities.
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Source: FIN24
Bonds perk up on rand
November 16, 2011--South African bonds regained some composure and were a few basis points firmer in midday trade on Wednesday, as they tracked the stronger local currency.
By 11:50, the benchmark R157 bond was trading at 6.790% from its previous close of 6.820%. The R207 was bid at 7.970% and offered at 7.975% from a previous close of 8.010% and the R186 was trading at 8.440% from its close of 8.470%.
The rand was bid at 8.1673 against the dollar from its previous close of 8.1791.
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Source: FIN24
JSE follows west up
November 15, 2011--The JSE finished in the black on Tuesday following positive economic data from the west.
A local trader said: "There is a lot of talk of quantitative easing in the US and the lowering of interest rates globally.
Locally, the trader said the currency was giving markets a bit of a boost.
At 17:00 local time, the All Share [JSE:J203] index ended up 1.02%. Platinum climbed 2.32%, resources rose 1.65%, and gold collected 0.69%. Financials acquired 0.91%, banks lifted 0.76%, and industrials picked up 0.53%.
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Source: FIN24
Rand weakens further
November 15, 2011-- The rand weakened further against the buck in afternoon trade on Tuesday tracking a soft euro amid swelling concern over the debt plaguing the eurozone.
At 18:00 local time, the rand was bid at 8.1199 to the dollar from its previous close of 7.9998. It was bid at 11.0042 to the euro from 10.9031 before, and at 12.8534 against sterling from 12.7169 previously.
The euro was at $1.3550 from $1.3623 previously.
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Source: FIN24
JSE ticks higher, miners lead
November 14, 2011-- South African stocks gained marginally on Monday, led by Kumba Iron Ore and other mining firms while industrial group Barloworld rose 2.9% after full-year earnings beat estimates.
Many investors continued to seek guidance from Europe and were awaiting economic growth numbers due from several European countries on Tuesday.
Kumba was the biggest blue chip gainer, rising 2.7% while the Top 40 - (Tradeable) [JSE:J200] index added 0.3% to 28 968.93. The broader All Share [JSE:J203] index gained 0.25% to 32 343.89.
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Source: FIN24
Rand falls as risk appetite wanes
November 14, 2011--South Africa’s rand weakened against the dollar on Monday as nagging worries about euro zone debt came back into play, wiping out some of last week’s gains.
Government bonds also retreated, with local assets taking their cue from a weaker euro as new administrations in Italy and Greece failed calm fears over a crisis that has taken its toll on risk appetite in recent months.
The yield on the benchmark 2015 paper edged up two basis points to 6.69 percent while the yield on the 2026 bond added 4.5 basis points to 8.485 percent.
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Source: FIN24
Zambian Eurobond to test appetite for African debt
November 11, 2011--Zambia's planned $500 million Eurobond will be welcomed by investors eager to increase their exposure to frontier market debt but the timing, as yet unknown, will be crucial given the global environment, analysts say.
In its 2012 budget, announced on Friday, the Zambian government said it would press ahead with the previous administration's plans to launch a 10-year Eurobond. Finance Minister Alexander Chikwanda stressed the country, Africa's biggest copper producer, would manage its debt prudently.
"The external environment is driving a lot of considerations at the moment and therefore finding a window of opportunity in the market so the issuer can get the best possible terms will be a crucial factor," said Stuart Culverhouse, chief economist at Exotix.
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Source: Reuters
