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Rand reverses losses against dollar
November 8, 2011--The rand reversed earlier losses against the dollar on Tuesday and looked set to close stronger in New York for the first time in three days as optimism that countries in the eurozone are dealing with their debt problems boosted overall risk sentiment.
Government bonds also latched on to the gains, pushing yields sharply lower as foreigners ventured back into local debt which still offers relatively higher returns than those in more developed countries.
The rand came off a session low of 7.98 to the greenback and was trading at 7.8675 by 1543 GMT, up 0.82 percent from Monday’s close.
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Source: FIN24
Bonds firmer after auction
November 8, 2011--South African bonds were firmer in midday trade on Tuesday, after a well-bid government auction.
At its weekly auction, the National Treasury received bids totalling R4.24bn for R1.1bn worth of R207 bonds at a clearing yield of 7.790%, and bids totalling R3.02bn for R1bn worth of R186 bonds at a clearing yield of 8.280%.
By 11:50, the benchmark R157 bond was trading at 6.420% from its previous close of 6.450%. The R207 was trading at 7.830% from a previous close of 7.820% and the R186 was at 8.250% from its close of 8.290%.
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Source: FIN24
SA 'unlikely to meet development goals'
November 8, 2011--South Africa is unlikely to meet its development goals on its current path, the Development Bank of Southern Africa (DBSA) said on Monday.
"The DBSA’s analysis suggests that, on our current path and capacity, many of our country’s development goals are unlikely to be met," the DBSA said in a statement on its Development Report 2011, Prospects for SA's Future.
Those goals related to employment, reindustrialisation, skills development and climate change
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Source: FIN24
JSE bucks global trend to end higher
November 7, 2011--South African stocks surged more than 2% on Monday, buoyed by a last-minute short covering on mixed news out of Europe, while gold miners such as Harmony Gold were lifted by stronger bullion.
Shares of Vodacom, the South African unit of Vodafone,, bucked the trend, ending down 0.8 percent after it cautioned second-half growth was likely to slow.
Talk that Italian Prime Minister Silvio Berlusconi could resign, which was subsequently denied, helped lift European shares and sent Johannesburg investors scurrying to close out short positions at the end-of-trade auction.
“It was a big short squeeze here,” said Devin Shutte, a trader at Newstrading.
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Source: FIN24
Bonds weaker on softer rand
November 7, 2011-- South African bonds were a few basis points weaker in midday trade on Monday, on the back of the weaker rand.
By 11:50, the benchmark R157 bond was trading at 6.450% from its previous close of 6.435%. The R207 was bid at 7.840% and offered at 7.835% from a previous close of 7.800%, and the R186 was trading at 8.300% from its close of 8.275%.
The rand was bid at 7.9747 against the dollar from its previous close of 7.8966.
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Source: FIN24
SA's foreign exchange reserves up
November 7, 2011--South Africa’s net gold and foreign exchange reserves edged up to $49.221bn at the end of October from $47.93bn in September, data from the Reserve Bank showed on Monday.
A Reuters poll last week showed the market was expecting net reserves to rise to $48.66bn in October.
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Source: FIN24
Standard Bank Group facilitates Namibian government's landmark US$500m Eurobond
November 4, 2011--Standard Bank Group (SBG) has partnered the Namibian government in the issue of its debut US$500-million, 10-year Eurobond, as sub-Saharan sovereigns increasingly tap into international capital markets.
Namibia's 144A/RegS benchmark sovereign bond issued on 27 October 2011 carries a coupon of 5.5% and is rated Baa3 by Moody's and BBB- by Fitch. This new issue for the Republic of Namibia is only the sixth benchmark sovereign bond to come to market from Sub-Saharan Africa (excluding South Africa) in the past few years.
Standard Bank Group and Barclays Capital served as joint book-runners on this landmark transaction.
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Source: Standard Bank
SA stocks log worst week in months
November 4, 2011--South African stocks wrapped up a turbulent week, with losses on Friday and their biggest weekly fall since early August as doubts about Europe’s bailout plan hit shares worldwide.
But Anglo American [JSE:AGL] was in focus after the global miner unveiled a $5.1bn deal to take control of diamond giant De Beers.
The JSE Top 40 - (Tradeable) [JSE:J200] blue chip index fell 1.03% to 28 553.6, bringing this week’s losses to 3.4%, the biggest weekly fall since the week ending August 5. The broader All Share [JSE:J200] index lost 0.92% to 31 917.02.
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Source: FIN24
Steady rand awaits US payrolls data
October 4, 2011--The rand remained on the front foot in noon trade ahead of ever crucial US October payrolls data.
At 11:57 local time, the rand was trading at 7.8345 to the dollar from its previous close of 7.8471. It was trading at 10.8415 to the euro from 10.8506 before, and at 12.5401 against sterling from 12.5837 previously.
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Source: FIN24
SA business confidence dips
November 3, 2011--South Africa’s business confidence index dipped for the fourth month in a row to 97.5 in October from 98.4 in September, weighed down in part by a volatile exchange rate, the South African Chamber of Commerce and Industry (Sacci) said on Thursday.
The depreciation of the weighted rand exchange rate and its volatility are cause for concern,” said Sacci, adding that higher producer inflation and lower share prices were also a worry
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Source: FIN24
