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Bonds firm, CPI 'boosts' sentiment
October 19, 2011-- South African bonds were firm in noon trade on Wednesday. A local trader said: "The fact that CPI wasn't a bad number and there were no nasty surprises, improved sentiment - the rand also helping a bit. Guys are watching for retail figures a bit later."
Statistics SA (Stats SA) said on Wednesday, that the increase in South Africa's consumer price index (CPI), which is used by the SA Reserve Bank (Sarb) for its inflation target, was 5.7% year on year (y/y) in September, from 5.3% y/y in August.
The CPI for September was expected to tick up to 5.6% year on year (y/y), according to a survey of leading economists by I-Net Bridge.
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Source: FIN24
JSE down on Europe, China data
October 18, 2011--The JSE trailed global stocks weaker to trade in the red at noon on Tuesday, as European debt concerns and lower than expected growth in China weighed on investors' minds.
A local trader added that US futures were also trading weaker, pointing to a weaker open for US markets. Markets would also be watching earnings due out in the US later on Tuesday, the trader said.
Gold stocks, she noted, were "less under pressure" as they were "the more defensive stocks in these markets".
By 12:02 local time, the JSE All Share [JSE:J203] index fell 0.47%, with gold gathering 1.47%. Platinum miners shed 1.71% while banks fell 1.25%, and resources declining 1.07%. Financials lost 0.63%, and industrials were flat (0.09%).
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Source: FIN24
Doubts weigh on bonds, rand weakens
October 18, 2011--Yields on South African government bonds rose to their highest in more than a week on Tuesday after a weekly auction that saw investors dump the longer end of the curve ahead of a budget speech next week in which more issuance is expected to be announced.
The rand extended losses against the dollar to trade 1.3% weaker on the day and was the second-worst performer of 20 global emerging market currencies tracked by Reuters.
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Source: FIN24
Rand follows euro softer
October 17, 2011--The rand was softer against the dollar in noon trade on Monday as it tracked a weaker euro.
"The rand held up pretty well this morning and even hit 7.77 against the dollar, however, there has been a euro sell-off," a local currency trader said.
The rand would, however, continue to be news-driven, he added.
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Source: FIN24
Bonds firm in quiet trade
October 17, 2011--South African bonds remained firm in midday play on Monday. A trader noted that market conditions were "very quiet".
By 11:50, the benchmark R157 bond was trading at 6.665% from its previous close of 6.690%. The R207 was bid at 7.990% and offered at 7.985% from a previous close of 8.010% and the R186 was trading at 8.340% from its close of 8.375%.
The rand was bid at 7.8402 against the dollar from its previous close of 7.8175.
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Source: FIN24
SA’s place in Brics gets a boost
October 16, 2011--The JSE alliance with six stock exchanges in the Brics countries strengthens South Africans position within the group.
Last week, at the annual general meeting of the World Federation of Exchanges in Sandtonnes, the JSE announced that it and the other exchanges would in future work more closely to give investors greater access to emerging markets.
Every exchange would soon make available derivative instruments that track the leading indices of the others.
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Source: FIN24
JSE follows world markets up
October 14, 2011--The JSE closed up with Friday's trade following the US and European markets' positive performance.
A local trader said that he was a little surprised by the JSE's performance however he mentioned that chatter from Europe may have set the positive tone.
"There is talk that interest rates may be decreased in Europe. I think that's the big influence today."
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Source: FIN24
Bonds maintain firmer bias
October 14, 2011--South African bonds gained a few basis points in midday trade on Friday, as rand strength provided positive sentiment to the market.
By 11:50, the benchmark R157 bond was trading at 6.690% from its previous close of 6.740%. The R207 was bid at 8.030% and offered at 8.025% from a previous close of 8.070% and the R186 was bid at 8.385% and offered at 8.465% from its close of 8.420%.
The rand was bid at 7.8509 against the dollar from its previous close of 7.8799.
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Source: FIN24
Rand in a tight range in quiet trade
October 14, 2011--The rand traded in a narrow range in noon action on Friday as investors looked to square their positions moving into the weekend, and ahead of yet another eurozone meet, this time in Paris.
At 11:51 local time, the rand was trading at 7.8554 to the dollar from its previous close of 7.8799. It was trading at 10.8376 to the euro from 10.8229 before, and at 12.3845 against sterling from 12.4011 previously.
The euro was at $1.3800 from $1.3734 before.
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Source: FIN24
SA considers own metals exchange
October 14, 2011--South Africa is looking at establishing its own metals exchange as part of a wider government plan to extract more value from the country’s huge mineral wealth, much of which is exported as ore rather than being refined and processed locally.
In a speech this week, Mines minister Susan Shabangu stressed the importance of domestic metals exchanges in “extracting maximum socio-economic benefits” from mineral deposits.
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Source: FIN24
