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Rand in a range ahead of US jobs data
October 7, 2011--The rand flirted with the 8.00 level against the buck in midday trade on Friday, awaiting US payrolls data.
Michael Keenan, head of Forex Research at Standard Bank said he expected the rand to remain range bound ahead of the US jobs data, adding that holidays in both the US and Japan on Monday might also curb trading volumes.
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Source: FIN24
Bonds firm in quiet trade
October 7, 2011--South African bonds remained firmer in quiet midday trade on Friday ahead of key economic data due out in the US later in the day.
trading at 8.470% from its close of 8.510%.
By 11:55, the benchmark R157 bond was trade at 6.760% from its previous close of 6.800%. The R207 was bid at 8.150% and offered at 8.145% from a previous close of 8.160% and the R186 was trading at 8.470% from its close of 8.510%.
The rand was bid at 7.9926 against the dollar from its previous close of 7.9270.
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Source: FIN24
Rand falls against dollar
October 6, 2011-- The rand fell 1.2% against the dollar on Thursday after a survey pointed to a decline in domestic business confidence, and also tracking losses in the euro after the European Central Bank left interest rates unchanged.
The rand was at R8.0550/$ in afternoon trade, after briefly touching a session low of R8.0655/$ from Wednesday’s close at R7.97.
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Source: FIN24
SA's foreign exchange reserves dip
October 7, 2011--South Africa's net gold and foreign exchange reserves fell more than expected to $47.93bn at the end of September from $49.125bn in August, data from the Reserve Bank showed on Friday.
A Reuters poll last week showed the market was expecting net reserves to fall to $48.6bn in September.
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Source: AME Info
JSE extends rally on world stocks
October 6, 2011--The JSE extended gains in midday trade on Thursday, tracking the positive trend on global markets amid renewed hopes that the eurozone will contain debt crises within member states.
"I don't believe we are out of the bear market syndrome yet. But in the short term, I don't see any reason why we should drop further than we already have," said Ian Cruickshanks, market watcher at Nedbank Capital.
By 12:01 local time, the JSE All Share [JSE:J203] index had picked-up 1.61%, with Banks leading the way up 2.16%, resources lifting 1.90% and platinum miners gaining 1.46%. Gold lifted 1.11%, industrials were 1.37% higher, while financials generated 1.48%.
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Source: FIN24
Bonds firm on momentum from rand
October 6, 2011--South African bonds remained firmer in midday trade on the back of the stronger-looking rand.
By 11:50, the benchmark R157 bond was trading at 6.770% from its previous close of 6.820%. The R207 was bid at 8.125% and offered at 8.110% from a previous close of 8.150% and the R186 was trading at 8.460% from its close of 8.520%.
The rand was bid at 7.9768 against the dollar from its previous close of 7.9624.
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Source: FIN24
Zimbabwe FM positive about growth
October 6, 2011--Zimbabwe’s economy is projected to grow by up to 9% next year, driven by stronger farm output and mine exports, Finance Minister Tendai Biti said Wednesday.
"The economy is projected to grow by 7.8% to 9% in 2012, compared to a growth rate of about 9.3% in 2011," Biti said in a pre-budget statement to parliament.
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Source: FIN24
JSE comes off earlier highs
October 5, 3011--The JSE came off earlier highs at noon as the combination of a slightly firmer rand and Italy's bond ratings downgrade affected the market.
A local trader said that some shares with overseas exposure were taking a hit because of the volatile rand level. He said the rand was putting commodity prices under pressure.
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Source: AME Info
Bonds gain, rand firms against dollar
October 5, 2011-- - South African government bonds and the rand currency ended firmer on Wednesday, boosted after a minister said the government would keep a lid on spending and tracking gains elsewhere as global risk appetite picked up.
Deputy Finance Minister Nhlanhla Nene said Pretoria would let public debt rise to 40 percent of gross domestic product provided the spending was on investment, but would tighten the purse strings once debt reached those levels.
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Source: FIN24
SA to curb spending when debt at 40%/GDP
October 5, 2011-- South Africa would let debt rise to 40% of gross domestic product (GDP) if spending was on investment, but would then tighten the purse strings once debt reaches that level, Deputy Finance Minister Nhlanhla Nene said on Wednesday.
South Africa’s gross debt is expected to hit 43% in 2013/14 from around a third of GDP currently, but analysts are worried that large-scale unemployment may put pressure on the government to increase welfare spending.
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Source: FIN24
