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Eurozone jitters rock JSE, world stocks
October 20, 2011--South African stocks ended lower on Thursday, in line with global equities on resurgent worries about the eurozone debt crisis, with Mondi topping the decliners’ list after a broker downgrade.
Credit Suisse cut Mondi’s rating to “underperform” from “neutral”, citing a worsening demand outlook for the global paper industry.
In reaction, shares in the paper maker skidded 4.9% to R57.55, its biggest daily percentage decline in nearly a month.
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Source: FIN24
Bonds track rand weaker
October 20, 2011--South African bonds were mostly weaker in midday trade on Thursday, shadowing the local currency weaker.
By 11:50, the benchmark R157 bond was unchanged from its previous close, trading at 6.710%. The R207 was bid at 8.020% and offered at 8.005% from a previous close of 8.020% and the R186 was bid at 8.410% and offered at 8.405% from its close of 8.400%.
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Source: FIN24
Rand withers against dollar
October 20, 2011--The rand tumbled 2.5% to a two week low against the dollar on Thursday, falling quickly in the last hour of trading when stop losses were triggered above the 8.15 level by new complications over Europe’s debt problems.
The rand steadily weakened during the session but was heavily and rapidly sold off once it breached key support at 8.15. It extended losses all the way to 8.27 and dealers said 8.35, the previous low, was not far off the cards.
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Source: FIN24
JSE snaps two days of losses
October 19, 2011-- South African stocks ended slightly higher on Wednesday, snapping two days of losses, with Gold Fields [JSE:GFI] among the top gainers after boosting its quarterly output.
Overall, the stock market tracked global equities on revived hopes euro zone leaders will take major steps at a summit this weekend to tackle the region’s debt crisis.
The JSE Top 40 - (Tradeable) [JSE:J200] index was up 0.5% at 27 901.1 and the broader All Share [JSE:J203] index gained 0.46% to 31 197.35.
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Source: FIN24
Rand remains firmer against dollar
October 19, 2011-- The rand remained firmer against the dollar in noon trade on Wednesday as it tracked a euro that held on to gains ahead of this weekend's European summit.
"The local consumer inflation data had no effect on the rand as the figures came in more or less as expected," a market analyst said.
"There's a lot of uncertainty and volatility about the rand at the moment.
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Source: FIN24
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
