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Bonds firmer in volatile trade
September 26, 2011--South African bonds were firmer in midday trade on Monday, which a trader attributed to "decent" demand amid volatile trading conditions.
By 11:50, the benchmark R157 bond was trading at 7.000%, from its previous close of 7.130%. The R207 was trading at 8.230% from 8.330% previously and the R186 was bid at 8.555% and offered at 8.555% from its close of 8.660%.
The rand was bid at 8.1448 against the dollar from its previous close of 8.0808.
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Source: FIN24
Rand pares back losses in volatile trade
September 26, 2011- The rand wiped out its earlier losses and briefly turned firmer against the dollar in volatile trade on Monday while government bonds also rose, but underlying weakness remains over concerns about eurozone debt.
The rand, which earlier fell as much as 2.8% to a session low of 8.3470 to the dollar, briefly rallied to around 8.1135 as hedge funds sold dollars to take some profits.
The rand was at 8.14 by 09:39, down 0.25% from Friday’s close at 8.12.
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Source: FIN24
JSE extends slide as miners walloped
September 26, 2011--South African stocks fell for the fourth straight session Monday, dropping 1.4% as a decline by Anglo American Platinum and other miners outweighed a mild rebound by retailers and other recently battered shares.
ArcelorMittal South Africa could open lower on Tuesday. The unit of the global steel maker said after the close of trade that a failure at its Newcastle facility has so far cost it R1.1bn.
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Source: FIN24
SA economic freedom ranking drops
September 23, 2011--South Africa has dropped five places to 87th out of 141 countries in a ranking of economic freedom.
"A decade ago South Africa ranked 39th, a slide of 48 places from the top 35% to the bottom 40% of the 141 countries measured," according to the Economic Freedom of the World: Annual Report 2011 released on Thursday night by the Free Market Foundation (FMF), a member of the Economic Freedom Network.
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Source: FIN24
JSE not convinced by G20 talk
September 23, 2011--The JSE tracked most global markets weaker in early Friday trade as reassurances by the G20 that they would do everything to avoid a deterioration in the eurozone debt crisis failed to lift market sentiment.
A local trader said Asia was down on the Dow sell off on Thursday.
"We have had a tentative start and we'll see if there's any more selling today in US markets," the trader said.
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Source: FIN24
Rand holds on to gains in volatile trade
September 23, 2011--The rand held on to its gains - made earlier against the dollar - in late afternoon trade on Friday in a volatile market, but still faced significant risks after hitting 8.4950 in overnight trade.
"Trade is thin and illiquid with a lot of winding up being done before the IMF meeting that takes place over the weekend," a local currency trader said.
"The rand could move to around 8.19 and through to 8.14 - we've just got to keep our eyes on what the euro does as any euro rally will see a firmer rand."
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Source:FIN24
Bonds continue to trend weaker
September 23, 2011--South African bonds were up to 9 basis points weaker in midday trade on Friday, as selling of local bonds continued.
By 11:50, the benchmark R157 bond was trading at 7.085%, from its previous close of 7.020%. The R207 was bid at 8.295% and offered at 8.275% from 8.185% previously and the R186 was trading at 8.650% from its close of 8.530%.
The rand was bid at 8.2647 against the dollar from its previous close of 8.4016.
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Source: FIN24
Hart: State infrastructure unaffordable
September 22, 2011--South Africa is building an infrastructure that is unaffordable, an economist said during a Black Management Forum debate in Cape Town on Thursday.
Chris Hart, an economist at Investment Solutions, said during the debate with Public Enterprise Minister Malusi Gigaba, that the government's enormous spending on infrastructure is leading the country towards an "infrastructure recession".
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Source: FIN24
Marcus warns of risks as rates kept flat
September 22, 2011--Reserve Bank governor Gill Marcus said SA economic growth is disappointing as the monetary policy committee (MPC) kept interest rates steady at 5.5%.
The MPC is, however, "concerned at the potential impact of the current global turmoil on domestic prospects and stands ready to act appropriately", she said.
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Source: FIN24
JSE hit hard in global selloff
September 22, 2011--South African stocks extended losses on Thursday, tumbling more than 3% as investors sold everything from luxury goods maker Richemont [JSE:CFR] to paper manufacturer Mondi [JSE:MND] on concerns over a global slowdown, after the US Federal Reserve warned of a grim outlook for the world's top economy.
The Top 40 - (Tradeable) [JSE:J200] index of blue chips was down 2.9% at 27 190.54 at 09:18 GMT, having earlier fallen more than 3%.
The broad JSE All-share [JSE:J203] index was down 2.7%.
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Source: FIN24
