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Bonds mixed as curve steepens
August 31, 2011--South African bonds were mixed in midday trade on Tuesday, owing to a much steeper curve and poor liquidity in the market, according to a local trader.
By 11:48, the benchmark R157 bond was trading at 6.445% from 6.500% at the previous close. The R207 was bid at 7.635% and offered at 7.700% from 7.655% and the R186 was trading at 7.980% from a close of 7.925%.
The rand was bid at R7.0249 against the dollar from its previous close of R7.0700.
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Source: FIN24
Rand gains, breaks through key level
August 31, 2011--The rand gained over 1% against the dollar, breaching the key R7/$ figure in afternoon trade on Wednesday, following a higher close on the Johannesburg equity market.
The rand was at 7.0054 to the dollar in late afternoon trade, 0.91% firmer than its previous close in New York. It briefly touched a session high of R6.9932/$ as local stocks closed at their highest in four weeks and sentiment filtered to the rand, dealers say.
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Source: AME Info
JSE ends higher on consolidation
August 30, 2011--The JSE ended marginally higher on Tuesday as it consolidated following the previous day's strong performance.
The local exchange hovered along a flat line for most of the trading session after registering a 2.95% gain on Monday.
By 17:00 local time, the JSE All Share [JSE:J203] index was up 0.24% to 30,365.13 points. Gold stocks led the way with a 1.05% rise, while industrials picked up 0.59%, resources gained 0.37%, platium miners lifted 0.23%. Banks however, lost 1.01%, while financials shed 0.77%.
The rand was trading at 7.07 rand to the dollar, from 7.02 at the JSE's close on Monday.
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Source: FIN24
Bonds firm in late trade
August 30, 2011--South African bonds remained firm in quiet late trade on Tuesday. A bond trader said the GDP figure had been positive for bonds, as it indicated that the Reserve Bank would be inclined to keep rates lower for longer.
By 15:50, the benchmark R157 bond was trading at 6.480% from 6.550% at the previous close. The R207 was trading at 7.630% from 7.680% and the R186 was trading at 7.950% from 7.930%
The rand was bid at 7.0727 against the dollar from its previous close of 7.0443.
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Source: FIN24
SA's economic growth slows
August 30, 2011--South Africa’s economic growth slowed to 1.3% in the second quarter of 2011 on a seasonally adjusted and annualised basis, compared with a downwardly revised 4.5% expansion in Q1, data showed on Tuesday.
On an unadjusted year-on-year basis, the economy expanded by 3.0% from 3.5% in the first quarter.
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Source: FIN24
SA stocks go into orbit
August 29, 2011-- South African stocks went into orbit on Monday, tracking stronger global equity and commodity prices, and rising over 3% the highest intra-day rise in nearly three weeks.
The rand also advanced to a three-week high, gaining on a defensive dollar as risky assets enjoyed positive investor sentiment after the Federal Reserve left open the possibility of further monetary stimulus in the United States.
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Source: FIN24
Bonds remain on firm footing
August 29, 2011--South African bonds retained their firmer bias in late trade on Monday, tracking the strong local currency.
By 15:50, the benchmark R157 bond was trading at 6.535% from 6.585% at the previous close. The R207 was bid at 7.695% and offered at 7.665% from 7.705% and the R186 was trading at 7.910% from 7.965%
The rand was bid at 7.0533 against the dollar from its previous close of 7.1338.
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Source: FIN24
Treasury to apply twin peaks bank rules
August 29, 2011--The period for comment on the National Treasury's "twin peaks" model of financial regulation has expired and the proposals set out in the department's policy document released in February are being implemented, Ingrid Goodspeed, the Treasury's chief director of financial inclusion and market conduct, said on Monday.
Goodspeed was addressing delegates at a conference of the Compliance Institute of SA.
The twin peak model aims to improve the local financial sector's regulatory framework, where the SA Reserve Bank would act as the prudential supervisor while the Financial Services Board (FSB) regulates market conduct.
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Source: FIN24
Nationalisation: Malema ruling telling
August 29, 2011--The nationalisation debate in the mining industry will probably head into an entirely new direction when the dust settles over the disciplinary hearing of ANC youth leader Julius Malema and his mouthpiece, Floyd Shivambu.
Just a year ago Malema and the ANC Youth League (ANCYL) managed to get the ANC to appoint a commission to investigate possible nationalisation in the mining industry. Malema and the youth league want the state to nationalise 60% of all mining companies, without compensation.
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Source: FIN24
Rand, JSE get fillip from Bernanke
August 26, 2011-- The rand gained more than 1% against the dollar on Friday, tracking a rally in US stocks and topping the list of emerging market currencies tracked by Reuters.
The rand was trading at R7.1350/$ in early evening trade, 1.3% firmer than Thursday's New York close of R7.2325/$.
Government bonds also ended firmer, with yields falling across the curve.
The JSE closed in positive territory, rebounding from earlier losses.
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Source: FIN24
