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Risk aversion drags down rand
July 15, 2011--The rand was weaker against the dollar in late afternoon trade on Friday on risk aversion, as markets anxiously awaited the results of stress tests on European banks and amid worries about the US debt ceiling.
"The rand still hasn't gone beyond R6.95/$ but it is exhibiting a weakening bias," Standard Bank forex analyst Michael Keenan said.
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Source: FIN24
Manufacturers call for action on rand
July 15, 2011--The persistently strong and volatile rand remains a major concern for manufacturers, according to the Manufacturing Circle's (MC) bulletin for the first quarter released on Friday.
The MC comprises 26 of SA's leading manufacturing companies, including Hulamin, PG Group, Consol Glass, PPC and Bell Equipment.
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Source: FIN24
JSE ignores US data to close down
July 14, 2011--The JSE ignored some positive data out of the US to close slightly lower on Thursday. JP Morgan Chase's earnings came in better than expected, but concerns over a possible downgrading of US bonds weighed on investors.
By 17:00 local time, the JSE All Share [JSE:J203] index fell 0.33%, with gold miners shedding 1.02%, resources losing 0.72% and industrials falling 0.18%. Platinum miners, however, rose 2.13%, while banks gained 0.46% and financials 0.11%.
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Source: FIN24
Bonds firm, but off day's best levels
July 14, 2011--South African bonds remained firm but were off the day's best levels in late trade on Thursday.
By 15:50, the benchmark R157 bond was trading at 7.460% from its previous close of 7.510%. The R207 was bid at 8.390% and offered at 8.370% from 8.400%, and the R186 was bid at 8.615% and offered at 8.590% from 8.625%.
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Source: FIN24
Gold miners shine at JSE close
July 13, 2011--The JSE ended over 300 points higher on Wednesday, buoyed by gold miners and positive news from China and the US.
By 17:00 local time, the JSE All Share [JSE:J203] index added 1.20%, with gold miners surging 4.69%, resources rising 1.66% and industrials adding 1.08%.
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Source: FIN24
Bonds mostly weaker on back of rand
July 13, 2011--South African bonds were mostly weaker in quiet late trade on Wednesday, which a trader said was on the back of the rand, which had lost some ground. The benchmark R157 was a touch firmer.
By 15:50, the benchmark R157 bond was trading at 7.515% from its previous close of 7.530%. The R207 was trading at 8.415% from 8.410%, and the R186 was trading at 8.635% from 8.610%.
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Source: FIN24
SA attracts slice of $30bn bond inflows
July 12, 2011-- Bond investors have poured $30bn into the main local debt markets of emerging Europe, Middle East and Africa in the first six months of 2011, up from $25.6bn in the same year-ago period, JPMorgan said on Tuesday.
The bank, which runs the most widely used GBI-EM benchmark indices for local currency emerging debt, said that strong inflows are continuing in July, indicating "a trend rebuilding of positions is underway" in the six regional emerging markets for which comprehensive data is available.
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Source: FIN24
JSE off lows despite eurozone woes
July 12, 2011-- The JSE had moved off its worst levels by midmorning on Tuesday amid some bargain hunting, but concerns over the financial state of countries in the euro zone, with Italy in direct focus, still weighed on the market.
By noon local time, the JSE All-share [JSE:J203] index lost 0.67%, with banks down 0.25% and financials off 0.49%. Industrials shed 0.39%. Platinum miners declined 1.40%, resources moved 1.07% lower and gold miners contracted 0.20%.
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Source: FIN24
Rand rebounds from 6-week low
July 12, 2011-- South Africa's bonds pared some earlier losses on Tuesday after softer-than-expected manufacturing data that suggested monetary policy may remain accommodative way into next year.
The rand also reversed some of its earlier losses after a fall to six-week lows of R6.9512/$ prompted exporters to sell some dollars.
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Source: FIN24
Buying activity fuels JSE recovery
July 11, 2011-- The JSE moved into positive territory by midday on Monday, fuelled by buyers in the market looking to prosper after Friday's sell-off.
By noon local time, the JSE All Share [JSE:J203] index added 0.03%, led by gold, 0.71% higher. Platinum miners, however, declined 0.94%, but resources recovered, adding 0.11%.
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Source: FIN24
