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Rand edges lower on global gloom
June 8, 2011--The rand fell against the dollar on Wednesday as importers bought foreign exchange, with bonds following suit and stocks also weakening again on continued worries about the global economic outlook.
The unit was off one-month highs of R6.6750/$ hit on Monday, and was seen rangebound as market players are hesitant to take significant positions given the uncertainty about the global recovery
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Source: FIN24
JSE closes up on bargain-hunting
June 7, 2011--The JSE ended stronger on Tuesday as investors embarked on bargain-hunting, indicating that the market is oversold.
The market overreacted to bad US economic data, especially US housing and unemployment figures, said Drikus Combrinck, portfolio manager at PSG Konsult. Investors were hunting for bargains, he said, adding that the strong rand limited gains.
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Source: FIN24
Bonds firmer on rand and auction
June 7, 2011-- South African bonds were firmer in late trade on Tuesday, which a trader attributed to the strong local currency and a well-supported auction earlier in the day.
At its weekly auction, the National Treasury received bids totalling R1.29bn for R700m worth of R207 bonds and bids totalling R4.59bn for R1.4bn worth of R186 bonds.
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Source: FIN24
JSE flat as US jitters continue
June 6, 2011--The JSE ended flat on Monday as the spotlight fell on US economic news that has left investors jittery about growth prospects in the world's largest economy.
The main drag on the market was gold stocks, which fell despite the strong bullion price, said Andrew Todd, an equity derivatives trader at Imara SP Reid, adding that the firmer rand kept the lid on gains in resources.
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Source: FIN24
Bonds little changed in quiet trade
June 6, 2011--South African bonds were little changed from their overnight levels in extremely quiet trade on Monday.
Earlier, a local trader said huge moves were not anticipated ahead of Tuesday's release of manufacturing data.
By 15:50, the benchmark R157 bond was trading at 7.410% from its previous close of 7.420%. The R207 was bid at 8.180% and offered at 8.150% from 8.170% and the R186 was bid at 8.410% and offered at 8.380% from 8.390%.
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Source: FIN24
Importer demand weakens rand
June 6, 2011--The rand ended weaker against the dollar in local trade on Monday as importers sold the currency for dollars after it hit a fresh one-month high of R6.6750/$ early in the session.
Trade and Industry Minister Rob Davies had said earlier the rand was overvalued and that the government was discussing ways to make the currency more desirable.
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Source: FIN 24
Rand coasts to a high as dollar drops
June 3, 2011--The rand ended firmer against the dollar on Friday and posted its biggest weekly gain since December after a string of soft US data hit the greenback.
Stocks ended lower, tracking weak global markets, and with FirstRand among the worst performers after the lender dropped its bid to buy into Nigeria’s Sterling Bank.
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Source: FIN24
Bonds paint mixed picture
June 2, 2011--South African bonds were mixed in midday trade on Thursday, with the longer-dated area a touch weaker on some selling and the benchmark R157 slightly firmer on the rand.
By 11:50, the benchmark R157 bond was trading at 7.420% from its previous close of 7.425%. The R207 was bid at 8.170% and offered at 8.245% from 8.155% and the R186 was trading at 8.360% and offered at 8.445% from 8.355%.
The rand was bid at 6.7749 against the dollar from around 6.8097 late on Thursday
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Source: FIN24
Rand hits 3-week high against dollar
June 2, 2011--The rand advanced to a new three-week high against the dollar on Thursday, as data showing that US weekly jobless claims fell less than expected undermined the greenback.
The rand has recovered from 10-week lows of R7.0748/$ hit last week, breaking through several resistance levels as the approval of Walmart's R16.5bn bid for local retailer Massmart Holdings [JSE:MSM] this week boosted investor sentiment.
Source: FIN24
JSE depressed by US jobs data
June 3, 2011--The JSE closed on a sour note on Friday, punctuating a week that was dominated by a flurry of disappointing US economic data that raised fears about the longevity of the US economic recovery.
Concerns over the disappointing economic statistics from the US may have led to potential risk-aversion and uncertainty, said Andrew Todd, an equity derivatives trader at Imara SP Reid. Resources, which led the sell-off, took the biggest hit as the rand remained strong, making them less appealing to investors, Todd said.
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Source: FIN24
