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Eurozone debt worries drag down rand
May 9, 2011--The rand weakened against the dollar on Monday, giving up its earlier gains partly on Reserve Bank and importers’ demand for dollar
Also weighing on the rand was a weak euro - the currency of South Africa’s largest trading partner - which was battered by sovereign debt concerns after Standard and Poor’s cut Greece’s credit rating.
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Source: FIN24
Bonds firm after US data
May 6, 2011--South African bonds firmed in late afternoon trade on Friday, following the release of better-than-expected non-farm payroll data from the US.
"It was the US data that pushed up the rand and bonds followed. But also to be noted is that fact that the foreign market has been a good supporter and has been buying for the last few days," a local bond trader said.
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Source: FIN24
JSE rally halts three-day sell-off
May 6, 2011-- The JSE rallied on Friday, snapping a three-day losing streak that saw falling commodity prices and uncertainty over inflation and the global economic outlook put strain on the equity market.
After the release of better-than-expected employment data in the US, the local market staged a rally and brought aggressive selling to an end, an equity derivatives trader said.
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Source: FIN24
Selling pressure pushes JSE into red
May 5, 2011--The JSE ended weaker on Thursday, as selling pressure continued to drive equities lower around the world.
Commodity prices, especially precious metals, fell further, dragging mining stocks along, said Kevin Algeo, portfolio manager at Imara SP Reid.
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Source: FIN24
Weaker rand hits two-week low
May 5, 2011--South Africa's rand fell to a two week low against the dollar on Thursday partly as the euro weakened after the European Central Bank (ECB) did not signal the imminent interest rate rise expected by the market.
The euro is the currency of South Africa's largest trading partner and the rand tends to follow its moves.
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Source: FIN24
SA searches for ways to reduce emissions
May 5, 2011--South Africa needs to find ways to cut carbon emissions in producing electricity to comply with the potential outcomes of United Nations climate talks later this year, said the department of energy's head of electricity supply, Thabang Audat on Friday.
The 17th United Nations Framework Convention on Climate Change (COP 17) will be held in Durban from November 28 to December 9 to find a binding long-term plan on combating climate change.
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Source: AME Info
Asian stocks, metals prices fall
May 4, 2011-- Asian shares fell on Wednesday, led by Chinese markets, with soft commodity prices making investors nervous a broader pullback in risk taking may be unfolding.
This week's 14% plunge in silver prices and a lower-than-forecast manufacturing growth reading in China have made investors nervous about holding big bets ahead of the European Central Bank meeting on Thursday and the April US payrolls report due on Friday.
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Source: FIN24
Bonds languish in quiet trade
May 4, 2011-- South African bonds continued to languish in quiet noon trade on Wednesday, with little in the way of fresh news to provide any direction.
By 11:47, the benchmark R157 bond was trading at 7.610% from 7.615% at the previous close. The R207 was bid at 8.400% and offered at 8.370% from 8.385%. The R186 was bid at 8.605% and offered at 8.590% from its previous close of 8.615%.
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Source: FIN24
Commodities drag JSE lower
May 4, 2011-- The JSE stayed lower at noon on Wednesday as weaker commodity prices weighed on the local bourse. Mining stocks in particular came under pressure, a market watcher said.
By 12:10 local time, the JSE All Share [JSE:J203] index was down 0.80%, with resources falling 0.82%, platinum miners sliding 1.70% and gold miners dropping 1.71%. Banks erased 1.69%, financials declined 0.88% and industrials fell 0.75%.
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Source: FIN24
Rand Merchant Bank’s Coal Exchange-Traded Notes Will List on JSE Tomorrow
May 4, 2011--Rand Merchant Bank said its coal exchange-traded notes will list on Johannesburg’s bourse tomorrow to expand trade in the commodity.
This gives people the opportunity to invest in 1 metric ton of coal, “making the product more accessible and easier to invest in than directly into a futures contract, which typically trades at 5,000 tons of coal,” Vicki Goodwin, a Johannesburg- based spokeswoman, said in an e-mailed statement today.
The contracts will be settled against the price of coal exported from Richards Bay, South Africa, site of the continent’s biggest facility for shipping the fuel.
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Source: Bloomberg
