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Selling pressure squeezes JSE
April 15, 2011--The JSE finished the week lower on Friday, as banks and resources bore the brunt of selling pressure.
Andrew Todd, an equity derivatives trader at Imara SP, said there was no single overriding factor that pulled the market lower.
By the close, the All Share [JSE:J203] index was down 0.59%, with resources falling 0.91%, gold miners dropping 0.63% and platinum miners easing 0.60%.
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Source: FIN24
Weaker euro drags down rand
April 14, 2011--The rand fell more than 1% against the dollar on Thursday to a fresh two-week low, mostly tracking sharp losses in the euro and in what traders saw as correction after a recent rally.
In afternoon trade the unit was 1.17% softer at R6.87/$ compared to Wednesday's close at R6.7910/$.
It touched R6.8750/$ earlier on Thursday, its weakest level since March 29, according to Reuters data.
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Source: FIN24
JSE closes on a slightly higher note
April 14, 2011--The JSE ended slightly firmer on Thursday, capping a volatile session that saw the market swing from losses to gains.
"It has been a volatile day, with futures dropping around 250 points before recouping these losses," Andrew Todd, an equity derivatives trader at Imara SP Reid, said.
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Source: FIN24
Bonds weaker on rand
April 13, 2011--South African bonds were mostly weaker in late trade on Wednesday, largely on the back of a softer rand. A local trader said there was a lack of support from domestic real money accounts.
By 15:58, the benchmark R157 bond was trading at 7.770% from its previous close of 7.775%, while the R207 was bid at 8.540% from its previous close of 8.515%. The R186 was trading at 8.820% from its previous close of 8.770%.
The rand was bid at R6.7663 to the dollar from its previous close of R6.7358.
JSE up modestly in lacklustre trade By 17:00 local time, the JSE All Share [JSE:J203] index was up 0.35%, with resources rising 0.64% and gold miners firming 0.94%. Industrials were also up 0.36%. But platinum miners lost 1.15%, banks eased 0.54% and financials shed 0.26%.
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Gold expected to surge above $1 600 read more
JSE ends sharply lower on resources read more
Flat JSE awaits US earnings season read more
JSE Africa Board launches advisory committee to boost appeal read more
Bonds buoyed by firmer rand
The rand was bid at 6.6300 to the dollar from its previous close of 6.6634.
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Source: FIN24
April 13, 2011--The JSE ended slightly firmer in lacklustre trade on Wednesday, with investors remaining tentative as they stay focused on more earnings reports in the US.
Investors were non-committal and this indicated that the market was still on the edge, said Garth Mackenzie, an equity derivatives trader at Imara SP Reid.
Source: FIN24
April 13, 2011-- Record-breaking gold will likely surge past $1 600 per ounce for the first time later this year, driven by fears over high inflation and low global interest rates, consultancy GFMS forecast on Wednesday.
"We would not be surprised ... to see gold break through $1 600 before the end of the year," said GFMS chairperson Philip Klapwijk in the group's latest report published on Wednesday.
Source: FIN24
April 12, 2011--Resources dragged the JSE lower to close deep in the red on Tuesday. Resources across global stocks were lower for most of Tuesday on the back of weaker commodity prices.
By 17:00 local time, the JSE All Share [JSE:J203] index was 1.75% lower with resources the weakest, down 3.04%. Platinum miners fell 1.38%, while gold miners gave up 1.05%, and industrials were down 1.01%. Banks lost 0.71% and financials shed 0.63%.
Source: FIN24
April 11, 2011--The JSE closed flat after a dull session on Monday, with investors awaiting the start of the first-quarter earnings season in the US. Gold stocks dropped, while resources counters held their ground.
BHP Billiton [JSE:BIL] rallied on speculation that it might bid for Woodside Petroleum, but the company denied these rumours. "We might continue to see M&A activities in the resources sector," said Andrew Todd, an equity derivatives trader at Imara SP Reid.
Source: FIN24
April 11, 2011--So far, South Africa’s JSE Ltd (www.jse.co.za) securities exchange has achieved limited success with its Africa Board, aimed to encourage dual-listing of leading African equities on the JSE as part of a strategy to help capital markets development. On 8 April the JSE Executive appointed an advisory committee (Africa Board Advisory Committee) to boost the JSE Africa Board, part of the main equities market, to achieve its mission and strategic objective to provide a world-class stock exchange platform and help attract capital to the African continent.
The committee was launched in Accra, Ghana, and comprises 9 members from several African countries. Membership of the Advisory Committee will also grow and change over time. The chair is Nathan Mintah, previously a partner at private equity firm Kingdom Zephyr Africa Management Company and having over 18 years’ of investment banking and operating experience. Bolaji Balogun, CEO of Chapel Hill Denham Group, Nigeria is another member.
Source: African Capital Markets
April 8, 2011--South African bond yields were up to 10 basis points firmer in midday trade on Friday, as the stronger local currency rubbed off on the market.
By 11:59, the benchmark R157 bond was trading at 7.650% from its previous close of 7.700%, while the R207 was bid at 8.400% from its previous close of 8.445%. The R186 was trading at 8.600% from its previous close of 8.700%.
Source: FIN 24
