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Gold expected to surge above $1 600
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.
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Source: FIN24
JSE ends sharply lower on resources
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%.
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Source: FIN24
Flat JSE awaits US earnings season
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.
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Source: FIN24
JSE Africa Board launches advisory committee to boost appeal
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.
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Source: African Capital Markets
Bonds buoyed by firmer rand
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%.
The rand was bid at 6.6300 to the dollar from its previous close of 6.6634.
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Source: FIN 24
Firmer JSE awaits US earnings
April 8, 2011--The JSE gave up some of its earlier gains but managed to end in positive territory on Friday, as investors banked profits following a good week. Anglo American [JSE:AGL] and BHP Billiton [JSE:BIL] rallied as they had underperformed the market recently, a portfolio manager said.
At its close, the JSE All Share [JSE:J203] index had risen 0.53%, with resources rising 1.53% and gold counters gaining 0.66%. But platinum miners lost 0.21%.
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Source: FIN24
Weak JSE braces for ECB decision
April 7, 2011--The JSE stayed weaker across the board at noon on Thursday, as investors around the world held their breath ahead of the European Central Bank's (ECB's) interest rates decision later today.
By 12:06 local time, the JSE All Share [JSE:J203] index lost 0.37%, with gold counters giving up 1.23%, platinum miners falling 0.66% and resources shedding 0.54%. Banks lost 0.31%, financials declined 0.16% and industrials were 0.28% lower.
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Source: FIN24
Bonds stay weak but off worst levels
April 7, 2011--South African bonds retained their weaker bias but were off the session's worst levels in late trade on Thursday, ignoring the stronger local currency.
By 15:50, the benchmark R157 bond was trading at 7.720% from its previous close of 7.700%, while the R207 was bid at 8.470% from its previous close of 8.455%. The R186 was trading at 8.765% from its previous close of 8.710%.
The rand was bid at 6.6448 to the dollar from its previous close of 6.6807.
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Source: FIN24
Bonds track flying rand
April 6, 2011--South African bonds remained on a firm footing in afternoon trade on Wednesday, tracking a strong rand trading at its best levels against the greenback in more three months.
By 16:02 local time, the benchmark R157 bond was trading at 7.690% from its previous close of 7.720%, while the R207 was bid at 8.475% from its previous close of 8.520%. The R186 was trading at 8.690% from its previous close of 8.770%.
The rand was bid at 6.6673 to the dollar from its previous close of 6.7016.
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Source: FIN24
Commodities bolster JSE
April 6, 2011--The JSE picked up 250 points on Wednesday, boosted by commodities, which in turn were lifted by a record gold price, while the local bourse also fed off positive sentiment on global markets.
At its close, the JSE All Share [JSE:J203] index gained 0.79% to 32,630.86 points, led by gold counters, up 2.29%. Platinum miners advanced 1.19% and resources gathered 0.99%.
Banks found 0.58%, financials gained 0.64% and industrials improved 0.62%.
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Source: FIN24
