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Strong dollar fuels JSE sell-off
March 8, 2011--The JSE closed sharply lower on Tuesday as risk-aversion prompted the dollar to strengthen, dragging down commodity prices and hitting mining stocks. The resource index dropped to about 2.5%.
Commodity prices were lower in dollar terms due to the appreciation of the greenback, Kevin Algeo, portfolio manager at Imara SP Reid, said.
At the close, the JSE all-share index was down 1.46%, with resource stocks sliding 2.54%, platinum miners dropping 1.63% and gold counters falling 0.79%. Banks lost 0.32%, financials were down 0.15% and industrials slipped 0.94%.
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Source: FIN24
JSE lower amid Libyan unrest
March 8, 2011--The JSE opened modestly weaker on Tuesday, weighed down by negative sentiments arising from persistent political unrest in the Middle East and north Africa, as well as high oil prices.
The rand remained strong, with major indexes showing mixed performances, a trader said.
By 09:24 local time, the JSE all share index was down a slight 0.16%, with resources falling 0.46% and gold counters declining 0.46%. But platinum miners added 0.10%. Banks were 0.45% higher and financials rose 0.34%, but industrials shed 0.11%.
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Source: FIN24
JSE ends flat, pares some losses
March 7, 2011--The JSE closed little changed on Monday, recouping earlier losses thanks to foreign fund inflows and possible futures-related trading ahead of a futures close-out next week.
By 09:19 local time, the benchmark index had lost 0.70%. Despite recouping some of the earlier losses, there were lingering concerns about the crisis in Libra and rising oil prices, an equity derivatives dealer said.
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Source: FIN24
Rand hits 7-week high against dollar
March 7, 2011--The rand hit a seven-week high to the dollar on Monday and longer-dated bonds firmed as supply worries eased after Finance Minister Pravin Gordhan promised to be “prudent” on new issuance.
Gordhan said at the Reuters Africa Investment Summit that the government was committed to a stable fiscal framework and would cut budget deficits as planned.
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Source: FIN24
Uganda Securities Exchange extends trading to 5 days
March 7, 2011--The Uganda Securities Exchange (www.use.or.ug) has today (7 March) extended its trading to 5 days a week, up from 3 days.
USE Chief Executive Joseph Kitamirike said at a press conference on 4 March that it would help meet local and international demand. It will also match trading on other East African exchanges such as Dar Es Salaam and Nairobi, as the exchanges harmonize in terms of an East African common market.
The Daily Monitor newspaper reports him as saying: “This development will offer investors maximum opportunity to execute investment decisions and respond promptly to market changes.”
He earlier told the paper reasons for the extension were: increasing demand for company shares, regional integration and the desire to make trading easier: “It’s just to give an opportunity for people to trade. People sometimes make their decisions on Tuesday but they have to wait until Thursday to trade. We cannot keep our market closed on days when we can be trading across the border. If your market is closed and the other markets are open then investors who come through your market don’t have access to others.”
Source: African Capital Markets
Bonds remain weak in late trade
March 4, 2011--- South African bonds were up to nine basis points weaker in late trade on Friday, which a trader attributed to a sell-off.
By 15:50, the benchmark R157 bond was trading at 7.830% from its previous close of 7.740%, while the R207 was trading at 8.710% from its previous close of 8.620%. The R186 was trading at 8.960% from 8.890%.
The rand was bid at 6.9163 to the dollar from its previous close of 6.9226.
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Source: FIN24
JSE flat following strong run
March 4, 2011--The JSE ended virtually flat on Friday, with the weakness in mining stocks offset by the strength in banking, financial and industrial counters.
The market had a good run on Thursday in anticipation of the US non-farm payrolls report released today, David Shapiro from Sasfin Securities said. He added that the payrolls data was already priced in, noting that the market had built this in yesterday.
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Source: FIN24
Bonds little changed in quiet trade
March 3, 2011--South African bonds were little changed in quiet trade on Thursday afternoon, with little fresh news to offer direction.
By 16:40, the benchmark R157 bond was trading at 7.710% from 7.700% at its previous close, while the R207 was bid at 8.635% and offered at 8.610% from its previous close of 8.580%. The R186 was bid at 8.915% and offered at 8.885% from 8.870% before.
The rand was bid at 6.8819 to the dollar from its previous close of 6.8820.
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Source: AME Info
Upbeat global mood lifts JSE
March 3, 2011--The JSE rallied on Thursday, gaining more than 350 points as the local bourse benefited from an improving global economic outlook, rising inflation and a lack of bad news from the Middle East and north Africa.
The JSE all-share index gained 1.18%, with resource stocks jumping 2.06%, platinum miners climbing 2.00% and gold counters rising 0.34%. Banks were flat (-0.09%), while financials were a slight 0.16% higher and industrials gained 0.74%.
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Source: FIN24
JSE Launches Any Day Expiry Currency Contracts
March 2, 2011--The JSE has launched a new initiative on the foreign currency contracts, namely the “Any Day Expiry”. These new currency derivative contracts broaden the exchange’s existing range of currency futures and options contracts and allow investors the flexibility to pick the expiry date of the contract.
The introduction of this new currency product is in response to the wholesale market looking to hedge their currency risk with increased precision. “This new contract meets the needs of a certain clients, for example, hedge fund managers working on a short term currency strategy or those in the import and export arena who would like to match exact expiry dates with those of the delivery of goods,” says Warren Geers General Manager of Derivatives Trading at the JSE.
The contract is designed with wholesale investors in mind with a minimum exposure of one million of the foreign underlying (for example $1million or £1million).
Apart from the added flexibility of picking the expiry date, other contract specifications and fees remain the same as the existing currency derivative products, which expire on set quarterly close-out dates.
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Source: JSE
