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Miners, European gains boost JSE
December 20, 2010--- The JSE ended firmer in quiet trade on Monday, led higher by mining counters, especially platinum stocks.
The local market also got a boost from positive European equities, Andrew Todd, equity derivatives trader at Imara SP Reid, said.
At 17:00, the JSE all share index was 0.32% higher, with platinum stocks jumping 2.28%, gold miners rising 0.78% and resources adding 0.62%.
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Source: FIN24
Shorter dated bonds stay tad firmer
December 17, 2010--South African shorter dated bonds remained slightly firmer in late trade on Friday, with little in the way of news to give the market any significant direction.
By 15:45 the benchmark R157 bond was at 7.430% from its previous close of 7.440%, while the R207 was bid at 8.265% from 8.260% at its previous close. The R186 was bid at 8.440% after closing at 8.435%.
The rand was bid at 6.8342 to the dollar from its previous close of 6.8238.
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Source: FIN24
JSE slightly lower as gold weighs
December 17, 2010-- The JSE ended slightly weaker on Friday, with gold stocks weighing heavily on the overall domestic stock exchange. The gold index plunged 4% following a drop in the price of yellow metal.
Gold stocks have had a hard run in the past couple of days, according to Andrew Todd, an equity derivatives trader at Imara SP Reid.
At 17:00, the JSE all share index was 0.23% lower, with gold miners slumping 4.00%, platinum stocks falling 0.49% and resources down 0.61%. Banks fell by a slight 0.15%, while both financials (-0.05%) and industrials (0.06%) hardly moved.
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Source: FIN24
Nigeria spending raises instability fears
December 16, 2010--Heavy election-season spending in Nigeria risks exposing sub-Saharan Africa’s biggest oil producer to economic instability and potentially a currency shock, senior officials and bankers have warned, as fears mount over the rapid depletion of foreign reserves
Successive governments have all but emptied Nigeria’s oil savings account, dragging down hard currency reserves and leaving the central bank ever less room to manoeuvre as it seeks to keep the naira at 150 to the dollar.
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Source: FT.com
Bonds stay weak, but off worst levels
December 16, 2010--South African bonds remained weak but were off the session's worst levels in late on Wednesday. A local trader said that the market was very thin.
By 15:58 the benchmark R157 bond was at 7.440% from its previous close of 7.370%, while the R207 was bid at 8.280% from 8.195% at its previous close. The R186 was bid at 8.450% after closing at 8.365%.
The rand was bid at 6.7906 to the dollar from its previous close of 6.8156.
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Source: AME Info
Futures close-out boosts JSE
December 16, 2010--- The JSE closed slightly firmer on Wednesday despite renewed worries over the euro zone debt crisis, with a futures close-out today propping up local equities. But, global bourses were generally weaker following the threat of downgrade of Spanish debt.
Banks climbed nearly 2% after RMB Holdings [JSE:RMH] on Wednesday announced a far-reaching restructuring of its banking and insurance interests, Andrew Todd, an equity derivatives trader at Imara SP Reid, said.
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Source: FIN24
Bonds stay weak, but off worst levels
December 15, 2010-- South African bonds remained weak but were off the session's worst levels in late on Wednesday. A local trader said that the market was very thin.
By 15:58 the benchmark R157 bond was at 7.440% from its previous close of 7.370%, while the R207 was bid at 8.280% from 8.195% at its previous close. The R186 was bid at 8.450% after closing at 8.365%.
The rand was bid at 6.7906 to the dollar from its previous close of 6.8156.
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Source: AME Info
Futures close-out boosts JSE
December 15, 2010--The JSE closed slightly firmer on Wednesday despite renewed worries over the euro zone debt crisis, with a futures close-out today propping up local equities. But, global bourses were generally weaker following the threat of downgrade of Spanish debt.
Banks climbed nearly 2% after RMB Holdings [JSE:RMH] on Wednesday announced a far-reaching restructuring of its banking and insurance interests, Andrew Todd, an equity derivatives trader at Imara SP Reid, said.
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Source: FIN24
Business optimistic on 2011 outlook
December 15, 2010--Business Unity SA (Busa) president Futhi Mtoba said on Wednesday the group was "cautiously optimistic" about the economic and business outlook for 2011.
However, Mtoba said that while economic recovery in 2010 has been mild, 2011's prospects seem brighter.
Analysts are already warning that although growth will edge up in 2011, employment could remain subdued and unemployment was likely to remain at 25.3% for some time.
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Source: FIN24
Carbon tax could hurt business, consumers
December 15, 2010--South Africa is likely to phase-in a carbon tax on fossil fuel inputs as part of new measures to curb carbon dioxide emissions, the national treasury said, in a move that may hit company profits and hurt consumers.
Africa's biggest economy, also the continent's worst polluter, is considering three carbon tax options as it moves to reduce CO² discharges by 34% over the next decade.
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Source: FIN24
