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Longer dated bonds weaker
November 23, 2010--South African longer dated bonds were up to five basis points weaker in late trade on Tuesday, which a trader attributed to the market being “long on stock.”
By 15:50 the benchmark R157 bond was at 7.025% from 7.030% at the previous close, while the R207 was bid at 7.915% from 7.870% at its previous close. The R186 was bid at 8.085% after closing at 8.055%.
The rand was bid at 7.0649 to the dollar from its previous close of 6.9990.
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Source: FIN24
JSE ends lower, tracks global stocks
November 23, 2010--The JSE tracked global stocks lower and ended in the red on Tuesday as Korean politics unsettled investors and the dollar strengthened on the US economy growing at a faster than expected pace in the third quarter.
The JSE all share index closed 1.62% weaker, with industrials shedding 1.99%. Resources slid 1.48% while platinum counters gave up 1.42%. Financials shed 1.08% and banks were 1.01% down. Gold stocks added 0.56%.
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Source: FIN24
Fitch upbeat about SA's prospects in 2011
November 23, 2010--Fitch Ratings says in a new report that corporate ratings in South Africa are expected to remain largely stable in 2011, supported by issuers' moderate leverage profiles and sound liquidity at end-2010.
This follows an anaemic economic recovery in South Africa from early 2010, which should gather steam into 2011, improving issuers' medium-term financial flexibility.
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Source: FIN24
Africa: Continent Getting Increased Attention At Stock Exchanges
November 22, 2010-- NYSE Euronext Inc. -- the home of the New York Stock Exchange and other exchanges -- has seen a threefold increase in the trading of African stocks on its exchanges over the past five years and a doubling of exchange traded funds focused on Africa in the past 12 to 18 months.
Altogether, these increases stand as clear evidence of a "strong and growing focus" on doing business in Africa.
Stefan Jekel, managing director for Europe, Middle East and Africa at NYSE Euronext, made that point in a November 10 interview with America.gov. Jekel took time out of his busy schedule to discuss the exchange's relationship with and outlook for Africa just after the opening bell rang to start trading for that day.
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Source: All Africa
Bonds weaker; market caught long
November 22, 2010--South African bonds were slightly weaker in midday play on Monday. A local trader said that the market was caught long after some offshore selling on Friday.
By 11:30 the benchmark R157 bond was bid at 7.020% from 7.010% at the previous close, while the R207 was bid at 7.890% and offered at 7.860% from 7.850% at its previous close. The R186 was bid at 8.050% and offered at 8.030% after closing at 8.040%.
The rand was bid at 6.9741 to the dollar from its previous close of 6.9837.
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Source: FIN 24
JSE little changed amid Irish doubts
November 22, 2010-- The JSE ended almost flat on Monday, failing to hold on to earlier strong gains amid scepticism over the anticipated bailout of Ireland. It is unclear what the size of the financial aid will be.
The market is nervous as investors speculate about the bailout on Ireland, Kevin Algeo, portfolio manager at Imara SP Reid, said.
The JSE all share index eked out a 0.02 gain, with gold stocks adding 0.15%. Resources slid 0.08% and platinum counters lost 0.78%.
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Source: FIN24
African leaders call for action plan
November 22, 2010--African political and business leaders have called for the breaking down of trade barriers and a Pan-African stock exchange to create "engines of investment" as the continent enters what could be the most "buoyant" period in its economic history.
The call was made in an action plan developed at the Mo Ibrahim Foundation's annual discussion forum in Port-Louis, Mauritius, according to a speech prepared for delivery on Monday.
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Source: FIN24
Bond market firm, but quiet
November 19, 2010--The bond market firmed on Friday, sitting between 1.5 to 5 basis points stronger in late trade, but has dropped back from its best levels in what has been a relatively quiet day.
By 15:30 the benchmark R157 bond was at 7.020% from its previous close of 7.015%, while the R207 was bid at 7.865% from 7.860% at its previous close. The R186 was bid at 8.055% after closing at 8.095%.
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Source: FIN24
Rand softer on weaker euro
November 18, 2010-- The South African rand briefly headed back above 7.00 against the greenback in afternoon trade on Friday tracking a softer euro after the People's Bank of China raised its reserve requirements for Chinese banks resulting in investors moving away from risky currencies
The local currency however, moved back below 7.00 against the dollar, again in line with a stronger euro, after Fed Chairman Ben Bernanke defended the Federal Reserve's easing policies.
At 15:41 local time the rand was bid at 6.9759/$ from 6.9633/$ at the previous close. It was bid at 9.5649 to the euro from 9.5085 before and at 11.681 against sterling from 11.1682 at its previous close.
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Source: FIN24
JSE down as China rates hike weighs
November 19, 2010-- The JSE slid on Friday, in line with global stocks after China hiked interest rates to cool down its runaway economy and keep inflation in check.
Local mining counters in particular came under pressure in anticipation of less demand for commodities due to the monetary tightening in China, an equity derivatives dealer said.
At 17:00 the JSE all share index fell 0.55%, with gold stocks declining 0.80% and resources sliding 0.79%. Platinum counters finished flat. Banks lost 1.05%, financials shed 0.54%, and industrials edged down 0.33%.
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Source: FIN24
