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Africa to notch up higher growth
November 19, 2010--Africa as a whole is likely to see gross domestic product (GDP) growth of 6% next year, while the figure for sub-Saharan Africa should be 6.5%, African Development Bank (AfDB) president Donald Kaberuka said on Thursday.
"I think next year Africa will be growing at 6%. In sub-Saharan Africa it will be 6.5%," he told Reuters in an interview. "Africa is coming out of the (global financial) crisis stronger; it's developing a strong relationship with emerging markets."
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Source: FIN24
Bonds in thin trade ahead of MPC
November 18, 2010-- South African bonds firmed in midday trade on Thursday in line with a a stronger rand, however a local dealer noted thin trade ahead of an expected decision on interest rates by Reserve Bank Governor Gill Mracus later today.
By 12:02 the benchmark R157 bond was bid at 7.100% from 7.130% at the previous close, while the R207 was bid at 7.975% and offered at 7.925% from 7.975% at its previous close. The R186 was bid at 8.190% and offered at 8.160% after closing at 8.185%.
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Source: FIN24
Rand firmer, tracks euro
November 18, 2010-- The South African rand maintained its firmer tone in afternoon trade on Thursday, tracking the euro as investors awaited clarity on the potential Irish bailout package.
The SARB Monetary Policy Committee on Thursday cut the repo rate by 50 basis points to 5.5% following its two-day meeting.
This is the lowest reading in almost 30 years and results in a real interest rate of around 1%.
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Source: FIN24
GM listing, Irish news lift JSE
November 18, 2010-- The JSE closed firmer on Thursday in line with global equities, which rose as fears over the Irish debt woes abated.
The US vehicle manufacturer General Motors' initial public offering also contributed to the positive mood, lifting the US and European stocks over 1%, an equity derivatives trader said.
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Source: FIN24
JSE cash equity trades rise
November 17, 2010--JSE trading statistics for October reveal that the number of cash equity trades during the past ten months is up 15.5% to 20.064 million from 17.376 million in 2009.
The value of equities traded during this period is up 8.4% to R2.5 trillion from R2.3 trillion previously.
By end October 2010, foreigners were net buyers of local equities to the value of R21.7bn, the group said.
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Source: FIN24
JSE cuts losses as Irish worries ease
November 17, 2010-- The JSE clawed back some of its earlier steep losses on Wednesday, ending slightly weaker as concerns over the debt crisis in Ireland showed signs of easing.
The European Union is meeting on Thursday to discuss banks in the euro zone, with the dollar pausing its upward march and bond yields stopping to widen, Kevin Algeo, portfolio manager at Imara SP Reid, said.
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Source: FIN24
Nervous trading pushes long end
November 16, 2010--The long end of the South African bond market came under a little profit taking pressure on Tuesday, while a good auction spurred just a little buying at the short end
By 16:28 the benchmark R157 bond was at 7.010% from its previous close of 7.030%, while the R207 was bid at 7.865% from 7.870% at its previous close. The R186 was at 8.130% after closing at 8.100%.
The rand was bid at 7.0029 to the dollar from its previous close of 6.9771.
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Source: FIN24
SA platinum output to remain flat
November 16, 2010-- SOUTH Africa's platinum supply may rise a touch next year after falling slightly in 2010 on safety-related stoppages and wage strikes in the world's top source of the precious metal, Johnson Matthey said on Tuesday.
The producer of four fifths of the world's platinum will see supply fall by 1% in 2010 from last year to 4.59 million ounces, the refiner said.
Gold leads downside; eye on Ireland read more
Weaker rand affects sentiment The rand was bid at 6.9687 to the dollar from its previous close of 6.9464.
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Source: mimingmx.com
November 15, 2010-- After a day of numerous company results being released the JSE ended similarly to the way it began - quietly. The rand did firm a bit in late trade and gold did rally, but it has since dropped off again. One of the key features was that gold stocks led the downside.
At 17:00 the JSE all share index was up 0.39%. Banks dropped 0.45% while financials also dropped 0.22%. Industrials were up 0.58%. Platinum counters were 0.23% higher. Gold stocks lost 1.12% and resources rose 0.49%
Source: FIN24
November 15, 2010--South African bonds moved onto the back foot on Monday as worrying global signs and a weak rand put paid to the merry-making.
By 16:50 the benchmark R157 bond was at 7.030% from its close of 6.990% on Friday, while the R207 was bid at 7.885% from 7.820% at its previous close. The R186 was at 8.110% after closing at 8.055%.
Source: FIN24
