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Rand’s rise hits S African trade
October 25, 2010--Deep in the rolling winelands of South Africa’s Western Cape province, Stuart Buchan is preoccupied with issues that also vexed finance ministers at last weekend’s G20 meeting in South Korea. In particular, he frets about the rand’s heady rise against the US dollar.
“We’re exporting about the same volumes as last year but we’re about 20 per cent down on value,” says Mr Buchan, marketing manager of Eikendal Vineyards, which sells wine to Europe and the Americas.
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Source: FT.com
Bonds remain on front foot
October 25, 2010--South African bonds remained on the front foot in late trade on Monday on the back of rand strength.
A local trader said that bonds were up to 5 basis points firmer due to dollar weakness.
By 15:50 the benchmark R157 bond was at 7.190%, from its close of 7.230% on Friday, while the R207 was bid at 7.950% from 7.990% at its previous close. The R186 was bid at 8.030% after closing at 8.080%.
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Source: FIN24
Resources lift JSE higher
October 25, 2010--The JSE edged up on Monday, lifted higher by mining counters that climbed on the back of the weak dollar, which boosted commodity prices. But financial and industrial stocks gave up all the day's gains.
The greenback depreciated against the euro despite pledges by the G20 finance ministers and central bankers aimed at allaying fears over a "currency war", a trader said.
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Source: FIN24
Bonds lose steam; caught long
October 22, 2010--South African bonds were up to 5 basis points weaker in midday trade on Friday. A local trader said that the market was caught long after some foreign selling and players were squaring their positions ahead of the weekend.
By 11:30 the benchmark R157 bond was at 7.235%, from its close of 7.185% on Thursday, while the R207 was bid at 8.015% and offered at 7.985% from 7.955% at its previous close. The R186 was bid at 8.090% and offered at 8.105% after closing at 8.075%.
The rand was bid at 6.9601 to the dollar from its previous close of 6.9739.
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Source: FIN24
JSE slumps ahead of G20 talks
October 22, 2010-- The JSE ended sharply lower on Friday, with investors remaining wary ahead of the Group of 20 (G20) meeting, which is widely expected to tackle the so-called "currency war".
Investors used caution around the G20 meeting as an opportunity to lock up profits following strong gains on Thursday, a dealer said.
By 17:00 local time the JSE all share index was 1.06% lower, with resources falling 1.05%, platinum miners declining 0.69% and gold stocks shedding 0.68%. Financials lost 1.17%, banks were 1.67% weaker and industrials edged down 1.01%
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Source: FIN24
Lower earnings for SA gold mines
October 22, 2010-SOUTH Africa’s major gold groups – AngloGold Ashanti, Gold Fields and Harmony – will all report lower quarterly core earnings for the September quarter, according to JP Morgan Cazenove analysts Steve Shepherd and Allan Cooke.
This is owing to the stronger rand/dollar exchange rate and higher working costs, which will more than offset the record gold price in dollar terms reached during the September quarter.
The analysts said the gold price averaged a record $1,246 per ounce for the quarter - $51/oz or 4% up on the June quarter average of $1,195.
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Source: Miningmx
Longer dated bonds firmer
October 21, 2010--South African longer dated bonds were slightly firmer in quiet midday trade on Thursday, on the back of demand for duration stock.
By 11:34 the benchmark R157 bond was unchanged at 7.160%, from its close on Wednesday, while the R207 was bid at 7.940% and offered at 7.905% from 7.950% at its previous close. The R186 was bid at 8.050% and offered at 8.015% after closing at 8.050%.
The rand was bid at 6.8653 to the dollar from its previous close of 6.9325.
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Source: FIN24
Bonds steady as foreigners hold off
October 21, 2010- South African bonds were steady by the late afternoon on Thursday as tentative global risk appetite curbed demand for higher yielding emerging market assets.
By 16:04 the benchmark R157 bond was at 7.185%, from its close on Wednesday of 7.160%, while the R207 was at 7.940% from 7.950% at its previous close. The R186 was bid at 8.085% after closing at 8.050%.
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Source: FIN24
JSE rallies on Anglo, Vale news
October 21, 2010-- The JSE rallied on Thursday, as investors cheered news that Brazilian miner Vale had expressed interest in Anglo America's (AGL) Copebras, the fertilizer company. Anglo's share gained over 2%, igniting general interest in resources counters.
By 17:00 local time the JSE all share index was 1.19% firmer, with resources climbing 1.36% and platinum miners gaining 0.84%. But gold stocks bucked the trend, falling 0.53%. Financials advanced 0.42%, banks were 0.69% higher and industrials edged up 1.40%.
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Source: FIN24
Bonds mostly softer in quiet trade
October 20. 2010--South African bonds were mostly softer in quiet trade late Wednesday with little being offered by way of direction.
By 15:50 the benchmark R157 bond was at 7.165% from its close of 7.150% on Tuesday, while the R207 was bid at 7.910% from 7.950% at its previous close. The R186 was at 8.050% after closing at 8.040%.
The rand was bid at 6.9504 to the dollar from its previous close of 6.9435.
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Source: FIN24
