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JSE edges up as MTN advances
November 25, 2013--South African stocks edged up on Monday as shares of MTN Group advanced on hopes that a landmark deal over Tehran's nuclear programme may allow the company to repatriate millions of dollars from its Iran business.
But gains were limited as investors sold bullion producers such as AngloGold Ashanti- which fell 4.1% to R134.30-as news that Tehran reached a deal with six world powers also sent the price of gold lower. The precious metal is usually seen as a hedge against political risk.
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Source: FIN24
Rand range-bound, but potential gains seen
November 25, 2013--The rand was slightly weaker against the dollar on Monday as investors sat on long dollar positions, but upbeat global risk sentiment could see the currency gain and test R10/$-levels this week.
At 08:47, the rand was at R10.0975/$, compared with a R10.0790 close in New York on Friday.
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Source: FIN24
SA stocks fall, rand hits exporters
November 22, 2013--South African stocks fell for a second straight session on Friday as a firmer rand hit exporters such as Impala Platinum while paper producer Sappi fell sharply after a ratings downgrade.
Sappi, the world's largest maker of the fine paper used in glossy magazines, fell over 4% to R30.89.
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Source: FIN24
Rand steady on rates decision
November 22, 2013-- The rand held steady against the dollar early on Friday, supported by a slightly hawkish interest rate statement from the Reserve Bank and a slight improvement in the national electricity supply.
The Reserve Bank, facing a dilemma from weak economic growth and heightened inflation risks, left the repo rate at 5% at its last policy meeting for 2013 on Thursday.
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Source: FIN24
SA stocks slide as growth fears widen
November 21, 2013--South African stocks fell more than 1% on Thursday as investors cashed in everything from banks to bullion mining companies on concerns about slowing growth in Africa's largest economy.
Trade was interrupted for foreign investors for much of the day due to a system glitch with the Johannesburg Stock Exchange's data feed in London. A spokesperson for the JSE said local clients were not affected.
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Source: FIN24
Rand firmer on steady rates
November 21, 2013--The rand firmed against the dollar on Thursday after Governor Gill Marcus acknowledged that a rate hike had been discussed at a meeting where the central bank decided against a move.
The rand was at R10.1400/$ at 15:15 GMT, marginally firmer than the previous day's New York close, after reaching a session high of R10.1100/$.
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Source: FIN24
JSE edges higher, investors buy retailers
November 20, 2013--South African shares inched higher on Wednesday, egged on by retailers that benefited from a stronger local currency, but gold producers such as Gold Fields sank in tandem with spot bullion prices.
The general retailers index was one of the best performing, gaining 1.1% after the rand appreciated more than 1% against the dollar.
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Source: FIN24
Stocks edge lower on profit taking
November 19, 2013--South African shares lost ground on Tuesday as investors took profits following a recent rally, while a slightly stronger rand also put pressure on mining and dual-listed stocks.
Shares of AngloGold Ashanti and Amplats were among the biggest fallers, shedding 4.08% and 2.94% respectively to close at R149.45 and R412.
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Source: FIN24
Rand weakens after Eskom warning
November 19, 2013--The rand turned weaker against the dollar late on Tuesday after Eskom warned supply would be tight for the next two weeks and urged industrial users to consume less.
Government bonds were also weaker on the day after Eskom declared an "emergency" which could hit output at factories, mines and smelters.
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Source: FIN24
JSE ends higher, but valuations weigh
November 18, 2013--South African stocks edged up on Monday as a global equity rally helped lift investor favourites such as e-commerce firm Naspers, although nagging concerns about valuations kept gains in check.
Shares of Nampak rose 3.3% to R31.77 after the packaging firm said it would spend R3bn on an acquisitions in Nigeria.
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Source: FIN24
