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Rand outshines emerging market peers
June 24, 2013--The rand was the best performing currency among its emerging market peers on Monday, strengthening by as much as 0.54% against the dollar despite a rise in US treasury yields and weaker local bond prices.
“We are seeing a lot of other emerging market currencies trading weaker today with the Turkish lira reaching new year-to-date weakest level but the rand is trading out of sync with broader emerging market currency movements‚” said a local trader.
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Source: FIN24
JSE positive, gold miners weigh
June 21, 2013--The JSE was slightly higher at midday with some gains seen in industrial counters but gold mining shares continued to drop.
Local stocks struggled to recover from Thursday’s global sell-off that left all major markets bruised by prospects of less stimulus being injected into the US economy.
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Source: FIN24
Rand slightly firmer
June 21, 2013--The rand managed to tick up 3 cents against the dollar in Friday afternoon trade as the forex market settled down after Thursday's rout in commodity currencies.
US Federal Reserve chairman Ben Bernanke said on Wednesday night that the US Federal Reserved (Fed) would consider cutting back on its bond-buying programme if the US economy continued to recover. This triggered a massive sell-off in global markets and dollar strength‚ leading to rand weakness.
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Source: FIN24
Bonds firm as US Treasuries gain
June 21, 2013--The South African bond market was firm in afternoon trade on Friday after US Treasuries gained following their week-long rout.
“US Treasuries have boosted our market‚ but bond markets globally remain nervous‚” a local bond trader said
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Source: FIN24
JSE down on Chinese PMI, Bernanke
June 20, 2013--South African stocks finished well down on Thursday as signs of weakness in China's manufacturing sector worsened the blows from the outcome of the US monetary policy meeting on Wednesday.
The JSE All Share [JSE:J203] index closed significantly lower‚ losing 3.06% to 39 536.08 points. Platinum miners‚ which tumbled 4.30%‚ were hardest hit‚ followed by the gold index‚ which fell 3.73%.
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Source: FIN24
Rand weak but within range
June 20, 2013--The rand was weaker in late trade albeit well off its intraday weakest level, after it had weakened considerably overnight on fears that the US Federal Reserve may start tapering their quantitative easing programme as soon as the end of the year.
Global markets experienced a vast sell-off that saw equities plunge and gold fall as much as 4% during the course of the day.
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Source: FIN24
Nigeria: '95 Percent of Corruption Eminate From Finances'
June 20, 2013--The Presidency is partnering with the Chartered Institute of Finance and Control of Nigeria (CIFCN) to curb financial corruption, Special Adviser to the President on Ethics and Values, Mrs. Sarah Jibrin has said.
Speaking as a special guest of honour at the fellowship award and dinner night of the institute in Abuja, Mrs. Jibrin explained that it has become imperative for government to partner with such accounting institutes because over 95% of corruption cases in the country emanate from financial transactions.
JSE ends in red, awaits US speech
June 19, 2013--The JSE closed in negative terrain on Wednesday, following global markets lower amid nervousness as world markets await US Federal Reserve chairman Ben Bernanke's speech at 18:30 local time.
All eyes are on the outcome of the US Federal Open Market Committee’s meeting and Bernanke’s press conference afterwards‚ when he is expected to give clarity on its monetary policy stance.
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Source: FIN24
CPI, trade data boosts rand
June 19, 2013--The rand was firmer in late trade, buoyed by better than expected consumer price index and trade data.
At 18:00 the rand was bid at R9.9599/$ from an overnight close of R9.9999/%.
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Source: FIN24
Economic activity loses traction - Sarb
June 19, 2013--Economic growth in the first quarter of 2013 remained subdued due to contraction in the manufacturing sector, the SA Reserve Bank (Sarb) said on Wednesday.
In its quarterly bulletin released on Wednesday, the Sarb said economic activity lost traction in the first quarter as GDP registered growth of just 0.9%.
This was less than the current pace of population growth, the bank said.
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Source: FIN24