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Rand, bonds slightly firmer
July 2, 2013--The rand edged up against the dollar on Tuesday, but trading is expected to be cautious ahead of US labour data due later this week and interest rate decisions by major central banks.
The unit was at R9.8960 to the dollar at 0641 GMT, 0.3% firmer than its close in New York on Monday.
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Source: FIN24
JSE down despite gold stock gains
July 1, 2013--The JSE was trading in negative terrain on Monday morning despite gold miners continuing their rebound amid a firmer gold price.
At 9:42 the All Share [JSE:J203] index was trading 0.60% softer at 39 341.32 points‚ with the Top 40 index giving back 0.70%.
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Source: FIN24
Rand's reaction to local PMI muted
July 1, 2013--The rand had a muted reaction to the release of improved activity in the local manufacturing sector as mixed factory output data from elsewhere weighed on the local currency.
“Although we had a good PMI number‚ it didn’t have much effect on the rand given the mixed data that we’ve seen from the rest of the world‚” said Warrick Butler‚ head of spot rand and emerging market trading at Standard Bank
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Source:FIN24
JSE recovery continues
June 28, 2013--The JSE continued its recovery on Friday morning following Thursday's gains as local and global equities benefited from revived risk appetite.
At 9:19‚ the All Share [JSE:J203] index was trading 1% higher at 39 474.66 points‚ with retailers gold miners and resources taking the lead.
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Source: FIN24
Rand weaker ahead of trade data
June 28, 2013--The rand was weaker across the board at noon, giving up early gains ahead of the eagerly awaited release of South African trade data at 14:00 this afternoon.
“Trade balance data could end the recent bout of rand short covering. Although the rand did enjoy some broad-based short covering on Thursday‚ it also benefited from a more risk-on global trading environment and associated weaker US dollar backdrop‚” wrote Absa Capital analysts in a note.
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Source: FIN24
UNCTAD: Nigeria Remains Number One Investment Destination in Africa
June 27, 2013--Nigeria has again emerged number one destination for Foreign Direct Investment (FDI) in Africa, according to the United Nations Conference on Trade and Development (UNCTAD).
UNCTAD said in its World Investment Report 2013, titled: “Global Value Chains: Investment and Trade for Development,” that FDI inflows to Nigeria stood at $7.03billion. South Africa recorded $4.572 billion, Ghana ($3.295 billion), Egypt ($2.798 billion), and Angola (-6.898 billion), among others.
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Source: This Day Live
JSE flat as market consolidates gains
June 27, 2013--The JSE kicked off relatively flat, with the market consolidating gains after two straight days of strong recovery.
“The market remains volatile‚ but we have seen quite a recovery in some stocks that have been heavily sold off since the (Fed chairman Ben Bernanke) Bernanke scare that the US may begin reducing stimulus injections from its economy‚” said Ferdi Heyneke‚ a trader at Afrifocus.
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Source: FIN24
Rand hits R10/$ mark
June 27, 2013--Better than expected producer inflation data sent the rand through the R10 to the dollar mark, with easing tensions over a stimulus withdrawal from the US economy in the near term also providing support.
At 18:00 the rand was bid at R9.9809/$ from Wednesday’s close of R10.0911/$.
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Source: FIN24
Bond remains firm
June 27, 2013--The South African bond market remained firm in late trade after the rand strengthened to the session's best level of R9.9026/$, while the inflation expectations survey for the second quarter came in unchanged at 6.0% compared with the first quarter.
“The stronger rand has been the dominant factor‚ but the unchanged inflation expectations was a pleasant surprise‚” a local bond trader said.
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Source: FIN24
Africa: Renminbi Rising
June 26, 2013--Africa's use of renminbi is still limited, but growing trade ties with China position the currency to grow on the continent
Just over two years since it began internationalising, China’s renminbi is well on its way to becoming a global currency. Trade redenomination into the yuan, as the currency is also known, has taken place everywhere from Malaysia to the Middle East. And while it might be some time before the renminbi replaces the dollar as the biggest reserve currency, China’s drive to internationalise the redback is picking up pace.
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Source: AllAfrica.com
