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Rand firmer after Marcus speech
June 6, 2013--The rand appreciated against the greenback on Thursday after Reserve Bank governor Gill Marcus downplayed a possible future interest rate cut, maintaining her stance on monetary policy.
There were significant upside risks to the inflation outlook both from the weaker rand and the possibility of high wage settlements‚ Marcus said on Thursday at a conference hosted by the Bureau for Economic Research.
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Source: FIN24
Nigeria: NSE Market Capitalisation Hits 2008 Peak
June 6, 2013--A three-day rally by the bulls saw the market capitalisation of the Nigerian Stock Exchange (NSE) hit its 2008 peak of N12.6 trillion yesterday just as year-to-date growth of the NSE All-Share Index stood at 40.5 per cent.
Dangote Cement Plc, which accounts for 28 per cent of the NSE capitalisation, was a major driver of the growth that pushed the market to its pre-meltdown level.
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Source: Allafrica.com
JSE closes in the red
June 5, 2013--The JSE closed in the red on Wednesday, in line with world markets, ending a period of good runs which was due for a correction.
Global markets were softer due to jitters about whether the US Federal Reserve would stop or slow its cheap money policies‚ which would push world markets lower.
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Source: FIN24
Bonds give back some gains, eye rand
June 5, 2013--The South African bond market gave back some of its recent strong ground in early trade on Wednesday, but market players are taking heart from the return of foreign buying.
"I think we just had too much of a good run yesterday- especially at the front end - so we are just giving back some of the gains this morning‚” said a local trader.
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Source: FIN24
JSE consolidates after losses
June 4, 2013--The JSE opened in positive territory on Tuesday morning, with banks and platinums recovering slightly after significant losses yesterday. Gold stocks also rebounded slightly.
“We’ve seen a small bounce in banks and resources but how long it will last is unknown‚” said Investec Asset Management equity dealer Kagiso Matlala.
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Source: FIN24
Bonds extend gains as rand dips
June 4, 2013--The bond market extended gains in late trade as the rand strengthened below the R9.90/$ handle on Monday.
“We were due for a bounce after last week’s sell-off.
"The rand is giving us some impetus‚ although it is too early to tell if this is a trend‚” a Johannesburg-based trader said.
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Source: FIN24
Rand gains over 1.3% against dollar
June 3, 2013--South Africa's rand gained more than 1.3% against the dollar on Monday, reversing some of last week's sharp losses which saw it breach the 10.00/dollar level for the first time in four years, leaving it at what some in the market said were oversold levels.
The rand touched a session high of R9.9205, compared with Friday's close at R10.0550.
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Source: FIN24
Bonds snap five-day losing run
June 3, 2013--The SA bond market was firmer on Monday, ending a five-day losing run, as the rand strengthened below the R10/$ level.
“We were due for a bounce after last week’s selloff. The rand is giving us some impetus‚ although it is too early to tell if this is a trend‚” the Johannesburg-based trader said.
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Source: FIN24
JSE reverses course to eke out gain
May 31, 2013--The JSE reversed course in late trade on Friday to eke out a small overall gain as buyers looked to pick up stocks at more affordable levels.
The rand dropped to a fresh four-year low of R10.28 against the dollar on Friday morning‚ underpinning rand hedge dual-listed counters‚ which buoyed the bourse.
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Source: FIN24
Rand shows some muscle
May 31, 2013--The rand regained some lost ground in late trade on Friday after sliding to 10.28/$ earlier in the session.
But dealers see further weakness in the domestic currency in the short term after worse-than-expected South African trade balance data.
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Source: FIN24
