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Rand plummets on current account data
March 12, 2013--The rand fell to a new four-year low on Tuesday morning on news that the country's current account deficit was slightly worse than expected in the fourth quarter of last year.
Immediately after the current account data was released‚ the rand dropped to R9.21/$.
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Source: FIN24
JSE hits record high, boosted by golds
March 11, 2013--The JSE closed at an all-time high on Monday due to positive global sentiment, while a weaker rand provided further support.
The rise was underpinned by gold‚ resource and rand-hedge counters.
All the main indices closed in positive territory‚ helped firmer by the weaker rand‚ which lost value due to SA’ high trade deficit and strikes at several of Exxaro’s coal mines.
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Source: FIN24
Bonds softer on weaker rand
March 11, 2013--The South African bond market was softer at noon on Monday due to a weaker rand and a selloff in US treasuries on Friday.
"US treasuries sold off on solid non-farm payroll figures on Friday‚ meaning that the US economy is improving and the US Federal Reserve might have to cut monetary easing earlier than expected‚” a local trader said.
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Source: FIN24
JSE up on positive global sentiment
March 8, 2013-- The JSE All Share index was in positive territory at noon on Friday underpinned by positive global sentiment and buoyed by local platinum and banking counters.
Market participants are keenly awaiting the monthly US nonfarm payrolls print due for release at 3:30pm today local time‚ with an impressive payrolls release expected‚ after an impressive ADP jobs report and better-than-expected weekly jobless claims from the US released earlier this week.
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Source: FIN24
Rand recovers, market remains bearish
March 8, 2013--The rand recovered slightly at midday on Friday but remained under pressure generally as the market awaited any further news on domestic labour woes.
On Thursday the local currency fell to its weakest level against the dollar in about four years‚ losing as much as 0.7% to R9.18/$ before recovering some of its losses to close at R9.1386/$.
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Source: FIN24
Nigeria: Stock Exchange, Dangote and Great Expectations
March 8, 2013--With the report that the NSE All share index returned 35.45 per cent in 2012, trends are looking up in the stock market and it is not unconnected with the activities of foreign portfolio investors and the introduction of market making.
In an article captioned "Essential Strategies for Capital Market Growth" published in the Sun newspaper of August 8, 2011 and also in Businessday, same month, this writer wrote among other things that "world wide market makers play a very important role in both the equity and bond markets.
They stabilise the market by standing ready to intervene at moments of scarcity or excess supply of securities. It is naïve, unrealistic and detrimental to investors to operate an automated stock market without the active participation of market makers".
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Source: AllAfrica.com
Africa: The Rise of Africa's Savers -Pension Funds Key Drivers of Growth
March 8, 2013--The rapid increase in the number and size of African pension funds arguably matters more than any other single trend in the continent's economic development.
The pace at which pension funds have grown is staggering. According to analyst reports, the top six countries' pension funds alone are predicted to grow total assets under management to over $600 billion by the end of the decade (from $200 billion today). They are on pace to grow to over $7 trillion by 2050. Over the next 10 years, Africa's savers - more than its consumers - will define the nature of the continent's growth. But there are as many challenges as there are opportunities in the changing institutional investment landscape.
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Source: AllAfrica.com
JSE flat, gold counters rally
March 7, 2013--The JSE was flat on Thursday morning, with gold counters making a big comeback, albeit off a low base, as the sector has been under a fair bit of pressure for some time.
Platinums added value‚ while industrials weakened slightly as investors keenly await today’s European Central Bank interest rate decision and any hints of further monetary easing.
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Source: FIN24
JSE follows world markets higher
March 6, 2013--The JSE opened the Wednesday session in positive territory, amid a global risk-on environment, with retailers leading the upside after recent losses and only gold counters pulling on the downside.
At 9:37am the JSE was 0.18% firmer at 40‚618.57 points. General retailers added 0.59% while gold counters gave back 0.92%.
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Source: FIN24
Bonds firm, eyeing rand
March 6, 2013--The South African bond market was firm in midday trade on Wednesday, but dealers said the next leg of the rally depended on a stronger rand.
“We had some overnight foreign buy orders to fill this morning‚ but the market has traded sideways since the early morning move. Now we wait to see if the rand can go back below R9 per US dollar‚” a local bond trader said.
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Source: FIN24