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Rand weakens on domestic factors
March 15, 2013--The rand slipped in late trade on Friday as lingering domestic factors overshadowed euro/dollar strength.
At 15:58 the rand was bid at R9.1971/$ from R9.1629/$ at Thursday’s close and R9.2549/$ at Wednesday’s close
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Source: FIN24
JSE closes flat, off all time high
March 14, 2013--The JSE closed flat, off its earlier all time high, with strength from banks and financials countering some softness in the mining and resources sectors.
At 17:00‚ the JSE All Share [JSE:J203] index ticked up 0.08% to 40 908.58 points‚ with the gold‚ resources and platinum indices dipping 1.63%‚ 0.30% and 0.24% respectively.
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Source: FIN24
Rand remains on back foot
March 14, 2013--The rand remained under pressure at midday on Thursday as a negative outlook and a stronger dollar weighed on investor sentiment.
The domestic currency fell to an intraday low of R9.2922/$ at mid-morning before recovering slightly.
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Source: FIN24
S&P: Nigeria's Economic Growth Will Spur Banks Expansion
March 14, 2013--Standard & Poor's (S &P), American-based financial services company has said that the political stability and economic growth recorded by Nigeria will spur expansion in the country's banking industry this year.
Bloomberg quoted S&P analysts, led by Matthew Pirnie in Johannesburg to have said in a report yesterday that: “Nigerian banks have good prospects in 2013 thanks to strong economic growth and currently broad political stability.”
The firm added: “We believe the banks will enter an expansionary phase in 2013, spurred by increasing competition and relatively clean balance sheets.”
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Source: This Day Live
JSE sheds value on weaker rand
March 13, 2013--The JSE was dragged down on Wednesday by a struggling rand as ongoing mining strikes, weaker than expected retail sales numbers and negative local current account issues weighed.
Gold counters provided some upside as they benefited from the weaker rand. Gold is seen as a safe haven investment.
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Source: FIN24
Bonds softer on mine strike jitters
March 13, 2013--The South African bond market was softer in midday trade on Wednesday on the back of foreign investor jitters about continuing mine strikes.
Anglo American confirmed this morning that production had resumed at the Kleinkopje coal mine after an illegal walk-out by workers stopped production on Tuesday morning.
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Source: FIN24
JSE slips after setting new record
March 12, 2013--The JSE eased in the opening session on Tuesday after setting a fresh record peak the previous day.
At 9:39am‚ the JSE All Share [JSE:J203] index was down 0.35% at 40‚841.91 points‚ with the Top 40 - (Tradeable) [JSE:J200] index slipping 0.38%.
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Source: FIN24
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
