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Weak rand pushes JSE to record high
January 24, 2013--Relatively buoyant demand for industrial and mining shares lifted the JSE to a fresh record high on Thursday, with a weaker rand still providing impetus in addition to the upbeat China manufacturing data.
At 12:28‚ the All Share [JSE:J203] index was up 0.73% to 40 479.64 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.81% to 36 029.86‚ another record.
“Rand weakness continues to dominate the theme even though the long-term picture for SA looks a bit murky against the backdrop of labour tensions‚” said Devin Shutte‚ a trader at stockbrokerage‚ Newstrading.
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Source: FIN24
Bonds off worst level on rand recovery
January 24, 2013--The South African bond market was softer but off its worst level in quiet midday trade as the rand recovered.
"The rand has helped us‚ but volumes remain light as we wait to see the tone of the central bank’s statement this afternoon‚" a local bond dealer said.
At 11:46 the benchmark R186 was trading at 7.310% from 7.305% at Wednesday’s close and 7.240% at Tuesday’s close.
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Source: FIN24
Rand edges lower on CPI data
January 23, 2013--The domestic currency market failed to translate CPI figures and an end to the farm strikes into a positive move during midday trade on Wednesday.
Mark Kalkwarf‚ senior portfolio manager at the Iquad Group‚ said it was surprising that the rand hadn’t experienced any rebound in response to the farm strikes being called off.
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Source: FIN24
Bonds ease after CPI increases
January 23, 2013--The South African bond market eased slightly in quiet midday trade on Wednesday after the release of the December consumer price index (CPI) at 10am came in at the consensus forecast of 5.7% year-on-year (y/y) from 5.6% y/y in November.
Forecasts among the eleven economists surveyed by I-Net Bridge ranged from 5.6% to 5.8%.
“Bond yields have edged a touch higher after the CPI data‚ but as it was in line with expectations‚ the move was subdued‚” a local bond dealer said.
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Source: FIN24
Africa Now the World's Second Fastest Economy, to Grow 5.3% in 2013
Africa is now the world's second fastest growing economy, and may grow even faster in 2013
Most African states have achieved political stability, which is important for investment
The risks include governance, economic and political exclusion, and weak institutions
January 23, 2013--Africa is already the world's second fastest growing economy after expanding 5% a year in the past two years, well above the global average,
and Africa’s GDP is on track to grow by 5.3% this year, a televised debate with the presidents of Nigeria and South Africa and business leaders reported today at the 43rd World Economic Forum Annual Meeting in Davos, Switzerland.
"If certain bottlenecks were taken out, I can easily see that doubling,” said Graham Mackay, Chairman, SABMiller, United Kingdom.
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Source: WEF (World Economic Forum)
Nairobi -Launch of the Growth Enterprise Market Segment
January 22, 2013--The Nairobi Securities Exchange (NSE) today launched the Growth Enterprise Market Segment (GEMS).
GEMS enables small and medium sized firms to raise substantial initial and ongoing capital, while benefiting from increased profile and liquidity within a regulatory environment designed specifically to meet their needs. Mr. Eddy Njoroge, the Chairman of Nairobi Securities Exchange stated, “The establishment of a GEMS market in Kenya will pave way for the listing of Small and Medium Sized Enterprises (SMEs) on the Exchange, which is a major driver of our country’s economy.” He further stated that GEMS is supported by a wide community of experienced advisers, ranging from brokers to accountants, lawyers and the fundamental Nominated Advisors (NOMADS) who will assist companies to list on GEMS and to comply with good corporate governance and global best practices.
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Source: Nairobi Securities Exchange (NSE)
JSE softer on consolidation
January 22, 2013--The JSE came under pressure on Tuesday, leaving most constituent benchmarks in negative territory amid consolidation after a strong start to the year.
At 12:37‚ the All Share [JSE:J203] index was 0.62% lower at 39 741.43 points‚ with the Top 40 - (Tradeable) [JSE:J200] index shedding 0.70% to 35 316.46 while the bank and platinum indices lost 1.32% and 1.16% respectively.
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Source: FIN24
Rand fairly quiet, awaits MPC decision
January 22, 2013--The rand remained on the sidelines at midday on Tuesday, in anticipation of CPI figures to be released on Wednesday and the MPC announcement on Thursday.
“The rand is a bit tossed and turned today. Markets are waiting on the data due throughout the rest of the week‚” said Ockert van Niekerk‚ head of trading at PSG.
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Source: FIN24
Industrial stocks weigh on JSE
January 21, 2013--The JSE remained softer on Monday at noon, with industrial shares pulling the all-share index lower after the poorly received trading statement from luxury group, Richemont (CFR).
At 12:33‚ the All Share [JSE:J203] index was 0.74% lower at 39 870.37 points‚ with the Top 40 - (Tradeable) [JSE:J200] index shedding 0.81% to 35 433.17‚ while industrials gave up 1.16%.
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Source: FIN24
Miners lead stocks higher
January 18, 2013--Stocks ended the week with modest gains on Friday with miners adding the most points to the key index after an upbeat growth data in China, the world's biggest commodity consumer.
But retailers restricted the upside momentum with clothing chain Mr Price falling for the ninth consecutive session on growing concerns that the sector's valuation is not justified by its earnings or outlook.
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Source: FIN24
