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Rand tad softer despite Chinese data
February 8, 2013--The rand was slightly weaker at midday trade on Friday but remained well within range, despite better than expected Chinese trade data.
“Outside of any new local news the rand is likely to stay within the R8.85-R8.95 range to the dollar‚” said Kuziva Muganiwa‚ a global markets analyst from Vunani Capital.
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Source: FIN24
Stability! More U.S. Investors Fall for Sierra Leone
February 8, 2013--While interacting with media practitioners yesterday at his Signal Hill residence, west of Freetown, the United States Ambassador to Sierra Leone disclosed that more U.S.-based companies have expressed interest to invest in Sierra Leone as a result of the stable business atmosphere created by the government.
Michael S. Owen said it was significant to note that American companies are getting more interested in Sierra Leone because of the good news reaching the owners particularly those related to the November 17 elections in which his government spent over US$ 4 million to support.
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Source: allAfrica.com
JSE edges up at open, platinums lead
February 7, 2013--The JSE edged up at the start of trading on Thursday, underpinned by relatively strong demand for platinum stocks, as market players looked to Europe for further guidance.
At 9:41 the JSE All Share [JSE:J203] index was up 0.17% at 40 629.05‚ with the Top 40 - (Tradeable) index [JSE:J200] nudging up 0.18% to 36 221.98 while the platinum index gained 0.89%.
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Source: FIN24
Bonds firmer despite London selling
February 7, 2013--The South African bond market was a touch firmer in afternoon trade on Thursday despite some selling out of London.
"We were looking to go stronger as the manufacturing production data was disappointing‚ but that was met by selling out of London‚” a local bond dealer said.
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Source: FIN24
Banks pull JSE into red
February 6, 2013--The JSE moved from being in positive territory to close the day down, with banks weighing while platinums gained after the price of the metal surged due to supply concerns.
At 17:00‚ the All Share [JSE:J203] index closed down 0.25% at 40 559.67 points‚ with the platinum index gaining 1.14%. At 5:06 the spot price of platinum was 1.32% higher at $1 733.50/oz‚ from $1 708.00/oz on Tuesdayview more
Source: FIN24
FSB welcomes new SA regulatory model
February 6, 2013--The international Financial Stability Board (FSB) has welcomed SA's planned reforms and agrees that a shift to a twin peaks model provides a good opportunity for SA to streamline responsibilities and elevate the importance of market conduct regulation.
The FSB is chaired by Mark Carney‚ Governor of the Bank of Canada and soon to be Governor of the Bank of England. Its secretariat is located in Basel‚ Switzerland‚ and hosted by the Bank for International Settlements (BIS).
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Source: FIN24
JSE flat amid consolidation
February 5, 2013--The JSE lacked direction on Tuesday in the absence of fresh catalysts, while construction stocks remained under pressure amid an investigation of alleged collusion in the industry.
At 12:45‚ the All Share [JSE:J203] index was flat (0.02%) at 40 578.98 points‚ with the banking index lifting 1.22%.
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Source: FIN24
Bonds little changed after auction
February 5, 2013--The South African bond market was little changed in midday trade on Tuesday after the weekly bond auction at 11:00.
Dealers said the release of the Quarterly Labour Force Survey (QLFS) at 11:30‚ which showed the unemployment rate dropped to 24.9% in the fourth quarter‚ compared with the Investec forecast of a rise to 26.0%‚ from 25.5% in the third quarter.
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Source: FIN24
EM companies commit 'original sin' on debt
Rash of bonds raise fears over foreign currency borrowings
February 4, 2013--A roaring trade in emerging market bonds has triggered fears an EM debt bubble is inflating.
Never before has the developing world enjoyed such low borrowing costs, at least in US dollars. The risk is that some emerging economies – and their companies – may be borrowing too much in foreign currencies.
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Source: FIN24
JSE at all-time high, miners shine
February 4, 2013--A strong surge in gold and platinum counters once again pushed the JSE higher on Monday morning as it did on Friday, this time to a new all-time high with Lonmin [JSE:LON] continuing its upward path after gaining 12% on Thursday after reporting stronger production numbers and extending gains on Friday.
At 9:29am‚ the All Share [JSE:J203] index was up 0.44% at 40‚780.31 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.41% to 36‚366.44 points‚ with gold and platinum counters gaining 2.46% and 1.88% respectively.
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Source: FIN24
