Platinum sector weighs on JSE
January 16, 2014--The platinum sector dragged the JSE down on Wednesday as foreign investors feared that the shaft closures and consequent job losses announced by Amplats would lead to continued stained industrial relations in the mining sector.
At 17:00‚ the All Share [JSE:J203] index was down 0.08% to 39 879.99‚ with the platinum index dropping by 3.70%‚ while industrials were up 0.42%.
read more
Source: FIN24
Mines keep pressure on rand
January 16, 2013--The rand continued its slide against the dollar on Wednesday morning, as a result of negative sentiment primarily driven by the decision of Anglo Platinum [JSE:AMS] to suspend some of its operations.
Kuziva Muganiwa‚ a global markets analyst from Vunani Capital‚ said the rand could weaken to R8.90/$ within the day.
view more
Source: FIN24
How JSE-listed ETFs performed in 2012-Different Questions
The two leading ETF's outperformed every local managed unit trust over last year.
January 15, 2013--As the exchange traded fund (ETF) market in South Africa continues to grow, the number of choices facing investors is becoming more diverse and more complicated.
The number of different indices being tracked means that investors should regularly update themselves on how these different funds are performing and whether the index they have chosen is the right one for their needs.
view more
Source: MoneyWeb
Poor Macroeconomic Outlook Dampens Single Currency Prospect for W' Africa
Janaury 15, 2013--Prospects for the proposed take-off of a single currency regime by 2015 remained blurred as none of the six member countries of the West African Monetary Zone (WAMZ) including Nigeria, satisfied the required macroeconomic convergence criteria last year.
The drive towards the adoption of a single currency regime in the West African sub-region was originally fixed for 2003 but this had been postponed three times largely because of “mixed” progress among member countries in attaining the set criteria.
view more
Source: This Day Live
South Africa's gold output fell by 32.2% in November
Data released by Statistics South Africa shows that gold output fell by 32.2% in volume terms in November 2012, highlighting the impact of illegal strikes.
January 15, 2013--South Africa's gold output fell by 32.2% in volume terms in November, highlighting the impact of illegal strikes, while total mineral production rose 1.1% compared with the same month last year, data showed on Tuesday.
Production of non-gold minerals was 4.5% lower, Statistics South Africa said. Production of platinum group metals climbed 3% in November.
view more
Source: MineWeb
Retailers weigh on JSE
January 15, 2013--The JSE closed Tuesday's session in the red with platinums making gains due to potential supply constraints, while retailers took a beating on market expectations that retail earnings could be lower than previously expected.
At 17:00‚ the All Share [JSE:J203] index was down 0.58% to 40 144.07 points‚ with the Top 40 - (Tradeable) [JSE:J200] index dropping 0.46% to 35 508.01 points‚ while the platinum index lifted 1.33% and retailers shed 3.79%. Banks were also hard hit with the index giving up 1.59%.
read more
Source: FIN24
Negative sentiment keeps rand weaker
January 15, 2013--The rand experienced losses across the board at midday on Tuesday, with political factors still having an effect on market sentiment.
“The weakness continues to be driven by two main things: failure to resolve the farm strikes in the Western Cape and overhang from the downgrade last week‚” said Mark Kalkwarf a senior portfolio manager at the Iquad Group
view more
Source: FIN24
IMF Working paper-Bond Markets in Africa
January 14, 2013--Summary: African bond markets have been steadily growing in recent years, but nonetheless remain undeveloped. African countries would benefit from greater access to financing and deeper financial markets.
This paper compiles a unique set of data on corporate bond markets in Africa. It then applies an econometric model to analyze the key determinants of African government securities market and corporate bond market capitalization. Government securities market capitalization is directly related to better institutions and interest rate volatility, and inversely related to the fiscal balance, higher interest rate spreads, exchange rate volatility, and current and capital account openness. Corporate bond market capitalization is directly linked to economic size, the level of development of the economy and financial markets, better institutions, and interest rate volatility, and inversely related to higher interest rate spreads and current account openness. Policy implications follow.
view the IMF Working paper-Bond Markets in Africa
Source: IMF
Industrials, platinums weigh on JSE
January 14, 2013--The JSE ended slightly lower on Monday, dragged down by platinum stocks and the broad sell-off in the retail sector following Shoprite Holdings' trading update.
At 17:00‚ the All Share [JSE:J203] index was down 0.34% to 40 144.07 points‚ with the Top 40 - (Tradeable) [JSE:J200] index edging down 0.33% to 35 673.42‚ while the platinum and industrial indices shed 1.10% and 0.87%‚ respectively.
view more
Source: FIN24
Bonds in demand after Fitch downgrade
January 14, 2013--Government bonds rallied on Monday, pushing the yield on the 13-year benchmark to a 6-month low as demand resumed after a sell-off last week prompted by a downgrade from Fitch.
The rand also pulled back from last Friday's 5-week low against the dollar, although a renewed bout of selling could easily set it back on track towards last November's volatile 8.80-9.01 range.
view more
Source: FIN24