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Rand weakens on fiscal cliff fears

December 31, 2012--The rand weakened against the US dollar on Monday as traders eyed the outcome of talks in the US concerning the fiscal cliff.

“The rand is still relatively strong from the start of the month‚ we are all still eyeing the fiscal cliff debate in the US. This will be the biggest influence on the local currency‚” Vunani Private Clients global market analyst Kuziva Muganiwa said.

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Source: FIN24


Fiscal cliff keeps JSE in the red

December 28, 2012--Concerns about the stalled talks on the US fiscal cliff kept the JSE in the red on Friday.

The US goes over the so-called fiscal cliff at midnight on Monday when stiff tax hikes and drastic spending cuts take effect.

Economists say that would send the world's biggest economy back into recession.

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Source: FIN24


Bonds bid weaker on softer rand

December 28, 2012--The South African bond market was bid weaker in quiet trade at midday on Friday on the back of a softer rand.

At 11:40 the benchmark R186 was bid at 7.260% and offered at 7.255% from a previous close of 7.230%. The R157 was bid at 5.330% and offered at 5.310% from 5.310% previously and the R207 was bid at 6.260% and offered at 6.250% from its overnight close of 6.250%.

The rand was last bid at R8.5064/$ from R8.4778 previously.

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Source: FIN24


Miners pull JSE higher

December 27, 2012--Mining shares nudged the All Share [JSE:J203] index up just after noon on Thursday, as the SA share market looked set to wrap up the year on solid ground.

At 12:35‚ the all share index was up 0.30% to 39 306.75 points. Platinum stocks climbed 0.78% for a 12% gain this month‚ while resources have risen 0.63% on the day.

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Source: FIN24


Bonds a tad softer in thin trade

December 27, 2012--The South African bond market drifted slightly weaker in quiet afternoon trade despite a firmer rand.

At 3:40‚ the benchmark R186 was trading at 7.230% from a previous close of 7.210%. The R157 was trading at 5.320% from 5.290% previously and the R207 was untraded.

The rand was last bid at R8.4998/$ from R8.5657/$ previously.

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Source: FIN24


Rand gains on possible US cliff solution

December 27, 2012--The rand gained ground in late trade on Thursday on a firmer euro due to the prospect of the US averting the fiscal cliff before year-end.

Such a resolution would lead to risk on trade and would help the rand gain further value.

“The rand is a bit stronger due to a firmer euro‚ amid thin and quiet trade and low volumes seen. We will continue trading in the R8.45 to R8.60 range until there is a clear idea of how US politicians are going to resolve the cliff issue‚” a local trader said.

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Source: FIN24


JSE boosted by gold shares

December 24, 2012--Gold stocks helped the JSE finish the quiet and shortened Monday session in positive territory ahead of public holidays on Tuesday and Wednesday.

At 12pm‚ the All Share [JSE:J203] index had added 0.16% to 39‚187.38‚ with gold counters lifting 1.25%.

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Source: FIN24


Bonds close session untraded

December 24, 2012--South African bonds has closed the shortened Monday session untraded ahead of the Christmas and Day of Goodwill holidays.

“No trades went through today... most people are already on holiday‚” a local trader said.

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Source: FIN24


Rand little changed in quiet trade

December 24, 2012-With local markets set to close at midday on Monday ahead of the Christmas Day and the Day of Goodwill holidays and little in the way of local or international news to offer any direction, the rand is expected to remain little changed on Monday.

At 8:30‚ the rand was bid at R8.5659/$ from its previous close of R8.5700. The local currency was bid at R11.2911/€ from its previous close of R11.3204 and at R13.8434 against sterling from R13.7965 before.

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Source: FIN24


Africa: Rise of the African Sovereign Wealth Fund

December 22, 2012--African sovereign wealth funds are emerging to save and invest resource revenues. If efficient, they could also boost domestic growth and credit ratings

A spate of sovereign wealth funds are opening across Africa as resource-rich countries look to manage their revenues. Nigeria and Angola have both launched funds in recent months, with Tanzania's president Jakaya Kikwete also stating his intent to set aside revenues from new gas discoveries.

Almost every member of Opec operates a sovereign wealth fund - a state-owned investment fund - to ring-fence oil revenues and ease the impact of commodity price volatility. Now, after years of poor fiscal management and the 'resource curse', African countries are also looking to SWFs to save hydrocarbon revenues, diversify their wealth and boost domestic growth.

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Source: AllAfrica.com


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