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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.
Africa: Rise of the African Sovereign Wealth Fund
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. view more
JSE soft on weak world markets view more
Rand extends losses on US fiscal concerns view more
Bonds off best level on profit taking read more
Nigeria, Others Plan Record Bond Sales As Yields Sink read more
Banks nudge JSE to another record view more
Rand steady as Mangaung calms fears view more
JSE all-share passes 39 000 point mark view more
Rand weaker after gaining on Ramaphosa view more
Source: FIN24
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.
Source: AllAfrica.com
December 21, 2012--The JSE was softer at noon on Friday tracking global sentiment weaker as negative headlines about the US fiscal cliff issue sparked a sell-off in the US, Asia and Australia, which has filtered through to our market.
Platinums led the downside‚ followed by banks‚ both of which had good rallies recently.
Source: FIN24
December 21, 2012--The rand lost further ground in midday trade on Friday amid global risk aversion, linked to stalled US budget talks.
At 11:48‚ the rand was bid at R8.5796/$ from its previous close of R8.4816. The local currency was bid at R11.3205/€ from its previous close of R11.2295 and at R13.9290 against sterling from R13.7965 before.
Source: FIN24
December 21, 2012--South African bonds were off the day's best levels in midday trade on Friday on profit taking prompted by a weaker rand.
“We had a strong run during December‚ especially in the long end‚ so we are not surprised to see some profit taking once the rand failed to move below R8.40‚” said a local bond trader.
Source: FIN24
December 21, 2012--Nigeria, Angola and Ghana are preparing to sell as much as $3.75 billion in international bonds in 2013, the most from the continent ever, after yields sank below Italy and Spain and investors set aside concerns sparked by the Cote D'Ivoire's default almost two years ago.
According to Bloomberg, Nigeria planned to borrow $1 billion on overseas markets, twice as much as it sold in 2011, while Angola is seeking $2 billion of debt. Also, Ghana, which issued the first Eurobonds in sub- Saharan Africa outside of South Africa in 2007, may sell a further $750 million, the country's Deputy Finance Minister, Seth Terkper
Source: All Africa.com
December 20, 2012--Banks pushed the JSE to yet another record at midday on Thursday, as December futures closeout ended.
Closeouts are the dates when futures contracts are settled‚ with players placing their bets on the market's future direction.
Source: FIN24
December 20, 2012--The rand was largely steady against the dollar on Thursday, with sentiment largely positive after a leadership conference of the ruling ANC allayed investor fears of any radical policy shifts.
The currency was at R8.5060 to the greenback by 08:05 GMT, little changed from Wednesday's close at R8.4850.
Source: FIN24
December 19, 2012--Resources and banks helped push the JSE above the 39 000 point mark for the first time on record, as the SA share market continued its strong run amid positive global market sentiment.
At 12:37‚ the All Share [JSE:J203] index was up 0.62% to 39 120.33 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.66% to 34 692.68. Resources and banks gained 1.12% and 1% respectively.
Source: FIN24
December 19, 2012--The rand was slightly weaker before noon on Wednesday after it had strengthened on Tuesday on Cyril Ramaphosa's election as deputy president of the ANC at Mangaung.
“No surprises from Mangaung. Ramaphosa’s election as deputy president is good news for business because he has been on both sides; this is also good for investors‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.
Source: FIN24
