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ANC rejects nationalisation
December 19, 2012--The ANC has rejected calls to nationalise the country's mines, but supports a windfall "resource rent" tax on mining firms, according to a draft policy document seen by Reuters on Wednesday.
"The state must capture an equitable share of mineral resource rents and deploy them in the interests of long-term economic growth, development and transformation," the draft of party's economic policies said.
The "resource rental tax" is effectively a windfall levy of 50% that will kick in after investors have made a "reasonable return".
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Source: FIN24
JSE closes at record high
December 18, 2012--The JSE closed at a record high on Tuesday, supported by platinums and resources, amidst positive global market sentiment due to expectations of a compromise budget deal being struck in the US.
President Barack Obama and the Republicans are apparently closer to agreeing on a fiscal cliff deal‚ that will put off the $600bn US fiscal cliff of spending cuts and tax hikes.
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Source: FIN24
Coal set to overtake oil as top fuel
December 18, 2012--Oil prices rose on Tuesday as hopes grew of a US deal to avert a "fiscal cliff" of tax hikes and spending cuts in the United States, the world's biggest consumer of crude, analysts said.
New York's main contract, light sweet crude for delivery in January, increased by 49 cents to $87.69 a barrel.
Brent North Sea crude for February advanced 58 cents to $108.22 per barrel in London midday deals.
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Source: FIN24
Bonds tad stronger on rand
December 18, 2012--The South African bond market gained a few points during the morning session on Tuesday after the holiday on Monday on the stronger rand over the weekend.
At 12:46‚ the benchmark R186 was trading at 7.320%‚ from a close of 7.330% on Friday. The R157 was trading at 5.395% from a close of 5.415% previously. The R207 was bid at 6.360% and offered at 6.330% from a close of 6.370% before.
"If you look at the purchasing power parity, at $1 trillion, the capital market capitalisation will boom. It is not impossible to achieve, though it sounds big, "he said. read more
JSE set to climb another 6% in 2013 read more
Bonds little moved after PPI data read more
Rand flat in thin trade read more
JSE at new high on US expectations read more
Rand weakens in quiet trade read more
Source: All Africa.com
December 13, 2012--South Africa's blue chip stock index is set to climb another 6 percent by the end of next year, a subdued performance compared with 2012, as flows of central bank cash eventually taper off, a Reuters poll showed on Thursday.
Major central banks have been the benefactor to global markets by pumping their respective economies with liquidity, money which has found its way into emerging markets. But there is a limit to how much more will likely be done.
Source: FIN24
December 13, 2012-South African bonds were barely moved from earlier levels in late morning trade on Thursday, hardly reacting to PPI data released by Stats SA.
Market conditions are thin ahead of a long weekend - local markets are closed on Monday for a holiday. Traditionally this time of the year in the lead up to Christmas and the new year is very quiet for local markets.
Source: FIN24
December 13, 2012-- The rand was flat at noon on Thursday as trading volumes decline in the run up to the festive season.
“The rand was slightly stronger this morning due to Ben Bernanke’s decision to undergo another round of bond buying - $45bn worth. This is good for liquidity and thus good for a risk-on scenario‚” said Mark Kalkwarf‚ a senior portfolio manager from the Iquad Group.
Source: AME Info
December 12, 2012--The JSE rallied to close at a new high on Wednesday, with platinums and resources providing a boost. Hopes that the US Federal Reserve could announce new stimulus measures tonight helped to buoy both local and global market sentiment.
“There is optimism about the Federal Open Market Committee in the US tonight announcing that they are keeping monetary stimulus in place and market participants believe that a solution to the fiscal cliff issue will be found in time‚” said Gary Booysen‚ trader at Vunani Private Clients.
Source: FIN24
December 12, 2012--The rand weakened before noon on Wednesday as traders looked for direction in thin trading volumes.
“The rand weakened this morning in thin trading conditions. Inflation data came in as expected so it had no impact on the local currency” said Tony van Dyk‚ a currency dealer from the Iquad Group.
Source: FIN24
