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Rand strengthens on current account data
December 6, 2012--The rand strengthened before noon on Thursday after better-than-expected data relieved pressure on the local currency.
“The current strength of the rand is mainly due to the current account not widening. Before it was released it was weaker‚ but the news made the rand less vulnerable to offshore markets‚” said Kuziva Muganiwa‚ a global market analyst from Vunani Private Clients.
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Source: FIN24
Mining ouput declines over strikes
December 6, 2012--Year-on-year economic growth halved to 1.2% mainly because strikes dampened mining output, the SA Reserve Bank quarterly bulletin reported on Thursday.
It said the real output of the mining sector contracted by 12.7% in the third quarter of the year.
This compared to a strong quarter-to-quarter increase of 30.9% in the second quarter of the year.
Towards the end of the quarter, labour unrest after the shooting at Lonmin [JSE:LON] Platinum's Marikana operations had spilled over to other mines.
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Source: FIN24
Vetiva To Launch First Equity Exchange Traded Fund At Nigeria's Bourse
December 5, 2012--Vetiva Fund Managers will launch the VNSE 30 Index Securities, an Exchange Traded Fund ("ETF") based on the NSE 30 Index (an index of the most capitalized and liquid stocks listed on The Nigerian Stock Exchange).
Sources at the Victoria Island--Lagos based firm told THEWILL that when listed, the fund will be the first equity-based ETF to be listed on The Nigerian Stock Exchange following the listing of the Newgold Exchange Traded Fund (a commodity based ETF) in 2011 (in which Vetiva Securities acted as Sponsoring Broker).
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Source: The Will
JSE ends at high on Chinese news
December 5, 2012--The JSE all-share index closed at an all-time high on Wednesday buoyed by positive global sentiment, after Chinese markets gained significantly on positive comments by China's new leader, Xi Jinping.
This led to speculation about monetary stimulus in the world’s second largest economy‚ which put risk back on the table.
At 17:00‚ the JSE All Share [JSE:J203] index closed 0.52% higher at 38 189.82 points‚ with the Top 40 - (Tradeable) [JSE:J200] gaining 0.61% to 33 927.03.
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Source: FIN24
Bonds firm on stronger rand
December 5, 2012--The South African bond market was firm in midday trade on Wednesday on a stronger rand.
“We have seen some buying this morning‚ but the market is not taking large positions until the current account data is released tomorrow‚” a local bond trader said.
At 11:53‚ the benchmark R186 was trading at 7.565% from Tuesday’s close of 7.580%. The R157 was trading at 5.490% from 5.505% at its previous close. The R207 was bid at 6.505% and offered at 6.485%‚ from its previous close of 6.510%.
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Source: FIN24
JSE softer on global concerns
December 4, 2012--The JSE closed softer on Tuesday with the all share index dipping below the 38 000 points level, with markets still concerned about the US fiscal cliff and awaiting further developments thereon.
At 17:00‚ the All Share [JSE:J203] index was down 0.15% to 37 991.31 points.
Gold stocks and resources weighed on the bourse‚ shedding 1.53% and 0.81% respectively‚ while platinums provided some upside closing 0.65% firmer.
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Source: FIN24
Rand steady as Zuma nears re-election
December 4, 2012--The rand is expected to remain range-bound as the ruling ANC moves closer to re-appointing President Jacob Zuma as its leader, reducing the uncertainty hanging over this month's internal party election.
The rand was at R8.8680 to the dollar at 06:39 GMT, largely in line with its New York close on Monday.
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Source: FIN24
JSE pares losses, boosted by banks
December 3, 2012--The JSE pared losses in late trade to finish just slightly lower on Monday, boosted by some buying interest in banking and financial shares.
At 17:00‚ the All Share [JSE:J203] index was down 0.14% to 38 049.74 points. Gold stocks led the downside‚ dropping 3.12%‚ while banks garnered 1.06%.
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Source: FIN24
Rand remains strong on firm euro
December 3, 2012--The rand remained strong in afternoon trade on Monday on a firm euro.
“We kept steady against the euro‚ which in turn firmed against the dollar‚ so that has seen us trade near R8.85 per dollar for most of the day‚” a local trader said.
At 16:11‚ the rand was bid at R8.8534/$ from Friday’s close of R8.8909. The local currency was bid at R11.5507/€ from its previous close of R11.5527 and at R14.2276 against sterling from R14.2255 before.
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Source: FIN24
JSE closes at fresh all-time high
November 30, 2012--The JSE all share closed at a fresh all-time high on Friday after weak trade figures pushed the rand lower with rand hedge stocks gaining as a result.
Gold miners and industrials also providing a boost, while platinum was the biggest loser on the day.
World markets were also trading in positive territory‚ but uncertainty persisted about the US fiscal cliff and next week’s Greek debt buyback.
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Source: FIN24
