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Zim sees 8.9% growth in 2013
October 12, 2012--Zimbabwe's economy is projected to grow 8.9% next year if the political environment remains stable and the government lives within its expenditure targets, the finance ministry said on Friday in a pre-budget statement.
Uncertainty over the date and conduct of elections due within the next year is casting a shadow over the economy given Zimbabwe’s recent history of violent and disputed polls.
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Source: FIN24
JSE extends gains on US data
October 11, 2012--The SA equity market rallied in late trade on Thursday, buoyed by better than expected US economic data.
At 5pm‚ the JSE All Share [JSE:J203] index ended 0.97% firmer at 36 498.44 points‚ with gold stocks lifting 1.20%‚ the banking index gaining 1.06% and industrials climbing 1.04%.
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Source: FIN24
Rand unmoved by strike news
October 11, 2012--The rand was firmer at noon on Thursday with no real reaction yet to the latest news that striking SA gold miners had rejected the latest wage offer by employees.
At 11:59am‚ the rand was bid at R8.7129 to the dollar from Wednesday’s close of 8.7328‚ Tuesday’s close of R8.74513‚ Monday’s worst level of R8.9945 and Monday’s close of R8.8855.
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Source: FIN24
Bonds steady despite switch auction
October 11, 2012--The South African bond market was steady in midday trade on Thursday despite the fact that the National Treasury chose not to allocate any bonds at the 11am switch auction.
The National Treasury had offered to switch up to R2bn of the R201 bond into R186 and R2023 bonds. It received bids worth R1.23bn on the R186 bond and R1.475bn on the R2023 bond.
“We were hoping for direction from the switch auction‚ but because nothing was allotted there was no help there. So that means we fall back to watching the rand‚” a local bond trader said.
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Source: FIN24
US paper sounds alarm over SA economy
October 16, 2012--The Wall Street Journal has published an article painting a bleak picture of South Africa's economy, saying labour unrest has caused its economic growth to fall behind other African states.
"The unrest is exposing a stark reality - South Africa is falling behind, even in Africa," read the Wall Street Journal article, published on its website on Friday.
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Source: FIN24
JSE ends positive, gold miners dim
October 10, 2012--South African shares turned positive for the first time this week but Gold Fields and other bullion mining firms took a beating from a recovery in the local currency.
Absa, the South African bank majority owned by Barclays, fell 2.8% to R134.60. A black investment group said it had sold a 3.4% stake in the bank.
The Top 40 - (Tradeable) [JSE:J200] index gained 0.21% 32 008.14 and the All Share [JSE:J203] went up by a similar margin to 36 147.62.
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Source: FIN24
Rand slightly firmer
October 10, 2012--The rand remained relatively firm at noon, pulling further away from its three-and-a-half year weakest point against the US dollar reached on Monday due to labour strife.
At 11:45am‚ the rand was bid at R8.7116 to the dollar from Tuesday’s close of R8.74513‚ Monday’s worst level of R8.9945 and Monday’s close of R8.8855.
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Source: FIN24
JSE extends losses as rand turns course
October 9, 2012--South African stocks extended losses on Tuesday as a slightly firmer local currency helped reverse the gains made by so-called rand hedges like British American Tobacco.
South African Breweries, to which many investors also fled in the previous session as the rand weakened, unwound over 3% to R374.33.
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Source: FIN24
Rand tumbles to near R9/dollar
October 9, 2012--The rand fell more than 1.9% against the dollar on Monday to another three-and-a-half year low as strikes that have hit output in the mining sector continued to hurt sentiment.
The rand fell to R8.97 to the dollar, its weakest level since April 2009, according to Reuters data, compared to Friday’s close at R8.79.
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Source: FIN24
JSE down on financials, resources
October 8, 2012--The JSE was lower in Monday morning trade after touching fresh intraday highs on Friday, with the financials and resources weighing on the bourse.
At 9:20am the JSE All Share [JSE:J203] index was 0.82% softer at 36‚286 points‚ while the Top 40 - (Tradeable) [JSE:J200] index had shed 0.91% to 32‚067 points.
Financials were down more than 1% and resources dropped 1%.
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Source: FIN24