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Zambia's debut $750m Eurobond puts focus on Africa
September 14, 2012--"There is a great appetite for Africa credit and a lack of supply," is the comment from Standard Bank group analyst Yvette Babb interviewed by Bloomberg as Zambia went to the global market yesterday (13 September) with a USD750 million 10-year bond priced at a final coupon of 5.625%.
It is Zambia’s first international bond and will be used to fund its budget and invest in infrastructure.
Reuters reports that the bond has “come 25bp tighter than initial guidance after generating an order book in excess of USD11bn”. Barclays and Deutsche Bank are the leads for the bond issue, although a roadshow reportedly planned for August was delayed.
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Source: African Capital Markets
JSE sets new closing records
September 14, 2012--The JSE Ltd [JSE:JSE] set new closing records on the All Share [JSE:J203], Top 40-(Tradeable) [JSE:J200] and industrial indices, benefiting from the US central bank policy action to stimulate the world’s largest economy.
At 17:00‚ the JSE all-share index had rallied 1.85% to 36 550.08 points‚ with the top-40 index up 2.14%. Resources soared 5.39%‚ gold miners jumped 4.59%‚ platinum shares lifted 3.38% and industrials garnered 0.56%.
Banks bucked the trend and were down 2.
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Source: FIN24
JSE up on resources‚ industrials
September 12, 2012--The JSE Ltd [JSE:JSE] share market ended higher on Wednesday, underpinned by the resources and industrial sectors, which benefited from the rand weakness.
Positive risk sentiment linked to the approval of the eurozone bailout fund by the German Constitutional Court appeared to have lost steam in late trade‚ with some leading European markets turning lower‚ while US stocks were flat. Traders attributed the pull back to some caution ahead of the US Federal Reserve policy meeting on Thursday.
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Source: FIN24
JSE cuts losses on Wall Street
September 12, 2012--The JSE Ltd [JSE:JSE] share market pared its losses to finish only slightly weaker on Tuesday, boosted late by the positive open on Wall Street.
Platinum shares were the worst performers on the day‚ losing close to 3% due to labour-related disputes in the industry.
Banks and financials bucked the trend‚ boosted by FirstRand’s strong full year profit.
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Source: FIN24
JSE loses as foreigners shift gear
September 10, 2012--The surprise on the JSE Ltd [JSE:JSE] on Monday was the platinum and resources sector, which was the highest gained despite ongoing strike problems.
The overall index lost 219 points as foreigners shifted gears ahead of key international events.
“International institutions were buying mostly industrial and retail stocks for two to three weeks‚ but they are now starting to move out as they look more at resource stocks. It is on the back of speculation over more stimulus in the US‚” said Thys van Zyl‚ portfolio manager from Thebe Stockbroking.
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Source: FIN24
Bonds firmer on upbeat market mood
September 10, 2012--South African bonds remained a few basis points firmer in late trade on Monday, bolstered by generally upbeat spirits in global markets.
A stronger rand provided additional support to the local gilts.
“Last week ended on a positive note for domestic yields. Ongoing foreign investor buying of domestic bonds supported the market into the middle of the week‚ and domestic yields did not follow US Treasuries higher‚” Absa Capital said in its morning report.
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Source: FIN24
Bonds firmer on upbeat market mood
September 10, 2012--South African bonds remained a few basis points firmer in late trade on Monday, bolstered by generally upbeat spirits in global markets.
A stronger rand provided additional support to the local gilts.
“Last week ended on a positive note for domestic yields. Ongoing foreign investor buying of domestic bonds supported the market into the middle of the week‚ and domestic yields did not follow US Treasuries higher‚” Absa Capital said in its morning report.
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Source: FIN24
JSE slightly firmer, miners rally
September 7, 2012--The JSE share market ended slightly higher on Friday, tracking the positive trend in global markets.
“The prime moving force on global equities was still the European Central Bank's (ECB) pledge to provide extra liquidity to help the troubled eurozone countries‚” said Ian Cruickshanks‚ market watcher at Nedbank Capital. “Investors have regained risk appetite.”
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Source: FIN24
Rand stronger on euro
September 7, 2012--The rand prolonged its rally on Friday afternoon, which had been sparked on Thursday by the European Central Bank's (ECB) government bond-buying plan announcement, and on Friday afternoon on the back of heightened expectations that the Fed would announce monetary easing in one form or another, at its Federal Open Market Committee (FOMC) meeting next week, which would buoy the rand.
The rand was also stronger on the back of a stronger euro‚ which had made good gains after ECB president Mario Draghi’s speech.
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Source: FIN24
JSE rallies on ECB statement
September 6, 2012--A broad-based rally in SA equities sent the All-share index to a seven-day closing high on Thursday after the eurozone central bank confirmed a bond buying plan aimed at tackling the economic problems in a single-currency region.
At 17:00‚ the JSE all-share index was up 1.80% to 35 674.73 points‚ with platinum miners jumping 3.97%‚ resources rallying 3.23% and the gold index gaining 2.44%.
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Source: FIN24