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Industrials lift JSE at close
October 15, 2012--The JSE ended firmer on Monday, lifted mostly by industrial shares, which benefited from rand weakness.
At 5pm‚ the JSE All Share [JSE:J203] index was up 0.49% to 36 620.28 points‚ with the Top 40 - (Tradeable) [JSE:J200] index gaining 0.56% to 32 457.76 points‚ a fresh closing record.
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Source: FIN24
Bonds may lose steam soon
October 15, 2012--South African government bonds could soon lose some steam after a strong run propelled by portfolio flows from foreign accounts undeterred by strikes that have raised questions about the wisdom of investing in the country.
Investors are increasingly uneasy over often violent protests that have killed more than 50 people, including 34 striking miners shot dead by police in August.
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Source: FIN24
JSE pares losses, tracks Dow
October 12, 2012--The SA share market pared losses in late trade on Friday, tracking a positive open on Wall Street, which was inspired by a set of upbeat US economic data.
At 17:00‚ the JSE all-share index ended 0.16% lower at 36 440.05 points‚ with the top-40 index slipping 0.24% at 32 276.07.
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Source: FIN24
S&P cuts SA's foreign currency rating
October 12, 2012--International rating agency Standard & Poor's on Friday lowered the long-term foreign currency sovereign credit rating on South Africa to 'BBB' from 'BBB+' and the long-term local currency rating to 'A-' from 'A'.
S&P also lowered the short-term local currency rating to 'A-2' from 'A-1' and affirmed the short-term foreign currency rating at 'A-2'. The outlook remains negative.
The ratings agency said its downgrade follows ongoing labour unrest in South Africa.
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Source: FIN24
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
