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Rand remains under pressure at midday
July 12, 2012--Depressed global sentiment continued to affect markets in midday trade on Thursday, keeping the rand in negative territory.
Analysts said the US Federal Reserve minutes suggested a marked economic slowdown in the US‚ which would require another round of easing measures. These minutes made the euro slide deeper into negative territory as there was no firm signal on the timing of these easing measures‚ which kept the dollar on the front-foot versus the euro.
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Source: FIN24
Business confidence recovers
July 11 2012--South Africa's business confidence improved marginally in June from a 10-year low the previous month although big clouds remain on the economic horizon, the South African Chamber of Commerce and Industry (Sacci) said on Wednesday.
The confidence index rose 2.1 points to 94.9 in June, although Sacci said the recovery was overshadowed by the uncertain global environment and South Africa would do well to sort out policy uncertainties weighing on business.
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Source: FIN24
Weaker global shares weigh on JSE
July 11, 2012--The JSE remained weaker at noon on Wednesday, despite European shares improving on earlier lows in the session.
At 12:00 local time‚ the JSE All Share [JSE:J203] index was down 0.69% at 33‚765.34 points‚ with resources losing 0.96%‚ gold shares tumbling 2.06% and platinum counters shedding 0.65%.
Financials gave up 0.62%‚ banking stocks were off 1.05% and industrials were down 0.53%.
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Source: FIN24
Rand consolidates after US data
The rand was slightly stronger against the US dollar on Wednesday afternoon, after the US trade deficit narrowed for a second straight month in May.
According to data released on Wednesday‚ the US deficit in international trade of goods and services decreased 3.8% to $48.68bn from an upwardly revised $50.60bn the month before. The April trade gap was originally reported as $50.06bn.
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Source: FIN24
Bonds stay firm on offshore demand
July 11, 2012--South African bonds were firm in midday trade on Wednesday on continuing strong demand for South African bonds from offshore.
“Offshore demand remains strong. That is setting up a virtuous cycle as that feeds through into a stronger rand‚ which means the foreigners get more bucks for their SA assets‚” a local trader said.
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Source: FIN24
JSE a tad higher at close
July 10, 2012--The JSE ended marginally higher on Tuesday, giving up most of its earlier gains after a fairly volatile day.
At 17:00 local time‚ the JSE All Share [JSE:J203] index was up 0.20% at 33 998.60 points‚ with resources slipping 0.10%‚ but gold shares lifting 1.46% and platinum counters inching up 0.11%.
Financials edged up 0.17%‚ but banking stocks shaved off 0.19%‚ while industrials lifted 0.37%
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Source: FIN24
Rand firmer on more positive EU outlook
July 10, 2012--After a depressing run since last week the rand maintained a positive bias in afternoon trade as uncertainties in the eurozone eased on positive news coming out of the UK and Spain.
The UK data pointed towards an improvement on trade deficit. The latest data showed that exports rose at their fastest pace in more than two years in May‚ while eurozone finance ministers were reported to have agreed on an assistance package for Spain's banks.
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Source: FIN24
JSE tracks global markets weaker
July 9, 2012--The JSE extended its losses in late trade on Monday, with the downside led by mining shares. The local market is being driven by negative headlines coming out of the US, Europe and China.
At 16:51 local time‚ when the JSE data feed stopped‚ the JSE All Share [JSE:J203] index was down 0.87% at 33 930.00 points‚ with resources losing 1.47%‚ gold shares shedding 1.67% and platinum counters down 1.45%.
Financials were flat (-0.04%)‚ while banking stocks gained 0.39% but industrials slid 0.84%.
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Source: FIN24
Moribund EU economy continues to hit rand
July 9, 2012--The uncertainty over the moribund eurozone economy continued to put pressure on the rand in afternoon trade. The local currency was weaker on depressed global cues, tracking the euro, and awaiting developments from Europe.
“The rand has been on the back-foot since last week‚ maintaining a weaker bias. It is governed by international developments at the moment‚ being driven by what is coming out of Europe. We’ll also be watching the Fed and Chinese GDP later in the week‚” Michael Keenan of Absa Capital said.
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Source: FIN24
SADC stock exchanges work together towards links, shared skills and better visibility
July 6, 2012--The 10 stock exchanges of the Southern African Development Community (SADC) are working together to increase the effectiveness of their markets.
The Committee of SADC Stock Exchanges (CoSSE) has agreed to concentrate on 6 priority areas in support of regional moves to more efficient capital markets.
The stock exchanges will explore ways to use technology to link their trading and order systems and work together to ensure clearing and settlement systems align with global standards adopted in April. They are working closely with SADC institutions to support development of regional systems, including payment and will boost visibility of trading data and enhance their joint website (www.cossesadc.org), launched in April by the JSE and I-Net Bridge. The bourses will also pool resources to accelerate training and skills development for capital markets staff.
CoSSE members are Botswana Stock Exchange, Malawi Stock Exchange, Stock Exchange of Mauritius, Bolsa de Valores de Moçambique, Namibian Stock Exchange, South Africa’s JSE Ltd, Swaziland Stock Exchange, Dar es Salaam Stock Exchange of Tanzania, Zambia’s Lusaka Stock Exchange, and the Zimbabwe Stock Exchange. They met on 25 June in Gaborone, Botswana in a meeting convened by CoSSE with support from SADC Secretariat.
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Source: African Capital Markets News