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JSE a tad higher in choppy trade
June 20, 2012--The JSE ended marginally higher on Wednesday, pushing the all-share index to a new closing high, albeit in a choppy session.
The local bourse‚ along with its global peers‚ traded in a narrow range throughout the day as it awaited some action from the US Federal Reserve to boost faltering global economic growth.
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Source: FIN24
Rand holds steady, awaits Fed statement
June 20, 2012--The rand held steady in afternoon trade on Wednesday, with all eyes on the US Federal Reserve.
At 15:48 the rand was bid at R8.2092 to the dollar from Tuesday’s close of R8.1944. It was bid at R10.4248 to the euro from its previous close of R10.3940 and at R12.9227 against sterling from R12.8817 before. The euro was bid at $1.2698 from Tuesday’s close of $1.2686.
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Source: FIN24
JSE flat amid consolidation
June 19, 2012--The JSE flipped between positive and negative territory at noon on Tuesday amid some consolidation following the previous day's rally, which pushed the all-share index to near record levels.
At 12:06 local time‚ the JSE All Share [JSE:J203] index was down 0.04% to 34 423.37 points‚ with gold shares lifting 1.32%‚ while resources were down 0.15% and platinum counters lost 1.40%.
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Source: FIN24
Bonds firm on risk-on trade
June 19, 2012--South African bonds were firm in afternoon trade on Tuesday as investors moved back to "risk-on" trades that benefited emerging market bonds and currencies.
“Overseas investors have moved back to risk-on trading strategies‚ so we have gained with the R157 back at a record low yield as the front end remain well bid‚” a local trader said.
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Source: FIN24
Rand tests 8.20/$ on risk appetite
June 19, 2012--The rand gathered further strength against major currencies in afternoon trade on Tuesday, boosted by an increase in risk appetite.
“We consider the current rand/dollar movement‚ in particular‚ as the continuation of a recovery given that the local currency has come under a considerable amount of pressure over the last while due to heightened risk aversion associated with the eurozone problems‚” said Mike Keenan‚ sub-Saharan currency strategist at Absa Capital.
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Source: FIN24
JSE tracks global markets stronger
June 18, 2012--The JSE was trading in positive territory at noon on Monday, continuing from Friday's positive trade.
Some stocks came were trading lower than would have been expected‚ due to dividends being paid today. These included Vodacom losing 3.2%‚ a local trader said.
“The JSE has responded well to the news of the positive outcome of the Greek elections‚ and local markets are in positive territory as a result‚” the trader added.
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Source: FIN24
Rand off best on euro uncertainty
June 18, 2012--The rand was off the morning's best levels in midday trade on Monday having given up some of its earlier gains after initially absorbing the Greek poll results positively but, with the uncertainty in the region still lingering, the focus is now on Spain as a bigger risk for investors.
Media reports said fresh worries over debt problems in Spain and Italy wiped out initial relief from a victory for pro-bailout parties in Greece that had sparked an earlier rally on the markets.
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Source: FIN24
Bonds follow euro weaker
June 18, 2012--South African bonds eased in afternoon trade on Monday as the euro weakened as the euphoria on the Greek election result was replaced by renewed concerns about other eurozone countries.
“We had a good start on the Greek election result‚ but in the cold light of day it became increasingly evident that the eurozone problems have not been solved‚ so the euro weakened from $1.2728 to $1.2578. That prompted a sell-off in the rand and bonds just followed. In addition we have a fair bit of supply coming onto the market‚ so that is weighing on sentiment as well‚” a local trader said.
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Source: FIN24
JSE tracks global markets stronger
June 15, 2012--The JSE was trading slightly firmer at noon on Friday in line with global markets, which are anticipating the outcome of Sunday's Greece elections that will determine whether the country will stay in the 17-member eurozone.
“There have been some rumblings that international central bank support is available for the eurozone crisis-stricken banks‚ which is underpinning markets‚ but there are no significant moves‚” said Mark Wilkes‚ trader at Global Trader.
At 12:01 local time‚ the JSE All Share [JSE:J203] index was up 0.26% to 33 914.07 points‚ with resources gaining 0.77%‚ gold counters up 0.07% and platinums adding 0.43%.
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Source: FIN24
Rand range-bound ahead of Greek poll
June 15, 2012--The rand held steady, with a firmer bias, against the US dollar at noon on Friday, as market players looked to the Greek elections on Sunday and potential fallout for forex markets.
The outcome of the election is set to determine the country’s future in the eurozone.
At 11:52 the rand was bid at R8.3522 to the dollar from Thursday’s close of R8.3667. It was bid at R10.5437 to the euro from its previous close of R10.5588 and at R12.9857 against sterling from R13.0021 before.
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Source: FIN24
