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Gold stocks lead JSE bounce
May 31, 2012--The JSE kept a positive bias at noon, led mainly by gold shares, as the all-share index looked to recover from the previous day's selloff.
At 12:11 local time, the JSE All Share [JSE:J203] index was up 0.82% to 33 239.69 points, with gold shares gaining 2.26%, resources recovering 0.77% and platinums counters edging up 0.10%.
Financials lifted 0.42%, banking stocks garnered 0.49% and industrials were 0.99% in the black.
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Source: FIN24
Rand slightly firmer, ignores PPI
May 31, 2012--The rand held its own in afternoon trade after having made a slight recovery on Thursday morning. The PPI numbers released earlier had little impact on the currency, while the eurozone debt crisis continues to affect markets.
SA's April producer inflation reading came in at a lower than expected 6.6% from 7.2% in March, Statistics SA data showed.
PPI was up 0.3% on the month, while export inflation rose 5.3% on the year, but went down 0.2% on the month.
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Source: FIN24
OTC Market: NASD Finalises Trading Rules
May 30, 2012--The NASD Limited, which was has been granted an Approval-in-Principle (AIP) by the Securities and Exchange Commission (SEC) to operate Over-the-Counter (OTC) market in Nigeria, is finalising its trading rules and is targeting the last quarter of this year to commence operations.
NASD Limited was formed in 1998 to promote and operate an OTC market open to all interested registered securities dealers in Nigeria. It has been working towards putting in place an organised OTC market in place. SEC gave its approval last year.
It had planned to commence operations late last year but that was not possible as it was sourcing for funds and how to get a trading platform among other issues.
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Source: Todays Day live
JSE dips as miners weigh
May 30, 2012--The JSE fell at the start of trade on Wednesday with general mining shares leading the downside on the combination of Chinese economic growth worries and lingering eurozone debt woes.
At 09:27 local time the JSE All Share [JSE:J203] index was down 0.52% to 33 266.29 points with resources sliding 1.32% platinums losing 1.11% and gold counters shedding 1.68%.
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Source: FIN24
Rand slumps to 6-month low
May 30, 2012-The rand weakened over 1.8% to a six-month low against the dollar on Wednesday as political uncertainty in Greece fanned a fresh wave of risk aversion.
The rand hit a session low of R8.5055 to the greenback,
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Source: FIN24
JSE opens higher on world stocks
May 29, 2012--The JSE lifted at the start of trading on Tuesday in line with leading global stocks amid some signs of stability in the markets following last week's volatility.
At 09:22 local time the JSE All Share [JSE:J203] index was up 0.53% to 33?278.82 points with resources adding 0.91% platinum edging up 0.14% and gold counters gaining 0.51%.
Financials garnered 0.47% banking stocks lifted 0.49% and industrials were up 0.34%.
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Source: FIN24
Rand rage bound -ignores GDP data
May 29, 2012--The rand was range bound in midday trade on Tuesday as the local GDP data had little impact on the market.
Analysts predicted the rand would continue to take its cue from the euro as the second Greek election draws nearer.
SA's real GDP at market prices on a quarter-on-quarter (q/q) seasonally adjusted annualised (saa) basis rose by 2.7% in the first quarter of 2012 from an unchanged 3.2% in the fourth quarter of 2011? Statistics SA data showed on Tuesday
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Source: FIN24
GDP growth slows, but factory output up
May 29, 2012--South Africa's economic growth slowed in the first quarter of 2012, hit by a sharp contraction in mining, but manufacturing showed surprising resilience, suggesting the Reserve Bank might not need to cut interest rates to stimulate output.
The economy grew by 2.7% quarter-on-quarter on a seasonally adjusted and annualised basis in Q1, surpassing analysts’ forecasts of 2.4% and compared with a 3.2% rise in the fourth quarter of last year, Statistics South Africa said on Tuesday.
On an unadjusted year-on-year basis, economic growth was at 2.1% in Q1 from 2.9% in the fourth quarter.
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Source: FIN24
JSE tracks global stocks firmer
May 28, 2012--The JSE opened firmer on Monday tracking positive global investor sentiment.
On the corporate data front Ceramic Industries (CRM) stock surged over 9% in early trade after the manufacturer of wall and floor tiles announced that Italtile [JSE:ITL] had submitted a conditional offer to acquire between 15% and 20% of its equity at R130 a share in cash.
At 09:24 local time the JSE all-share index was up 0.84% to 33?268.33 points with resources adding 1.34% platinum shares gaining 1.21% and gold counters firming 0.97%.
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Source: FIN24
Nigeria's Fiscal Challenge
May 27, 2012--The Finance Minister and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has been at pains to allay fears over the state of country's finances, dismissing reports that Nigeria could face a fiscal crisis.
But for the second month running, the meeting of the Federation Account Allocation Committee, where the federal and state governments meet to share monthly allocations to the three tiers of government, has been delayed owing to late remittances into the Federation Account by the Nigerian National Petroleum Corporation. This, coupled with rising crude oil theft in the Niger Delta, is causing serious concern over Nigeria’s capacity to promptly meet its funding obligations, writes Festus Akanbi.
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Source: This Day Live
