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Stocks lifted ahead of long weekend
April 5, 2012--South African stocks clawed back some lost ground on Thursday, as investors bought back shares of Kumba Iron Ore and other resource stocks that had been hammered in the previous session.
But traders said the recovery was also tempered with caution, ahead of a four-day Easter holiday that starts on Friday.
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Source: FIN24
Rand flails in turbulent waters
April 5, 2012--The rand remained weak but was off the session's worst levels in late trade on Thursday ahead of the Easter long weekend after better than expected US jobless claims data which signalled the world's biggest economy is improving.
At 18:00 local time, the rand was bid at R7.8288 to the dollar from Wednesday's close of 7.8199. It was bid at R10.2291 to the euro from R10.2719 before, and at R12.3803 against sterling from R12.4260 previously.
The euro was bid at $1.3064 from Wednesday's close of $1.3143.
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Source: Fin24
SA stocks dive as gold miners take a knock
Apri1 4, 2012--South African stocks lost ground for the first time in four sessions on Wednesday, falling more than 2% as major miners such as Harmony Gold Mining Company [JSE:HAR] tumbled on a faltering bullion price.
Gold prices hit their lowest since early January on Wednesday as comments from the European Central Bank lifted the dollar to three-week highs against the euro, accelerating a fall sparked by declining expectations of more US monetary easing.
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Source: FIN24
Rand ends weaker on Spanish woes
April 4, 2012--The rand was weaker in late trade on Wednesday as a poor Spanish debt auction added to the euro's woes following an overnight sell-off resulting from hawkish US Federal Open Market Committee meeting minutes.
"The bad news in terms of the euro just continues so we could test the $1.3 level sooner rather than later. If we have US March job growth in excess of 250,000, then I believe that support level will crumble," a local rand trader said.
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Source: FIN24
JSE mildly positive, seeks direction
April 3, 2012--The JSE was only mildly positive at noon on Tuesday, after the previous session's late rally over better than expected US manufacturing data began to wear thin.
At 12:05 local time, the JSE All Share [JSE:J203] index was up 0.29% to 34 072.55 points, with resources flat (0.01%), while gold shares lost 0.98% but platinum miners gained 0.17%.
Banks were flat (0.04%), while financials inched up 0.08% and industrials lifted 0.54%.
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Source: FIN24
Rand down, bonds weaker
April 3, 2012--South Africa's rand weakened against the dollar on Tuesday, partly tracking weaker government bonds after a weekly auction was poorly received due to investors' concerns about over-supply of paper in the coming month.
The yield on the three-year benchmark bond gained five basis points to 6.725% while that for the longer dated paper due in 2026 climbed eight basis points to 8.43%
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Source: FIN24
JSE stock exchange unveils new Africa strategy
April 2, 2012--This morning (2 April) South Africa's securities exchange, the JSE Ltd, announced a revised strategy to attract more listings from African countries, as they say international interest in investing into the continent's growth story continues to soar.
The JSE is closing its Africa Board and moving the 2 listed companies onto the Main Board (listing requirements for the Africa Board are the same as for the Main Board) or to Alt-X if they are growth companies. The JSE is also stepping up trading in depository receipts (DRs) and offering a broader range of exchange-traded funds and debt instruments.
Siobhan Cleary, Director of Strategy and Public Policy at the JSE, said in a press release: “The JSE’s existing African offering includes 12 African companies. In future, there will be no differentiation (for listing purposes). For equities, this will mean that we will list the companies on the Main Board or AltX as applicable. We will also actively market and profile the African companies that are already listed.”
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Source: African Capital Markets
JSE closes higher, MTN tanks
April 2, 2012--South African stocks cruised higher on Monday as global investor sentiment was lifted by an upbeat reading of business activity in US manufacturing, but blue-chip heavyweight MTN Group [JSE:MTN] fell again on concerns about a massive lawsuit.
MTN slid 4.5% to R128.80, extending Friday’s losses after Turkish rival Turkcell filed a $4.2bn suit against the mobile phone operator, alleging it bribed officials and lobbied support for Tehran’s nuclear programme to win an Iranian licence.
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Source: FIN24
Rand ends off best level as euro slips
April 2, 2012--Although firmer, the rand was off its best level in late, quiet afternoon trade on Monday as the euro gave up Friday's gains and slipped below the $1.33 per dollar level.
"We had a good start this morning, but as the euro eased in the afternoon, so we followed suit," a local rand trader said.
At 18:00 local time, the rand was bid at R7.6203 to the dollar from Friday's close of R7.6620 and Thursday's close of R7.7117. It was bid at R10.1486 to the euro from R10.2041 before, and at R12.1986 against sterling from R12.2253 previously.
The euro was bid at $1.3316 from Friday's close of $1.3372 and Thursday's close of $1.3304.
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Source: FIN24
JSE books 4% rise in Q1
March 30, 2012--South African stocks inched higher on Friday, booking a 4% gain in the first quarter and their second quarterly rise in a row, with miners among the top gainers during the session on higher metal prices.
The JSE Top 40 - (Tradeable) [JSE:J200] index edged up 0.12% to 29 603.42, ending the quarter with a 4% rise.
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Source: FIN24