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JSE edges down ahead of rates decision
March 28, 2012--South African stocks ended slightly lower on Wednesday as market momentum slowed after three straight days of gains while investors paused ahead of a central bank decision on interest rates this week.
A downgrade on the outlook for Africa’s largest economy by S&P also weighed on sentiment. The ratings agency said it was worried not enough was being done to combat the country’s chronic unemployment.
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Source: FIN24
Rand falls more than 1%, S&P weighs
March 28, 2012--South Africa’s rand fell more than 1.3% against the dollar on Wednesday and was the worst performer in a basket of 20 emerging market currencies, partly hit by S&P downgrading the country’s outlook to negative from stable.
Government bonds extended the previous day’s losses, pushing yields to week-long highs as investors adjust their long positions particularly at the longer end of the curve after a poorly subscribed weekly auction on Wednesday.
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Source: FIN24
JSE stays in the black
March 27, 2012--The JSE remained on the front foot at noon on Tuesday in line with the main global stock markets, buoyed by US Federal Reserve chairperson Ben Bernanke's positive comments on support for the US labour market.
In midday trade, the JSE All Share [JSE:J203] index was up 0.70% to 33 900.06 points, led by banking stocks which lifted 1.28%. Platinum miners gained 1.08%, resources were up 0.43%.
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Source: FIN24
Rand, bonds weaken ahead of MPC
March 27, 2012--Government bonds weakened for the first time in three days and the rand reversed earlier gains against the dollar on Tuesday, although the currency’s carry trade appeal could boost it in the short term.
The rand earlier rallied to R7.5484 to the greenback, its firmest level since March 20, but retreated to R7.5980 in early evening trade, weakening 0.21% from Monday’s close at R7.5820.
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Source: FIN24
JSE inches up on upbeat global mood
March 26, 2012--South African stocks ended slightly higher on Monday, tracking an upbeat mood in global markets, but investors refrained from making large moves ahead of domestic interest rate verdict later in the week.
The central bank will announce on Thursday its decision on interest rates, with most economists expecting the bank to keep the number on hold at 5.5%.
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Source: FIN24
Rand gets boost from Bernanke comments
March 26, 2012--The rand and bonds firmed on Monday against the dollar on the back of Federal Reserve Chairman Ben Bernanke’s dovish comments, triggering a large sell-off from the greenback against most emerging market currencies.
Bernanke’s warning that the US economy needed to grow faster to get the unemployment rate down boosted hopes early in the session that the bank could yet conduct another round of quantitative easing.
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Source: FIN24
JSE ends flat, investors eye next MPC
March 23, 2012--South African stocks closed higher on Friday for the first time this week as a late rally inspired by a turn-around on Wall Street saw the market claw back losses.
The blue-chip Top 40 - (Tradeable) [JSE:J200] index ended 0.06% higher at 29 716.93. The broader All Share [JSE:J203] index added the same percentage to finish at 33,572.07.
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Source: FIN24
Rand steadies after losses, bonds gain
March 23, 2012--The rand was on track for its biggest weekly loss since mid-December on Friday as the local market scales back expectations of higher domestic rates this year.
Government bonds strengthened further, pushing yields lower, after consumer inflation came in less than expected this week, suggesting the Reserve Bank will have leeway to keep rates at their lowest level in 30 years for longer.
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Source: FIN24
West African Economic and Monetary Union (WAEMU): Staff Report on Common Policies for Member Countries
March 22, 2012--KEY ISSUES
The region faced a number of challenges in 2011, with the intensification of
the political crisis in Côte d’Ivoire and a large increase in global food and fuel prices early in the year, and a severe drought affecting the Sahel later on. As a result, regional
growth decreased sharply in 2011 and inflation spiked in early 2011.
Near-term outlook and risks. Growth is expected to rebound in 2012 with the
postcrisis recovery in Côte d’Ivoire. Risks to growth, however, are to the downside. The main risk is that the external environment weakens further, particularly in the euro area
if the debt crisis is not resolved quickly. With the euro area remaining the region’s largest trading partner, this could affect the region through trade, remittances, terms of
trade, foreign direct investment, and possibly aid.
Maintaining macroeconomic stability. Fiscal policies for 2012 strike an appropriate balance between addressing infrastructure needs and maintaining debt sustainability.
Monetary policy has been appropriate. A materialization of downside risks could require a monetary policy relaxation for the union and differentiated fiscal responses across member countries. The drought in the Sahel may also require a more active fiscal policy in the affected countries.
JSE ends in red on resources rout, Shoprite
March 22, 2012--South African stocks ended in the red for a third straight session on Thursday as concerns about Chinese growth hit miners and retailer Shoprite slid after it announced it would issue new shares and convertible bonds.
The blue-chip Top 40 - (Tradeable) [JSE:J200] index fell 1.09% to 29 697.66, extending Tuesday’s losses. The market was closed on Wednesday for a public holiday.
The Top-40’s break below the key 30 000 level where it has been getting strong support is a negative signal which could herald further decline. The broader All Share [JSE:J203] index ended down almost one percent at 33 550.89.
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Source: FIN24