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Rand retreats to three-week low
May 8, 2012--South Africa's rand hit its worst level in three-weeks on Tuesday, declining with investors' appetite to take up risk while Europe looks politically unstable. Soft domestic jobs numbers added to the beating as they pointed to an uncertain economic recovery.
Joblessness increased to 25.2% of the labour force in the first quarter of the year, rising back to the stubborn quarter mark after 23.9% unemployment in the fourth quarter.
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Source: FIN24
JSE still down, but off session lows
May 7, 2012--The JSE was off its worst level at noon on Monday, boosted by bargain hunting in gold shares and as Dow futures pared its losses.
At 12:02 local time, the JSE All Share [JSE:J203] index was down 0.79% to 33 858.84 points, with resources falling 0.82%, platinum miners shedding 1.13%, while gold counters lifted 0.59%.
Financials lost 0.82%, banking stocks were down 0.97% and industrials dropped 0.78%.
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Source: FIN24
Rand stuck in ranges, tracks euro
May 7, 2012--The rand was stuck in ranges, tracking the euro, which stabilised in Monday afternoon trade.
The local currency started off weaker in the morning, reacting to the European political influence, which impacted on the markets.
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Source: FIN24
Bonds weaken as investors dump risk assets
May 7, 2012--South African government bonds weakened on Monday as political uncertainty over Europe's austerity measures weighed on appetite for riskier assets around the globe.
Yields on the benchmark 2015 bond jumped five basis points to 6.425% and that on the 2026 issue up 5.5 basis points to 8.15%.
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Source: FIN24
US jobs report knocks JSE
May 4, 2012-- The JSE ended lower on Friday, dragged down mainly by the selloff in the resources space amid global growth concerns following the worst-than-expected US jobs report for April.
At 17:00 local time, the JSE All Share [JSE:J203] index was down 0.72% to 34 127.28 points, with resources shares sliding 2.19%, platinum shares losing 0.47%, while gold plays recovered 1.18%.
Financials were flat (0.05%), banking shares inched up 0.12% while industrials edged down 0.11%
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Source: FIN24
Bonds softer ahead of US data
May 4, 2012--Bonds were a smidgen softer in thin noon trade on Friday as markets await key US jobs data later in the day.
"We've witnessed some foreign selling into the strength that we have seen in the past few days, so bonds are a bit on the soft side this morning. But trade is also very thin at the moment.
"The market is now waiting for the US jobs data later this afternoon to see whether that provides any direction," a local bond trader said.
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Source: FIN24
Rand range bound, awaits US job report
May 4, 2012--The rand was range bound in midday trade on Friday, with investors in the forex markets not keen to take new positions ahead of the US jobs report later in the session.
PSG Prime FX sales trader Lynden Reabow said that if the US nonfarm payroll data for April came out bullish, this could encourage risk-on environment which was rand positive. However, if it was bearish, this could strengthen the US dollar.
"The European Central Bank president gave us little guidance on Wednesday, with US ADP numbers not giving us any comfort because they were negative," he said.
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Source: FIN24
JSE dips, awaits US job data
May 3, 2012--Africa's largest producer, AngloGold Ashanti and third-placed Gold Fields shed 2% each to R258.06 and R97.62 respectively, hit by a decline in the price of gold.
South African share prices eased from a record high in the previous session led by gold mining stocks such as Harmony and investors will be watching employment statistics out of the United States for direction.
Banking shares moved in the opposite direction after data showing that jobless claims in the world's biggest economy fell last week boosted expectations that the US non-farm payroll report due out on Friday would beat expectations.
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Source: FIN24
Bonds firm, offshore buying continues
May 3, 2012--South African bonds were firm in midday play on Thursday, as foreign buying buoyed the market.
At 11:50, the benchmark R157 bond was at 6.350% from its previous close of 6.390%. The R207 was bid at 7.450% and offered at 7.420% from a previous close of 7.480%, and the R186 was trading at 8.080% from its close of 8.120%.
The rand was bid at R7.7399 against the dollar from its previous close of R7.7253.
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Source: FIN24
Rand slightly stronger on ECB rate hold
May 3, 2012--After a slightly weak start, the rand was stronger in afternoon trade on Thursday as it tracked a strengthened euro following the European Central Bank's (ECB) announcement that interest rates would remain unchanged.
A local trader said the ECB meeting was the main focus for the day, and the rand made a slight recovery in the afternoon following ECB president Mario Draghi's announcement that the bank would keep the rate at 1%.
ECB president Mario Draghi said monetary policy was accommodative and that there was "absolutely" no contradiction between the growth compact and the fiscal compact, Dow Jones Newswires reported.
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Source: FIN24
