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SA bonds rally but rand weakens sharply
March 22, 2012--South Africa's government bonds rallied on Thursday after domestic inflation surprised the market to the downside, backing the case that the Reserve Bank might not have to increase interest rates after all this year.
The rand extended losses against the dollar, however, and was also weaker versus the euro, partly on dented prospects for higher rates and also in tandem with weaker commodity currencies elsewhere as worries about the global economy resurfaced.
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Source: FIN24
JSE ends in the red on China growth jitters
March 20, 2012--South African shares wilted on Tuesday on renewed concerns about China's growth outlook, with resource stocks-including Anglo American- leading the wider market down.
The blue-chip Top 40 - (Tradeable) [JSE:J200] index fell 1.21% to 30 026.43. The broader All Share [JSE:J203] index ended down about 1% at 33 878.56.
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Source: FIN24
Rand falls over 1%, bonds sold off
March 20, 2012--South Africa's rand fell more than one percent against the dollar on Tuesday, breaking a 3-day advance and ending as the weakest performer in a basket of 20 emerging market currencies as the greenback rallied and concern about Chinese growth hit commodity currencies.
Government bond prices fell sharply, pushing yields to their highest levels since mid-December as the market saw it as highly likely the Reserve Bank would resume monetary tightening by yearend.
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Source: FIN24
SA stocks flat as banks sink
March 19, 2012--South African stocks ended flat on Monday, as banking stocks like Absa followed European peers down on renewed Greek jitters, while Anglo American Platinum (Amplats) jumped after Deutsche Bank said it stood to "unlock significant value."
The blue-chip Top 40 - (Tradeable) [JSE:J200] index was barely changed, edging down 0.01% to 30 395.53. The broader All Share [JSE:J203] index ended down 0.02% at 34 214.07.
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Source: FIN24
Bonds very quiet, shrug off data
March 19, 2012--Bonds remained extremely quiet at midday on Monday, shrugging off the release of current account data contained in the Reserve Bank's latest quarterly bulletin.
This is a four-day trading week for SA, with markets closed on Wednesday for the Human Rights Day holiday.
At noon, the benchmark R157 bond was bid at 6.850% and offered at 6.830% from its previous close of 6.825%. The R207 was bid at 7.930% and offered at 7.900% from a previous close of 7.900% and the R186 was bid at 8.435% and offered at 8.405% from its close of 8.400%.
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Source: FIN24
SA deficit narrows in Q4
March 19, 2012--South Africa's current account deficit narrowed to 3.6% of gross domestic product (GDP) in the fourth quarter of 2011 from a revised 4.1% in the third quarter, helped by lower dividend payments to non-residents.
However, in its March Quarterly Bulletin, released on Monday, the Reserve Bank said the current account shortfall for the whole of 2011 widened to 3.3% of GDP from 2.8 % in 2010, largely due to a sharp deterioration during the second quarter.
"I'm a bit sceptical about the response to the US CPI data because of the price of gold.
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JSE retreats from two-day gains read more
Bonds weak despite firm rand
At 11:55, the benchmark R157 bond was trading at 6.860% from its close of 6.830%. The R207 was bid at 7.930% and offered at 7.900% from a previous close of 7.920% and the R186 was trading at 8.440% unchanged from its previous close.
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Source: FIN24
March 15, 2012--South African stocks edged down on Thursday, as shares of Assore and other commodities firms were hit by concerns of overheated valuations, while Investec slumped after it said it expected lower full-year earnings.
Shares of media and e-commerce firm Naspers jumped for a second day, hitting a record high, after Chinese internet giant Tencent Holdings Ltd, in which Naspers holds a 30% stake, posted a rise in fourth-quarter net profit.
Source: FIN24
March 15, 2012--South African bonds remained weak, despite a firmer rand, in midday trade on Thursday.
"We are still licking our wounds after Wednesday's foreign sell-off. It just shows how linked-in we are with the rest of the world, as our weak retail sales should normally have been bond-positive," a domestic bond trader said.
Source: FIN24