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Rand touch firmer after Spanish auction
April 19, 2012--The rand was firmer against the dollar in quiet midday trade on Thursday.
Dealers said the rand had gained after the Spanish bond auction was viewed as successful, even though the yield was higher than that of the previous auction.
"Trading today so far has been dead. We expected a successful Spanish bond auction, as we believed that the European Central Bank would be active to stop any surprises.
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Source: FIN24
Bonds quiet as market 'takes stock'
April 19, 2012--The benchmark R157s were flat in midday trade on Thursday, while other major bonds were untraded.
A domestic bond trader said that after Tuesday's "Citi story" the rand and bond market had quietened down.
On Tuesday, it was announced that South African government bonds were likely to be included in the World Government Bond Index (WGBI).
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Source: FIN24
Upbeat growth forecasts lift JSE
April 18, 2012--The JSE ended in the black on Wednesday on the back of what a local trader said was improved sentiment following an upgrading of global growth forecasts by the International Monetary Fund (IMF) and some buying returning to the markets.
Network connectivity issues caused the JSE to lose three hours of trading time. The network issues started at the opening and interruptions were experienced several times during the morning and early afternoon.
At 17:00 local time, the JSE All Share [JSE:J203] index was up 0.81% at 34 050.24 points, with banks rising 1.59%, financials added 0.96%, and resources were 0.84% higher.
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Source: FIN24
Rand ends softer on Spanish woes
April 18, 2012--The rand ended softer on Wednesday as news that the Spanish bank bad loan ratio hit its highest level since 1994 pressured the euro.
"We saw importers come in this morning after the R7.78 level held and have now retraced some of yesterday's gains," a local trader said.
News emerged from Citigroup on Tuesday that SA government bonds were entering a monitoring period for inclusion in their World Government Bond Index (WGBI) in October.
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Source: FIN24
Africa Poised for Faster Growth In Spite of Volatile Global Economy-New World Bank Report
But region remains vulnerable with drought in the Sahel and fuel subsidies that consume 1.4 percent of GDP and mostly benefit the rich
April 18, 2012--Economic growth in Sub-Saharan Africa remains strong and is poised for lift-off after growing at 4.9 percent in 2011, just shy of the pre-crisis average of 5 percent.
Excluding South Africa, which accounts for over a third of the region’s GDP, growth in the rest of region was 5.9 percent, making it one of the fastest growing developing regions, according to a new World Bank report on Africa’s economy.
Over a third of countries in the region attained growth rates of at least 6 percent, with another 40 percent growing between 4 - 6 percent. Among fast- growing economies in 2011 were resource-rich countries such as Ghana, Mozambique, and Nigeria, as well as other economies such as Rwanda and Ethiopia, all posting growth rates of at least 7 percent in 2011.
view Africa's Pulse-An analysis of issues shaping Africa’s economic future
Source: World Bank
Miners weigh on flat JSE
April 17, 2012--The JSE was fairly flat at midday on Tuesday despite firmer global bourses, as miners weighed on the overall market. There was also little corporate news to give the market any direction.
At 12:03 local time, the JSE All Share [JSE:J203] index was up just three points. Resources were 0.68% lower, gold miners shed 1.37% and platinum miners eased 0.1%. Industrials were up 0.38%, financials advanced 0.25% and banking shares were 0.25% higher.
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Source: FIN24
Rand firms on international news
April 17, 2012--The rand moved sharply firmer on Tuesday after the German ZEW investor sentiment index came in better than expected, as well as news that Citigroup may include SA government bonds in its World Government Bond Index (WGBI) in October.
"This is a positive for local assets and one that Treasury will welcome warmly against the backdrop of SA's credit rating being under negative outlook by the three major global rating agencies," Barclays said on Tuesday.
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Source: FIN24
JSE takes direction from global stocks
April 16, 2012--In the absence of local market moving news, the JSE tracked international markets for direction and traded a tad firmer at midday on Monday.
At 12:00 local time, the JSE All Share [JSE:J203] index was up 0.12% to 33 745.56 points, with industrials rising 0.42%. Banks were up 0.09%, while resources were flat.
Platinums were 0.54% softer, gold shares shed 0.41%, and financials were down 0.31%.
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Source: FIN24
Rand recovers on euro bounce
April 16, 2012--The rand recovered to end almost unchanged on Monday after briefly moving above R8 to the dollar in early trade as the euro bounced off the US$1.30 per dollar level.
At 17:55 local time the rand was bid at R7.9641 to the dollar from its previous close of R7.9366 after reaching an intraday worst level of R8.0239. It was bid at R10.4085 to the euro from R10.3758 before, and at R12.6250 against sterling from R12.5868 previously.
The euro was bid at US$1.3070 from its previous close of $1.3068, but off its earlier low of $1.2993.
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Source: FIN24
JSE down on poor global sentiment
April 13, 2012--The JSE ended the week in the red, in line with the international markets, following the release of poor economic data out of the US and China.
At 17:00 local time, the JSE All Share [JSE:J203] index was down 0.33% at 33 705.53 points. Gold miners were knocked by 1.19% and resources lost 0.40%, while platinum miners nudged up to 0.12%.
Banks gained 0.26%, financials lost 0.10% and industrials dropped by 0.34%.
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Source: FIN24
