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SA stocks up as Richemont glitters
April 24, 2012--South African stocks edged up 0.5 percent on Tuesday, as shares of luxury good firm Richemont rose on strong watch Swiss watch exports, although gains were limited by declines in some recent gainers such as British American Tobacco.
Shares of investment firm Brait jumped 2.8% to R23.99 after it said full-year earnings likely more than quadrupled, although it did not give a reason for the expected rise in earnings. The company is due to release results on June 6.
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Source: FIN24
Rand touches 3-week highs, bonds edge up
April 24, 2012--The rand touched its highest in almost three weeks against the dollar on Tuesday and was among the strongest-performing emerging currencies but government bonds edged up only slightly as some of the recent buoyant demand for local debt tapered off.
The rand hit a session high of 7.7680 to the greenback, its firmest level since April 4, and was up 0.6 percent at 7.7927 by 1543 GMT.
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Source: FIN24
Sarb index shows economy on growth course
April 24, 2012--The South African Reserve Bank's monthly economic sentiment indicator continued a gradual trend higher in February, with the leading business cycle indicator at 134.4 points from 132.9 in January.
The indicator collates data such as business confidence, job advertisements and the volume of manufacturing orders to gauge the economic outlook. It has been soft but gradually picking up since September last year.
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Source: FIN24
JSE ends weaker on risk aversion
April 23, 2012--The JSE ended sharply lower on Monday as weak economic data and political uncertainty in the eurozone weighed heavily on global investor sentiment.
The lacklustre Chinese preliminary manufacturing data also added to the negative undertone.
At 17:00 local time, the JSE All Share [JSE:J203] index was down 1.50% to 33 703.21 points, with resources shedding 1.95%, platinum shares losing 1.35% and gold counters coming off 1.10%.
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Source: FIN24
Bonds lose ground as rand weakens
April 23, 2012--South African bonds were up to 6 basis points weaker in midday play on Monday, mainly on the back of the weaker rand.
This week is thin in terms of local economic data. The main data releases are the leading indicator and producer inflation.
SA's producer price index (PPI) is expected to clock in at 7.9% year-on-year (y/y) in March from 8.3% y/y in February, a survey by I-Net Bridge has found.
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Source: FIN24
Rand off worst levels despite Dutch rumour
April 23, 2012--The rand came off its worst levels in afternoon trade on Monday despite the expected resignation of the Dutch prime minister Mark Rutte after his right-wing parliamentary partner walked out of austerity talks.
"The Dutch move has so far not impacted as it is still unconfirmed, even though it has already been discounted by the markets," a local trader said.
At 18:00 local time the rand was bid at R7.8602 to the dollar from its previous close of R7.7988 and touching a worst level of R7.8807.
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Source: FIN24
JSE higher, led by Aspen drug deal
April 20, 2012--South African stocks rose for a fourth day on Friday as generic drug maker Aspen Pharmacare hit an all-time high after announcing a $263m deal with Britain's GlaxoSmithKline.
More widely, local stocks tracked foreign markets higher though choppy trade was seen in the week ahead with juries still out on Europe's seemingly never-ending debt problems.
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Source: FIN 24
Bonds sashay into stronger territory
April 20, 2012--South African bonds were firmer in midday play on Friday, as the stronger rand provided direction and foreign buying boosted the market.
At 11:50, the benchmark R157 bond was trading at 6.445% from its previous close of 6.510%. The R207 was trading at 7.560% from a previous close of 7.580% and the R186 bid at 8.105% and offered at 8.085% from its close of 8.165%.
The rand was bid at R7.8114 against the dollar from its previous close of R7.8399.
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Source: FIN24
JSE up on solid US earnings
April 19, 2012--The JSE closed marginally higher on Thursday following positive earnings reports out of the US.
At 17:00 local time, the JSE All Share [JSE:J203] index was up 0.17% at 34 106.92 points, with resources 0.40% higher, and industrials gaining 0.19%.
Platinum miners were down 1.01%, banks fell 0.86% and financials gave up 0.23%.
Gold miners were flat (-0.03%).
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Source: FIN24
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
