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Num to mull nationalisation report
February 27, 2012--The National Union of Mineworkers (Num) will examine the consequences of the proposals in the ANC's nationalisation report, general secretary Frans Baleni said on Monday.
The National Union of Mineworkers (Num) will examine the consequence..
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Souce: FIN24
Bonds receive boost from strong rand
February 24, 2012--Having enjoyed a brief respite during the morning session after what has been a particularly busy week, South African bonds gathered some momentum in midday trade on Friday on the back of a strong rand.
At 11.45, the benchmark R157 bond was trading at 6.630%, from its previous close of 6.665%. The R207 was bid at 7.770% and offered at 7.740% from a previous close of 7.780% and the R186 was bid at 8.250% and offered at 8.245% from its close of 8.290%.
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Source: FIN24
JSE ends in black
February 24, 2012--Banks posted an over 2% gain on Friday afternoon, helping the JSE to close in positive territory on Friday.
At 17:00, the JSE All Share [JSE:J203] index had added 0.45% to 34 260.76 points, with banks garnering 2.38%, financials lifted 1.39%, and platinum miners jumped 0.91%. Industrials edged up 0.36%.
Gold miners shed 0.49%, while resources were flat (-0.01).
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Source: FIN24
Rand firmer as euro hits highs
February 24, 2012--The rand remained firmer against the dollar in late afternoon trade on Friday as it tracked a euro that had earlier hit multi-month highs against the greenback and other major currencies.
"Risk is on ahead of the European Central Bank's refinancing operation next week," a local rand trader said.
At 15:49 local time, the rand was bid at R7.5985 to the dollar from its previous close of R7.6552.
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Source: FIN24
Stocks up as Steinhoff surges
February 23, 2012--South African stocks rose 0.38% on Thursday as shares of Africa's largest furniture retailer Steinhoff surged after it said it expects sharply higher H1 earnings and plans to list its European unit.
Shares of FirstRand, South Africa's second-largest bank, shot up 3.3% after it said it expects an increase in first-half earnings, further lifting sentiment about corporate earnings in Africa’s largest economy.
"Steinhoffs had a significant impact on trade," said Investec head of stockbroking in Johannesburg Bernhard Grobler.
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Source: FIN24
Rand gains but bonds extend losses
February 23, 2012-South Africa's rand gained against the dollar on Thursday, taking its cue from a euro that hit multi-week highs on German data that eased concerns about growth in the euro zone.
Government bonds extended losses, still smarting from supply worries as the market was unconvinced that government’s narrower budget deficit targets in Wednesday’s budget were realistic.
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Source: FIN24
JSE edges down, Implats falls
February 22, 2012--South African stocks edged down half a percent on Wednesday, as shares of Impala Platinum fell after the miner said its April deliveries would be cut in half by a strike at its main mine.
South Africa’s announcement of a lower-than-expected 2012/13 budget deficit had little direct impact on the stock market, traders said, adding that many investors were taking a conservative tack after the market’s recent run.
South Africa stocks, which hit record highs earlier this month, will need a further catalyst to move higher, market players have said.
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Source: FIN24
Bonds give up brief gains, rand steady
February 22, 2012--South African bonds surrendered brief budget-inspired gains on Wednesday after the market digested the deficit forecasts unveiled by Finance Minister Pravin Gordhan and found them unconvincing.
"The budget is not as good as the initial numbers look," said George Glynos, managing director at financial consultancy ETM.
"Bonds have trimmed their gains. They responded to the budget deficit figures but now that the market is dissecting them they do not look realistic," he told Reuters.
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Source: FIN24
Sarb changes monetary operations
February 22, 2012-- The South African Reserve Bank (Sarb) on Wednesday said it would change some its monetary operations procedures including issuing more debentures from March 1, but these changes do not reflect a change in its monetary stance.
The bank said it would issue Sarb debentures and reverse repos with 7- and 14-day maturities, in addition to the existing 28- and 56-day maturities.
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Source: FIN24
Experts Fret as Nigeria's Debt to GDP Ratio Approaches 30%
February 22, 2012--Experts have warned that it is imperative for the Federal Government to closely monitor the country's current debt position, to ensure that it does not surpass a debt to GDP ratio of 30 per cent.
The warning came as the latest figures released by the Debt Management Office (DMO) revealed that the nation’s public debt stock is approaching the 30 per cent mark.
Available data from the DMO showed that Nigeria’s total debt stock (addition of external and domestic debts) as at December 31, 2011 stood at N6.510 trillion representing an increase of 24.37 per cent from the December 31, 2010 figure of N5.235 trillion.
A breakdown of the debt stock showed that external debt accounted for 13.64 per cent of the total debt stock at N887.95 billion, while domestic debt stock accounted for 86.36 per cent of the total debt stock at N5.623 trillion.
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Source: This Day Live