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SA ups forex reserves
March 7, 2012--South Africa's net gold and foreign exchange reserves stood at $49.639bn at the end of February from $49.072bn in January, data from the central bank showed on Wednesday.
Gross reserves rose to $51.889bn from $51.451bn in January, the bank said in a statement on its website.
The forward position, which represents the bank’s unsettled spot or swap transactions, was at $6.618bn compared with $6.555bn in January.
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Source: FIN24
JSE closes down as miners bleed
March 6, 2012--Miners such as Lonmin were felled by a slide in metal prices and led South African shares lower on Tuesday, with blue chips posting their biggest one-day loss in over three months.
The benchmark blue-chip Top 40 - (Tradeable) [JSE:J200] index shed 2.07% to 29 612.31, its biggest fall since late November, while the broader All Share [JSE:J203] index gave up 1.89% to 33 387.04.
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Source: FIN24
Bond yields at highs, rand drags prices
March 6, 2012--The rand fell against the dollar on Tuesday, reflecting weakness in emerging market currencies as investors fret about the euro zone debt crisis and global growth, driving government bond yields to one-month highs even after a strong debt auction.
The short to medium term outlook for the currency and bonds was seen as positive, however, as carry trades are expected to support the high-yielding rand while March bond coupon payments should find their way back to cushion the debt market.
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Source: FIN24
China growth reduction jolts JSE
March 5, 2012--South African stocks edged lower on Monday for a third consecutive session, led by resource stocks such as Gold Fields and Harmony Gold on the back of disappointing growth data from top commodity consumer China.
The Asian giant cut its 2012 growth target to an eight-year low of 7.5%, as Beijing looks to wean the economy off its reliance on external demand and foreign capital.
Rand recovers slightly on euro bounce
March 5, 2012--The rand recovered against the dollar in afternoon trade on Monday on the back of the euro's bounce.
"Trading has been sedate and we have just followed the euro's moves against the dollar. We have been pretty stable against the third currencies as a result of that," a local rand trader said.
At 18:00 local time, the rand was bid at R7.5626 to the dollar from its softest level of 7.5864 and its previous close of R7.4979. It was bid at R9.9987
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Source: FIN24
Nigeria Adds Yuan to External Reserves
March 2, 2012--Nigeria's central bank has added the equivalent of $500 million in Chinese yuan to its reserves and plans to buy seven times that amount, in a shift that underscores booming commerce between China and the African continent.
The bank will gradually increase its yuan holdings to 10% of its $35 billion in reserves, Central Bank of Nigeria Governor Sanusi Lamido Sanusi said in an interview with the Wall Street Journal yesterday.
Over the past six months, Nigeria has converted 1.4% of its reserves to Chinese currency, largely by selling euros and buying yuan on offshore markets in Hong Kong, Sanusi said.
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Source: This Day Live
JSE slips, miners lead falls
Match 2, 2012--South African stocks mostly closed lower on Friday, led by further falls in gold mining shares following this week's drop in the price of bullion.
Johannesburg’s blue-chip Top 40 - (Tradeable) [JSE:J200] index was down 0.4% at 30 406.84 points, while the broader All Share [JSE:J203] index closed 0.3% lower at 34 186.81.
The country’s largest gold producers were again among the JSE Top 40’s worst performers with Harmony Gold Mining shedding almost 2% to R93.52 and AngloGold Ashanti falling more than 1% to R314.
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Source: FIN24
Rand softer as euro dips on growth worries
March 2, 2012--The rand was softer against the dollar in late afternoon trade on Friday, as the euro dipped on concerns regarding eurozone growth.
Earlier, Italy released data showing that its debt situation had deteriorated.
"There has been one-way traffic in euro land today, but if you consider the levels of the crosses, the rand has held up well," a local currency trader said.
"We encountered good dollar selling interest above the 7.50 level," he added.
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Source: FIN24
JSE ends flat as miners fall, banks gain
March 1, 2012--South African stocks closed flat on Thursday as commodity shares, particularly the gold producers, pulled the market lower after an overnight fall in the spot price and the strengthening of the rand currency.
The blue-chip Top 40 - (Tradeable) [JSE:J200] index edged down 0.07% to 30 526.43 while the broader All Share [JSE:J203] index closed 0.01% up at 34 298.48.
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Source: AME Info
Bonds drift weaker in quiet trade
March 1, 2012--South African bonds were up to four points weaker in quiet midday play on Thursday.
At 11:50, the benchmark R157 bond was trading at 6.645% from its previous close of 6.600%. The R207 was trading at 7.780% from a previous close of 7.735% and the R186 was trading at 8.265% from its close of 8.230%.
The rand was bid at 7.4554 against the dollar from its previous close of 7.4716.
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Source: FIN24
