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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
JSE gains on Greek deal
February 21, 2012--South African stocks edged up 0.15% on Tuesday, with some gold firms such as Harmony and banks ticking higher after the long-awaited Greek bailout deal soothed concerns about a default in the eurozone.
Shares of Shoprite rose 1.4% to R134.50 after the retailer reported a 19% rise in first-half profit, underpinned by recovering consumer demand in Africa’s top economy.
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Source: FIN24
Rand flat as Greek euphoria fades
February 21, 2012--The rand was flat against the dollar in noon trade on Tuesday as it tracked a euro that had been flustered by reports that Greece might still need a third bailout.
"The euphoria is wearing off as the Greek deal was already priced into the markets," a local currency trader said.
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Source: FIN24
Sarb index shows softer growth outlook
February 21, 2012--The South African Reserve Bank's monthly economic indicator fell by 0.4% month-on-month in December as four of its 10 components decreased, the bank said on Tuesday.
The indicator collates data such as business confidence, job advertisements and volume of manufacturing orders to gauge the economic outlook. It was generally soft for most of 2011.
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Source: FIN24
JSE cuts gains to end flat
February 20, 2012--The JSE ended flat on Monday, cutting earlier gains as market players cleared their positions ahead of the Greek bailout package decision.
At 17:00 local time, the JSE All Share [JSE:J203] index was up 0.07% to 34 106 points, led by the platinum sector, which climbed 0.96%, resources were flat (0.04%), while the gold index shed 1.30%.
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Source: FIN24
Rand, bonds closer higher in risk-on trade
February 20, 2012--The rand strengthened against the dollar on Monday on rising global risk appetite and South African government bonds edged higher, but local debt could come under pressure if the government signals a rise in borrowing in its budget this week.
Economists expect Finance Minister Pravin Gordhan to target a budget deficit of 5.4% of GDP for the 2012/13 fiscal year when he unveils his annual budget on Wednesday. That would be down from an estimated 5.3% of GDP in 2011/12 but higher than a forecast of 4.8% of GDP for 2012/13 made in last year's budget as the government ramps up spending on infrastructure and social services.
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Source: FIN24
