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Rand softer against dollar, bonds mixed
February 7, 2012--South Africa's rand softened against the dollar on Tuesday but was off session lows after data showed the labour market improving slightly after massive job losses brought on by the financial crisis.
News that Greece was drafting an agreement on a bailout deal that would be put before political leaders for approval later in the day also helped limit the rand's losses
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Source: FIN24
SA reserves lifted by international bond
February 7, 2012--South Africa’s gold and foreign exchange reserves edged higher in January, Reserve Bank data showed on Tuesday, partly boosted by flows from the government’s international bond sale, a firmer gold price and a weaker dollar globally during the month.
Net gold and foreign exchange reserves, or the international liquidity positive, increased to $49.072bn in January from $47.867bn in December, while gross reserves rose to $51.451bn from $48.86bn, the Bank said in a statement posted on its website.
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Source: FIN24
Removing Barriers to Trade in Africa
February 7, 2012-With African leaders now calling for a continental free trade area by 2017 to boost trade within the continent, a new World Bank report shows how African countries are losing out on billions of dollars in potential trade earnings every year because of high trade barriers with neighboring countries, and that it is easier for Africa to trade with the rest of the world than with itself.
According to the new report―De-Fragmenting Africa: Deepening Regional Trade Integration
in Goods and Services―regional fragmentation could become even more costly for the continent with new World Bank forecasts suggesting that economic slowdown in the Eurozone could shave Africa’s growth by up to 1.3 percentage points this year. As the authors write, “while uncertainty surrounds the global economy and stagnation is likely to continue in traditional markets in Europe and North America, enormous opportunities for cross-border trade within Africa in food products, basic manufactures and services remain unexploited.”
view report-De-Fragmenting Africa: Deepening Regional Trade Integration in Goods and Services
Source: World Bank
JSE ends weaker, led by miners
February 7, 2012--The JSE ended weaker on Tuesday for the second straight session, with the resources index leading the downside due to some profit taking.
Banking and financial indexes finished up amid some bargain hunting. "Nedbank came out with a fairly strong trading update on Monday, which gave rise to expectations that other banks would come with more or less similar updates," said Ian Cruickshanks, market watcher at Nedbank Capital.
At 17:00, the JSE All Share [JSE:J203] index ended 0.59% lower to 33 974.45 points, led by gold miners down 1.99%, resources were off 1.28% and platinums shed 0.21%.
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Source: FIN24
JSE weaker at noon, tracks Europe
February 6, 2012-- The JSE was relatively weaker at noon on Monday, tracking the European markets ahead of the key announcement regarding the Greek bailout talks.
The gold index remained the only bright spot on the local bourse, boosted mainly by Harmony Gold's results.
The world's fifth-largest gold miner posted record earnings in its second quarter of the financial year.
At noon, the JSE All Share [JSE:J203] index was down 0.39% to 34 254.25 points. Gold stocks were up 1.71%, but platinum shares were flat (-0.06%) as were resources.
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Source: FIN24
Bonds track rand weaker
February 6, 2012--South African bonds were weaker in midday trade on Monday, in line with the local currency.
At 11:50, the benchmark R157 bond was trading at 6.465%, from its previous close of 6.420%. The R207 was bid at 7.695% and offered at 7.660% from a previous close of 7.615% and the R186 was bid at 8.145% and offered at 8.120% from its close of 8.070%.
The rand was bid at 7.6078 against the dollar from its previous close of 7.5160.
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Source: FIN24
Rand softer on Greek concerns
February 6, 2012--The rand was softer against the dollar in afternoon trade on Monday as it tracked a euro that had weakened on concerns that the Greek government would default on its debt obligations.
"The negotiations started out as a script for a tragedy that had to be avoided at all costs, but as they have dragged on with various actors entering and exiting the stage, it has turned into a farce," a local forex trader said.
At 15:57 local time, the rand was trading at R7.6181 to the dollar from its previous close of R7.5160. It was trading at R9.9389 to the euro from R9.9032 before, and at R12.0034 against sterling from R11.8929 previously.
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Source: FIN24
Stronger rand restrains JSE
February 3, 2012-- The JSE was slightly down on Friday off session lows but remained in the red on the back of the strong rand.
A local trader said that European markets had become firmer after key US jobs data was released. The local bourse also benefited from the data but was held back by the strength of the rand.
At 17:00, the JSE All Share [JSE:J203] index ended in flat territory (0.05%). An intraday record was set for industrials (36 185.40) and banks (45 408.08).
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Source: FIN24
Rand firms against dollar after US data
February 3, 2012--The rand firmed against the dollar in late afternoon trade on Friday following the release of better-than-expected US jobs data.
"It's a risk-on scenario after the US non-farm payrolls figures, but even before that we saw the rand supported by some very large offshore names and the US data just assisted the rand's progress," a local currency trader said.
"The euro briefly touched $1.32 after the data announcement and I think the single currency has performed admirably given the circumstances.
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Source: FIN24
JSE pushes record higher
February 2, 2012--The JSE was up at the close on Thursday, as the market's underlying bullish tone continued to drive trade higher.
A local trader said, "It's difficult to tell if the tone is a result of expectation that a deal would be made in Europe."
The All Share [JSE:J203] has risen 7% in January alone which was "absolutely fierce".
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Source: FIN24