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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
Rand firmer on risk appetite
March 1, 2012--The rand was firmer against the dollar in noon trade on Thursday as risk appetite came to the fore. The local currency also tracked what appeared to be a steady euro, following yesterday's key European Central Bank liquidity injection of €530bn.
"The rand is strong - just look at the crosses as rand strength is really evident there, especially against the euro," a local currency trader said.
"I suspect from now on though that we might tread water a bit," he added.
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Source: FIN24
JSE may lose defensive premium
February 29, 2012--Growing global bullishness may erode South African stocks' perceived safe haven status, which helped them outperform many emerging markets last year despite infrastructure bottlenecks, political risk and rand volatility.
The shift is already evident in returns with shares in South Africa's Bric peers all romping higher, faster than the 7% gained by the former this year.
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Source: FIN24
Strong rand boosts bonds
February 29, 2012--South African bonds were firm in midday play on Wednesday, largely on the back of the rand, a trader said.
The National Treasury said it would auction R700m worth of R204 bonds, R700m worth of R208 bonds and R700m worth of R214 bonds on March 6.
At 11:50, the benchmark R157 bond was bid at 6.605% and offered at 6.600% from its previous close of 6.625%. The R207 was bid at 7.730% and offered at 7.715% from a previous close of 7.745%, and the R186 was bid at 8.240% and offered at 8.220% from its close of 8.250%.
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Source: FIN24
JSE picks up, miners lead gains
January 29, 2012--After a tentative start the JSE picked up pace at noon on Wednesday, with platinum miners leading the charge.
At 12:05 local time, the JSE All Share [JSE:J203] index was up 0.36% to 34 337.69 points, led by platinums which rallied 1.13%; bank shares lifted 0.70%, while resources added 0.66%.
Financials gained 0.16%, industrials were up 0.22% and gold miners edged up 0.20%.
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Source: FIN24
Positive US data boost markets, JSE
Februay 28, 2012--The JSE ended Tuesday's session firmly in positive territory as better than expected data was released in the US.
At 17:00, the JSE All Share [JSE:J203] index had risen 1.01% to 34 214.53 points, with resources adding 1.22%, financials lifting 1.13%, and banking stocks rising 1.06%.
Platinums were 0.99% higher, while industrials rose 0.83%, and gold shares added 0.27%.
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Source: FIN24
