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Bonds fall ahead of weekly auction
January 31, 2012--South African sovereign bonds weakened against the dollar on Tuesday before a weekly auction at which the government is taking the unusual step of issuing three bonds, mostly from the long end of the curve.
The weakness comes despite Treasury data showing a narrower fiscal deficit in the first nine months of the 2011/12 financial year compared to the previous year.
Investors expect South Africa's budget to be under pressure over the next few years as taxes are expected to take up to four years to recover to their pre-financial crisis levels.
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Source: FIN24
JSE follows Asian markets up
January 31, 2012--The JSE began Tuesday in the black following eastern markets higher.
A local trader said that the positive start was across the board this morning. Volumes were low, although the trader noted that it was still early in the trading day.
At 09:17 local time, the JSE All Share [JSE:J203] index was 0.64% higher at 33,843.50. Platinums accumulated 0.86%, resources took up 0.80% and gold stocks gained 0.64%. Banks were 0.68% higher, financials generated 0.60%, and industrials edged up 0.53%.
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Source: FIN24
Rand firms on higher risk appetite
January 31, 2012--The South African rand traded slightly firmer against the dollar on Tuesday, drawing strength from hopes of a successful conclusion to debt swap negotiations in Greece which boosted risk appetite in emerging markets.
Government bonds were little changed on the JSE exchange following signs of increased demand from foreigners seeking higher yields as interest rates in developed countries remain depressed.
The rand showed little reaction to data showing a trade surplus of R4.7bn in December compared with an R8bn deficit in November, as analysts said the swing bodes well for the currency.
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Source: FIN24
Profit taking knocks JSE for second day
January 30, 2012--South African stocks fell for a second day on Monday, giving up nearly 1 percent as investors booked profits after a January rally that pushed Johannesburg’s broadest index to a string of lifetime highs.
Gold miners such as Harmony Gold and AngloGold Ashanti bucked the trend, shrugging off the weaker equity market and a decline in the price of bullion after Goldman Sachs upgraded its rating on both companies to “neutral” from “sell”.
The All Share [JSE:J203] index shaved 0.78% to 33 629.77, after climbing to a record high of 34 079.54 on Thursday. The Top 40 - (Tradeable) [JSE:J200] index of bluechips lost 0.92% to 30 044.33.
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Source: FIN24
Risk aversion hits rand, bonds
January 30, 2012--South Africa's rand fell more than 1 percent on Monday as investors globally shunned risky assets and data showing a narrowing budget deficit failed to encourage investors as public finances are expected to be under pressure over the next few years.
Government bonds also fell, with some dealers saying local assets were also hit by profit taking after strong gains last week.
South Africa's budget deficit narrowed in the first nine months of the financial year but it is expected to be hit by weak revenue over the next few years.
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Source: FIN24
JSE backtracks on value worries
January 27, 2012--South African stocks retreated from a record high on Friday, edging down half a percent after retailers Shoprite and Woolworths declined on concerns their valuations may be stretched from a recent surge.
Shares of Investec fell nearly 1% after the investment bank and asset manager said it would pay about $42m for unlisted Irish financial firm NCB.
Lower-than-expected US growth data also blunted appetite for equities, especially in South Africa, where the broad All Share [JSE:J203] index on Thursday finished above 34 000 for the first time in its 17-year history.
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Source: FIN24
Rand may potentially hit R7.70/dollar
January 27, 2012--The rand steadied against the dollar on Friday with potential for further gains in the next few days, but the eurozone debt crisis still poses risk for the currency.
The rand hit R7.77 on Thursday, its strongest level in nearly three months, supported by US Federal Reserve’s signal that interest rate will stay near zero for the next two years.
Government bonds also steadied near multi-month highs hit on Thursday in tandem with the rand.
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Source: FIN24
JSE backtracks as hefty valuations weigh
January 26, 2012--South African stocks backtracked on Wednesday for the second straight session, as Standard Bank and other recent gainers were hit by concerns of overblown valuations following a string of record highs.
Shares of Vodacom bucked the trend, gaining 0.4 percent to 92.35 rand after the UBS raised its rating on the mobile operator to “buy” from “neutral”, citing the strength of its recent performance.
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Source: FIN24
Rand hits fresh 1-week low
January 26, 2012-- South Africa's rand fell sharply to fresh one-week lows against the dollar on Wednesday and was see being pressured in the next few days with the Greek debt crisis dominating investors' minds.
The rand firmed to a two-month high of 7.8961 earlier, which attracted importer buyers of dollar and it quickly retreated.
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Source: FIN24
SA economy to muddle along in 2012
January 24, 2012-- South Africa's economy will "muddle along" in 2012, economists said on Wednesday.
"I cannot get overly excited by what's going on in the economy... it's muddling along, not too bad, but not too good," Econometrix chief economist Azar Jammine told a seminar at the Gordon Institute of Business Science.
The country has enormous potential with pockets of excellence; yet that is not translated into the upliftment of the whole nation, he said.
Chris Hart, chief strategist at Investment Solutions, was also not too excited about 2012.
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Source: FIN24
