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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
SA loses mining allure - SAIRR
June 24, 2012--South Africa has become significantly less attractive as a mining investment destination since 2006, the SA Institute of Race Relations (SAIRR) said on Tuesday.
"Uncertainty over nationalisation and mine ownership, and increasing work disruptions are affecting investors' willingness to get involved in mining ventures in South Africa," SAIRR researcher Jonathan Snyman said in a statement.
In 2006, South Africa's attraction for mining investment was ranked 37th out of 64 countries and territories, according to the latest SA Survey, published by the institute in Johannesburg this week. In 2010, this had dropped to 67th out of 79 countries and territories surveyed by the Canadian-based Fraser Institute.
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Source: FIN24
Sarb index rise bodes well for economy
January 24, 2012-- The central bank’s monthly economic indicator nudged higher for the third month in November, rising by 0.6% month-on-month to 132.2 after another slight increase in October, the South African Reserve Bank said on Tuesday.
The indicator collates data such as business confidence, job advertisements and the volume of manufacturing orders to gauge the economic outlook, and has been soft but gradually picking up in 2011.
The major positive contributors to the movement in the leading indicator in November were the Bureau for Economic Research's average hours worked per factory worker in the manufacturing sector and the number of residential building plans passed.
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Source: FIN24
SA stocks post 5th straight record close
January 23, 2012--South Africa’s All Share [JSE:J203] index posted fifth straight record closing high on Monday, while the benchmark Top 40 - (Tradeable) [JSE:J200] index posted its highest finish since May 2008.
The broad All-share index inched up 0.7% to 33 940.48, a record closing level, after earlier rising as high as high as 33 949.41.
The Top-40 index edged up 0.8% to 30 365.89, its highest closing level since May 2008.
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Rand, bonds gain on positive sentiment read more
Source: FIN24
January 23, 2012--South Africa’s rand gained against the dollar in afternoon trade on Monday, reversing earlier losses as exporters sold the greenback close to the R8 level and as investors hoped Greece would find a solution avoid a messy default.
Yields on government bonds were down as prices rose slightly to follow the firmer rand, but dealers see the gains as limited especially on the shorter end of the curve as investors fret rising inflation in the local economy.
Source: FIN24
