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Bonds firmer after auction
January 10, 2012--South African bonds were a few points firmer in midday trade on Tuesday, after a "reasonable" auction.
At its first auction for the year, the National Treasury received bids totalling R2.37 billion for R1.1 billion worth of R204 bonds at a clearing yield of 7.880% and bids totalling R3.79 billion for R1 billion worth of R213 bonds at a clearing yield of 9.050%.
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Source: FIN24
JSE edges up as retailers gain
Janaury 9, 2012--South African shares ended a choppy, thin session a touch higher on Monday, helping the benchmark index notch up its second straight day of gains but it continues to look vulnerable to risk aversion due to debt problems in the eurozone.
Retailers topped the advancers’ list, with Richemont posting its second positive session after the luxury goods group announced the opening of its largest Montblanc store in China, a fast-growing luxury goods market.
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Source: FIN24
Platinum options traded on JSE for first time
January 9, 2012--The JSE [JSE:JSE] has seen 800 platinum option contracts traded on the Safex commodity derivative's global market late last week, the first time that the JSE has seen this trading strategy used by market participants.
Chris Sturgess, general manager of the commodities division at the JSE, says: "To date the trade has been solely in futures, but I'm pleased to see the first interest in using options by a hedge fund. Options are versatile instruments that in their simplest form enable traders to acquire a type of insurance. Buyers pay a premium to reduce their risk and have access to upside potential. This is a trend we are optimistic will increase."
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Source: FIN24
Platinum options traded on JSE for first time
January 9, 2011--The Johannesburg Stock Exchange (JSE) has seen 800 platinum option contracts traded on the Safex commodity derivative's global market late last week, the first time that the JSE has seen this trading strategy used by market participants.
Chris Sturgess, general manager of the commodities division at the JSE, says: “To date the trade has been solely in futures, but I'm pleased to see the first interest in using options by a hedge fund. Options are versatile instruments that in their simplest form enable traders to acquire a type of insurance. Buyers pay a premium to reduce their risk and have access to upside potential. This is a trend we are optimistic will increase.”
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Source: Business Report
JSE ticks up as gold miners recover
January 6, 2012--South African shares ticked higher on Friday as battered down stocks such as telecom MTN Group [JSE:MTN] and safe-haven gold miners recovered ground.
Johannesburg’s bourse also received a boost from the positive sentiment generated by better-than-expected US job data that underpinned hopes that the world’s biggest economy is firmly on the recovery path.
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Source: FIN24
Rand ends first week of 2012 steady
January 6, 2012--The rand held steady against the dollar on Friday and was largely range-bound at the end of a week characterized by low liquidity as South African traders slowly returned to work.
Reassurances about the euro’s future from International Monetary Fund chief Christine Lagarde during a visit to South Africa did little to the rand, which was at 8.1395 at 1605 GMT, a shade firmer than Thursday’s close at 8.19.
JSE suffers first down day of 2012
January 5, 2012--South African stocks closed lower on Thursday for the first time in four days, with the Top 40 - (Tradeable) [JSE:J200] index falling more than 1%, dragged down by blue-chip telecoms firm MTN and gold miners.
MTN Group [JSE:MTN] Africa’s biggest mobile operator, plunged 5.4% to R132.06 rand, extending losses to 8% this year, amid fears that US and European sanctions will hit the economy of Iran, one of its key non-African markets.
An announcement that it would spend $1bn in 2012 in Nigeria, its biggest market, and the licensing of a rival operator in Cameroon also dampened sentiment towards the stock, said Bruno van Eck, a trader at Thebe Stockbroking.
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Source: FIN24
Risk aversion drags down rand
January 5, 2012--The rand hit a two-week low against the dollar on Thursday, dropping through key levels and weakening along with other emerging market currencies as investors cut back on risky assets.
The rand fell 1.5% to R8.2490/$ in the local session, its weakest since December 22. Dealers said the currency’s weakness was somewhat exaggerated by the lack of players in the market.
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Source: FIN24
JSE closes up, just short of key level
January 4, 2012--South Africa’s Top 40 - (Tradeable) [JSE:J200] index of blue chips failed to break a key technical resistance level on Wednesday despite investor interest in gold producers such as Harmony Gold and AngloGold Ashanti.
The spot gold was last up 0.6%t on the day at $1,611.24 an ounce, lifting world no. 3 gold miner AngloGold 2.8 percent to 360.22 rand and smaller rival Harmony 3% to R99.52.
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Source: FIN24
Eurozone woes knock rand - again
January 4, 2012--The rand snapped a four-day winning streak on Wednesday to fall 1.6% against the dollar, tracking a weaker euro as concerns about the eurozone debt crisis persist.
The rand fell to R8.1870/$ on the day against the greenback, its weakest level since December 29.
Government bonds followed the weaker currency in an illiquid market. Yields on the benchmark 2015 bonds were up 11 basis points to 6.85% and on the 2026 issues yields climbed 13.5 basis points to 8.635%.
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Source: FIN24
