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ANC sends back nationalisation document
November 28, 2011--The nationalisation document was presented to the ANC's National Executive Committee (NEC) at the weekend but was sent back for additions.
Secretary general of the ANC Gwede Mantashe hinted on Monday that not enough case studies from other countries were presented.
The ANC's task team investigating nationalisation has "almost finished its work", party spokesperson Jackson Mthembu told I-Net Bridge on Friday.
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Source: FIN24
JSE lower, eurozone fears weigh
November 25, 2011-- South African stocks ticked lower on Friday to close the week over 2 percent weaker as fears spread that euro zone leaders would continue to differ over how to stem contagion from the region’s debt crisis.
Johannesburg’s gold mining index slipped 1.2% as bullion prices followed a weak euro lower. South Africa’s fourth-largest gold miner Gold Fields eased 1.5 percent to 130.57 rand.
Spot gold was last indicated at $1,696.25 an ounce at 1543 GMT, down 0.1 percent on the day, having recovered from a session low of $1,671.59.
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Source: FIN24
Rand weaker, tracks euro against dollar
November 25, 2011--The rand continued to lose ground in midday trade on Friday, tracking the weaker euro against the US dollar on the back of the euro area debt woes.
Mark Kalkwarf, senior portfolio manager at Iquad Group, said sovereign debt troubles seemed intractable, with investors in the region concerned about France potentially getting into financial difficulties.
At 11:46 local time, the rand was bid at 8.5401 to the dollar from its previous close of 8.4744. It was bid at 11.3404 to the euro from 11.3101 before, and at 13.2099 against sterling from 13.1273 previously
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Source: FIN24
Bonds under pressure in noon trade
November 25, 2011--South African bonds were up to 18 basis points weaker in midday trade on Friday, as they tracked the rand amid dampened sentiment on the back of the eurozone debt crisis.
A trader said: "It looks like there are issues around Europe again, Hungary was downgraded - the rand's weakening. It's hard to say where we're going given how volatile the market is," a trader said.
By 11:50, the benchmark R157 bond was trading at 7.150% from its previous close of 6.970%. The R207 was bid at 8.205% and offered at 8.285% from a previous close of 8.130% and the R186 was trading at 8.680% from its close of 8.650%.
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Source: FIN24
Sierra Leone’s Economy May Grow 50% in 2012 as Deficit Slows
November 25, 2011--Sierra Leone may reduce its budget deficit next year as the start of iron-ore production propels its economic growth rate to one of the fastest in the world, said Finance Minister Samura Kamara.
Growth is seen at 50 percent next year and 10 percent in 2013 and 2014, he told lawmakers in Freetown, the capital, today. Excluding iron ore, the expansion may be 6 percent each year, Kamara said.
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Source: Bloomberg Business Week
JSE firmer, resources down
November 24, 2011--South African stocks rose 0.9% on Thursday, as retailers such as Shoprite recovered from a recent sell-off, but broader gains were limited by renewed concerns about the outlook for the eurozone debt crisis.
Some shares of companies sensitive to global growth, such as miners and steelmaker ArcelorMittal South Africa, were weaker however, with traders citing concern after ratings agency Fitch downgraded Portugal’s debt rating to junk status.
“There was a downgrade in Portugal. It is not the only reason, its just the continuation of what’s currently going on there in Europe,” said Rigardt Maartens, a portfolio manager at PSG Online Securities.
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Source: FIN24
Bonds firm in midday trade
November 24, 2011-- South African bonds were up to 7 basis points firmer in midday trade on Thursday.
By 11:50, the benchmark R157 bond was trading at 6.940% from its previous close of 6.990%. The R207 was trading at 8.130% from a previous close of 8.190% and the R186 was trading at 8.650% from its close of 8.670%.
The rand was bid at 8.5052 against the dollar from its previous close of 8.5696.
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Source: FIN24
Rand firms against dollar
November 24, 2011--The rand was firmer against the dollar in late afternoon trade on Thursday as it tracked a euro that appeared to have shrugged off Fitch's downgrade of Portugal's credit rating and instead welcomed data from Germany.
"The German Business Confidence Index that was released before the Fitch downgrade helped to stabilise things in the eurozone," a local market analyst said.
"But do remember that market positions are exaggerated because of the Thanksgiving holiday in the US," he added.
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Source: FIN24
Rand sinks through R8.50/$ level
November 23, 2011--The rand tumbled to its weakest level since May 2009 against the dollar on Wednesday, with market players seeing further losses as investors dump risky assets on worries that eurozone leaders are not getting to grips with the debt crisis in that region.
The rand fell 1.7% to a session low of R8.53 against the dollar and was last trading at R8.50, from Tuesday’s New York close of R8.3880.
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Source: FIN24
JSE higher, bill keeps investors nervous
November 22, 2011-- Johannesburg stocks rose nearly 1% on Tuesday, as investors returned to resource heavyweights African Rainbow Minerals, BHP Billiton and other shares that have been battered down in a recent sharp sell off.
Stocks briefly pared some gains in late afternoon trade after South Africa’s parliament passed a state secrecy bill that critics charge could dent the country’s long-term reputation among foreign investors.
Continued concerns about the debt crisis in both the United States and Europe also helped cap gains, traders said.
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Source: FIN24