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Rand tracks firm euro on eurozone pledge
October 12, 2011--The rand remained on the front foot in midday trade on Wednesday, as the euro touched 1.38 against the buck after Jose Manuel Barroso, head of the European Commission, pledged to unveil measures to resolve the eurozone debt crisis.
At 11:49 local time, the rand was trading at 7.8027 to the dollar from its previous close of 7.9195. It was trading at 10.7377 to the euro from 10.8187 before, and at 12.2650 against sterling from 12.3541 previously.
The euro was at $1.3789 from $1.3644 before
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Source: FIN24
BoA cuts 2011 SA growth forecast
October 12, 2011--Bank of America/Merrill Lynch SA has lowered its 2011 gross domestic product (GDP) growth forecast to 3.1% from 3.2%, and that for 2012 to 3.5% from 3.8%.
Risks remained to the downside, principally due to the uncertain global environment, said Matthew Sharratt, SA economist at the bank.
GDP growth in the third quarter was unlikely to be much better than in the second, Sharratt said. SA's economy grew 1.3% in the second quarter from 4.5% in the first.
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Source: FIN24
Time to Invest in Africa and Africa’s Capital Markets, World Bank Vice President Says
October 11, 2011--The World Bank’s Vice President for Africa Obiageli Ezekwesili called Thursday from the London Stock Exchange for investors worldwide to invest in Africa and its budding capital markets.
“Africa has taught the world a lesson in macroeconomic reform and stability,” Ezekwesili told the audience at an African Investment Summit hosted at the Stock Exchange.
She urged investors who are in search of the right market at a time of growing fears of a global recession to “rediscover Africa”.
“Africa’s fundamentals appear strong, and the continent’s outlook remains positive,” Ezekwesili said, pointing to the continent’s rapid rebound from the 2008-2009 global financial crisis, and its higher GDP growth rates projected to be 4.8 percent, 5.2 percent and 5.5 percent respectively in 2011, 2012 and 2013.
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Source: World Bank
JSE follows Europe higher
October 10, 2011--The JSE lifted at noon on Monday following European markets.
A local trader said: "It's been a quiet day so far. US futures are quite strong and the Sarkozy's speech has lifted sentiment in Europe, which is positively affecting our market."
He said that as the week progressed there would be more activity as a result of further data being released. The next big thing was US earnings. If there was any sign that the data would be disappointing, markets would most probably take a dive with talk of a recession creeping back in.
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Source: FIN24
Bonds follow the rand firmer
October 10, 2011--South African bonds remained firmer in midday trade on Monday as the market tracked the local currency.
By 11:45, the benchmark R157 bond was trading at 6.650% from its previous close of 6.730%. The R207 was bid at 7.990% and offered at 8.075% from a previous close of 8.080% and the R186 was trading at 8.300% from its close of 8.425%.
The rand was bid at 7.8439 against the dollar from its previous close of 7.9646.
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Source: FIN24
Rand extends gains against dollar
October 10, 2011--The rand extended gains against the dollar to 2.3% on Monday, touching a 1-1/2 week high as investors ventured back into emerging markets on a raft of positive news about eurozone debt.
The rand rallied to a session high of 7.8175 and was at 7.8201 by 15:14 GMT, compared with Friday's close at 8.0000.
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Source: FIN24
SA, global stocks get fillip from US data
October 7, 2011--South African share prices rose for a third straight session on Friday, buoyed by stronger-than-expected jobs data out of the United States.
However, shares in gold firms were hit as investors poured money into riskier assets.
The index of Johannesburg-listed bullion miners slid by more than 1% with Harmony Gold falling 1.6% to R93.53.
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Source: FIN24
Rand in a range ahead of US jobs data
October 7, 2011--The rand flirted with the 8.00 level against the buck in midday trade on Friday, awaiting US payrolls data.
Michael Keenan, head of Forex Research at Standard Bank said he expected the rand to remain range bound ahead of the US jobs data, adding that holidays in both the US and Japan on Monday might also curb trading volumes.
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Source: FIN24
Bonds firm in quiet trade
October 7, 2011--South African bonds remained firmer in quiet midday trade on Friday ahead of key economic data due out in the US later in the day.
trading at 8.470% from its close of 8.510%.
By 11:55, the benchmark R157 bond was trade at 6.760% from its previous close of 6.800%. The R207 was bid at 8.150% and offered at 8.145% from a previous close of 8.160% and the R186 was trading at 8.470% from its close of 8.510%.
The rand was bid at 7.9926 against the dollar from its previous close of 7.9270.
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Source: FIN24
Rand falls against dollar
October 6, 2011-- The rand fell 1.2% against the dollar on Thursday after a survey pointed to a decline in domestic business confidence, and also tracking losses in the euro after the European Central Bank left interest rates unchanged.
The rand was at R8.0550/$ in afternoon trade, after briefly touching a session low of R8.0655/$ from Wednesday’s close at R7.97.
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Source: FIN24
