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Rand climbs against dollar, lifts bonds
November 2, 2011-- The rand gained 2% on the dollar on Wednesday, recovering from a 1-1/2 week low as risky assets got a reprieve from heavy selling, which in turn gave longer government debt a lift.
The rand firmed to 7.9500 against the dollar, compared with Tuesday’s close of 8.1100, largely tracking moves in the euro, which traders said was getting a breather while investors brace for the next EU debt crisis developments.
Yields on government bonds dropped from one-week highs as the rand’s strength drove some real money accounts to pick bonds up while the risk rally was on.
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Source: FIN24
Risk aversion hammers rand, JSE
November 1, 2011--The rand weakened against the dollar on Tuesday as a Greek plan for a referendum on a bailout package raised worries that the eurozone debt crisis is far from over.
The rand had trimmed its losses though after German and French leaders said they were determined to see through a three-point plan agreed last week to contain the debt crisis, which had calmed markets.
South African stocks also ended sharply lower, extending the decline to two days.
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Source: FIN24
Rand weaker, struggles to shake weakness
October 31, 2011-- South Africa’s rand weakened sharply against the dollar on Monday as the greenback rallied across the board after the Bank of Japan’s steps to weaken the yen.
The rand has been struggling to shrug off a weaker tone that saw it plunge to a 28-month low of 8.4950 against the dollar in September and has been at the mercy of fickle global sentiment in the past two months.
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Source: FIN24
SA stocks end bumper month on weak note
Ocober 31, 2011--South African stocks ended their strongest month since mid 2009 on a weaker note on Monday as faltering commodity prices weighed on miners.
The JSE Top 40 - (Tradeable) [JSE:J200] blue-chip index fell 1.85% to 29 019.06, but logged a 10.02% gain for the month, the biggest monthly gain since July 2009 and ending a five-month losing run.
The broader All Share [JSE:J203] index gave up 1.66% to 32 348.54.
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Source: FIN24
Liquidity: the scourge of African stock pickers
October 28, 2011--For an hour each morning, Malawi's sleepy stock exchange shows signs of life, when an official takes to the trading room floor and calls out the names of the 15 listed companies.
Sometimes, he is met with shouts of "offer!", "offer!" from brokers keen to trade. But often, he is met with silence and another lonely session passes without a single exchange.
"Foreign currency and fuel are scarce, and most foreign investors have gone quiet," said Davis Manyenje, the managing director of FDH Stockbrokers, one of four brokerages doing business on the Malawi Stock Exchange.
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Source: Reuters
Rand softer as euro excitement fades
October 28, 2011--The rand was slightly softer against the dollar in noon trade on Friday as excitement faded over proposals made at the European summit's meeting this week to help solve the eurozone's sovereign debt problems.
"Nothing really clear has come out of the eurozone summit - so there's no firm direction for the rand which is euro driven," a local currency trader said.
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Source: FIN24
SA's budget deficit widens in first half
October 28, 2011-- South Africa’s budget deficit widened to R103.759bn in the first six months of the 2011/12 financial year from R90.439bn the same period last year.
The Treasury said in a statement posted on its website on Friday revenue was at R325.539bn at the end of September, from R303.885bn in the same period last year. In its three-year fiscal framework, the National Treasury on Tuesday raised its forecast for the budget deficit for the 2011/12 financial year.
It said the budget shortfall would widen to 5.5% of gross domestic product from 5.0% last year, wider than the February estimate of 5.3%.
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Source: FIN24
Bonds firmer on PPI, rand, EU summit
October 27, 2011--South African bonds were up to 7 basis points firmer in midday trade on Thursday, which a trader said was as a result of a combination of the strong rand, producer price index (PPI) data and Wednesday's EU summit.
By 11:50, the benchmark R157 bond was at 6.600% from its previous close of 6.650%. The R207 was trading at 7.830% from a previous close of 7.900% and the R186 was trading at 8.290% from its close of 8.335%.
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Source: FIN24
Rand, JSE rally on eurozone deal optimism
October 27, 2011-- The rand extended its gains against the dollar on Thursday as investors flocked to higher-risk assets in a positive response to an overnight deal on the eurozone debt crisis.
Higher-than-expected domestic PPI data earlier in the day also added to the rand’s gains but the main driver was the news out of Europe, which brought a sigh of relief from investors.
Government bonds tracked the rand firmer, extending this week’s gains that were prompted by a National Treasury plan not to borrow further to plug a budget deficit.
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Source: FIN24
SA relaxes more exchange control rules
October 27, 2011--The government said on Thursday it would further relax foreign exchange control rules for individuals, making it easier for citizens to invest up to R5m abroad annually.
The National Treasury also said it would allow companies to top up capital in their offshore businesses, and relaxed rules for coporations that want to invest outside their current business lines.
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Source: FIN24
