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Forex reserves won't be used to help rand
October 25, 2011--The rand is expected to stabilise at stronger levels than seen at present and the government is not thinking about using reserves to manipulate its value, Treasury director general Lungisa Fuzile said on Tuesday.
Finance Minister Pravin Gordhan said last month the Treasury would consider using reserves in an extreme crisis, but did not spell out how this would be done or to what end.
“The reserves are our kind of insurance against sudden stops or reversals in capital flows, not a means of trying to manipulate the currency,” Fuzile told reporters at a three-year budget briefing at parliament.
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Source: FIN24
Bonds a smidgen firmer after auction
October 25, 2011--South African bonds were slightly firmer in midday trade on Tuesday, after the weekly government bond auction.
The National Treasury received bids totalling R2.61bn for R1bn worth of R203 bonds at a clearing yield of 7.470% and bids totalling R2.10bn for R1.1bn worth of R207 bonds at a clearing yield of 7.990%.
Markets are on tenterhooks ahead of the medium-term budget policy statement due at 14:00.
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Source: FIN24
JSE upbeat on Europe, China news
October 24, 2011--The JSE continued its positive trend at noon on Monday as news out of the Europe and China lifted markets higher.
A local trader said that current movements on global stocks were based on reaction to the weekend's meeting by leaders in Europe on finding a solution to the Greek debt. The trader added however that a lot was riding on the leaders' follow-up meeting on Wednesday, where a more concrete solution was expected.
By 12:07 local time, the JSE All Share [JSE:J203] index added 0.65% with resources pocketing 1.32%. Gold miners gathered 0.92%, and banks improved 0.85%. Platinum miners were 0.51% higher, financials gained 0.45%, and industrials lifted 0.18%.
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Source: FIN24
Rand surges, SA stocks get EU fillip
October 24, 2011--The rand turned firmer against the dollar in a volatile session on Monday, gaining more than 2.2% to a week’s high in what some traders said was a retracement from oversold levels last week.
The rand was last at R7.87/$, up 2.14% after earlier touching R7.8598/$, its strongest level since October 17.
South African stocks closed at their highest level in nearly three months as demand for resources firms rose with hope that European Union leaders will agree on a solution to their region’s debt woes later this week.
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Source: FIN24
JSE up ahead of Europe meeting
October 21, 2011-- The JSE ended the week firmly in positive territory ahead of the weekend's meeting by European leaders to further discuss their debt woes.
A local trader said that besides "some short-covering", the weekend's meeting was boosting market sentiment as they "must be expecting something positive to come out of the meeting."
By 17:00 local time, the JSE All Share [JSE:J203] index added 1.99% to 31,449 points. Resources lifted 2.53%, platinum miners added 2.15%, and industrials gained 1.74%. Financials improved 1.56%, as banks rose 1.40%, and gold lifted 0.65%.
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Source: FIN24
Bonds remain weak as rand weighs
October 21, 2011-- South African bonds remained weak in midday trade on Friday, as an under pressure rand weighed on the market.
"We're seeing a bit of squaring-off activity too," a trader noted.
By 11:50, the benchmark R157 bond was trading at 6.740% from its previous close of 6.665%. The R207 was trading at 8.020% from a previous close of 7.945% and the R186 was bid at 8.440% and offered at 8.435% from its close of 8.350%.
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Source: FIN24
Rand slips on eurozone worries
October 21, 2011--The rand was over half a percent weaker against the dollar just before noon on Friday, as markets awaited the outcome of a summit to be held this weekend to try to find a solution to the eurozone's debt problems.
"We're waiting to see what will happen at this EU meeting," a local currency trader said.
"Everyone is saying that liquidity is worse than usual at the moment," he added.
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Source: FIN24
Eurozone jitters rock JSE, world stocks
October 20, 2011--South African stocks ended lower on Thursday, in line with global equities on resurgent worries about the eurozone debt crisis, with Mondi topping the decliners’ list after a broker downgrade.
Credit Suisse cut Mondi’s rating to “underperform” from “neutral”, citing a worsening demand outlook for the global paper industry.
In reaction, shares in the paper maker skidded 4.9% to R57.55, its biggest daily percentage decline in nearly a month.
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Source: FIN24
Bonds track rand weaker
October 20, 2011--South African bonds were mostly weaker in midday trade on Thursday, shadowing the local currency weaker.
By 11:50, the benchmark R157 bond was unchanged from its previous close, trading at 6.710%. The R207 was bid at 8.020% and offered at 8.005% from a previous close of 8.020% and the R186 was bid at 8.410% and offered at 8.405% from its close of 8.400%.
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Source: FIN24
Rand withers against dollar
October 20, 2011--The rand tumbled 2.5% to a two week low against the dollar on Thursday, falling quickly in the last hour of trading when stop losses were triggered above the 8.15 level by new complications over Europe’s debt problems.
The rand steadily weakened during the session but was heavily and rapidly sold off once it breached key support at 8.15. It extended losses all the way to 8.27 and dealers said 8.35, the previous low, was not far off the cards.
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Source: FIN24
