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JSE extends rally on world stocks
October 6, 2011--The JSE extended gains in midday trade on Thursday, tracking the positive trend on global markets amid renewed hopes that the eurozone will contain debt crises within member states.
"I don't believe we are out of the bear market syndrome yet. But in the short term, I don't see any reason why we should drop further than we already have," said Ian Cruickshanks, market watcher at Nedbank Capital.
By 12:01 local time, the JSE All Share [JSE:J203] index had picked-up 1.61%, with Banks leading the way up 2.16%, resources lifting 1.90% and platinum miners gaining 1.46%. Gold lifted 1.11%, industrials were 1.37% higher, while financials generated 1.48%.
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Source: FIN24
Bonds firm on momentum from rand
October 6, 2011--South African bonds remained firmer in midday trade on the back of the stronger-looking rand.
By 11:50, the benchmark R157 bond was trading at 6.770% from its previous close of 6.820%. The R207 was bid at 8.125% and offered at 8.110% from a previous close of 8.150% and the R186 was trading at 8.460% from its close of 8.520%.
The rand was bid at 7.9768 against the dollar from its previous close of 7.9624.
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Source: FIN24
Zimbabwe FM positive about growth
October 6, 2011--Zimbabwe’s economy is projected to grow by up to 9% next year, driven by stronger farm output and mine exports, Finance Minister Tendai Biti said Wednesday.
"The economy is projected to grow by 7.8% to 9% in 2012, compared to a growth rate of about 9.3% in 2011," Biti said in a pre-budget statement to parliament.
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Source: FIN24
JSE comes off earlier highs
October 5, 3011--The JSE came off earlier highs at noon as the combination of a slightly firmer rand and Italy's bond ratings downgrade affected the market.
A local trader said that some shares with overseas exposure were taking a hit because of the volatile rand level. He said the rand was putting commodity prices under pressure.
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Source: AME Info
Bonds gain, rand firms against dollar
October 5, 2011-- - South African government bonds and the rand currency ended firmer on Wednesday, boosted after a minister said the government would keep a lid on spending and tracking gains elsewhere as global risk appetite picked up.
Deputy Finance Minister Nhlanhla Nene said Pretoria would let public debt rise to 40 percent of gross domestic product provided the spending was on investment, but would tighten the purse strings once debt reached those levels.
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Source: FIN24
SA to curb spending when debt at 40%/GDP
October 5, 2011-- South Africa would let debt rise to 40% of gross domestic product (GDP) if spending was on investment, but would then tighten the purse strings once debt reaches that level, Deputy Finance Minister Nhlanhla Nene said on Wednesday.
South Africa’s gross debt is expected to hit 43% in 2013/14 from around a third of GDP currently, but analysts are worried that large-scale unemployment may put pressure on the government to increase welfare spending.
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Source: FIN24
Mines grab will happen, Malema insists
October 5, 2011-- Embattled ANC Youth League president Julius Malema said nationalisation of the mines is a concluded matter and that the ruling party is studying the best model for it.
"Mines should be nationalised. Nationalisation is concluded. I don't understand the ANC process to be saying we are investigating nationalisation of mines. I understand the ANC process to be saying we are looking to get the best model for nationalisation," said Malema on Tuesday.
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Source: FIN24
JSE stays weaker, tracks global stocks
October 4, 2011--The JSE remained on the back foot at noon on Tuesday, reflecting the sentiment on global equity markets, as a potential Greek default on its loans worried investors.
By 12:02 local time, the JSE All Share [JSE:J203] index was down 1.62% to 29 393.65 points, with resources losing 1.84%, gold stocks weakening 1.67% and platinum miners slipping 1.29%. Banks edged down 0.12%, while industrials slid 1.80% and financials dipped 0.77%.
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Source: FIN24
Bonds mostly firmer on auction
October 4, 2011--South African bonds were mostly firmer in midday trade on Tuesday, on the back of a well-bid auction.
The National Treasury received bids totalling R2.94bn for R1.1bn worth of R204 bonds at a clearing yield of 8.040% and bids totalling R3.55bn for R1bn worth of R186 bonds at a clearing yield of 8.620%.
By 11:50, the benchmark R157 bond was trading at 6.980%, unchanged from its previous close. The R207 was bid at 8.245% and offered at 8.245% from a previous close of 8.260% and the R186 was at 8.630% from its close of 8.625%.
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Source: FIN24
Rand tracks stronger euro
October 4, 2011--The rand reversed earlier losses in late trade on Tuesday after the euro, which the local currency frequently tracks, staged a turnaround.
At 18:00 local time, the rand was trading at 8.3013 to the dollar from its previous close of 8.2837. It was trading at 11.0159 to the euro from 10.9271 before, and at 12.7623 against sterling from 12.7787 previously.
The euro was at US$1.3279 from US$1.3192 before.
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Source: FIN24